Private sale - car with finance

confused.com2

Afternoon,

I'm helping my sister sell her late husband's car. Got an interested party looking tonight, seems very keen. Car has some finance on it, the sale price will clear it with a little extra.

The buyer wants to clear this on his card, I'm guessing so he knows it's done. I did say we could log in after he'd transferred the money and I'd do it in front of him. He's asked for his peace of mind to clear it and transfer the rest.

The finance would be cleared immediately, we aren't dishonest, but clearly he's being cautious. My sister has lost her husband very suddenly so I'm taking charge of this. I've never sold privately, only traded in. 

Advice, would you allow him to clear it?

Could he then reclaim his money back from the finance company? Maybe I'm worrying to much.

Wanting things to happen smoothly and get it all sorted properly.

Thank you.

Ebe_Scrooge

I can't see what he'd gain from paying off the finance then trying to do a chargeback or whatever.  Even if that was possible, it would mean that he doesn't own the car, the finance company does, so he's left out of pocket.  But would the finance company accept payment by card?  Debit card I suspect they would, credit card it wouldn't surprise me if they wouldn't accept that.

confused.com2

He wouldn't be massively out of pocket though and my sister would still owe thousands with no car. I do think he's covering himself but can't help but be careful. I'm going to check if the finance company allow credit card payments, not sure myself. Hopefully he'll use a debit card.

Grumpy_chap

OP - in exchange for this concern about the payment from a private buyer, how much more are you getting than WBAC, Motorway or Arnold Clark would offer?

confused.com2

Grumpy_chap said:

OP - in exchange for this concern about the payment from a private buyer, how much more are you getting than WBAC, Motorway or Arnold Clark would offer?

About a grand less, cars selling privately for £4800, WBAC offered £3500 and that was before I was mega detailed about the condition. I suspect they'd knock off further.

DrEskimo

confused.com2 said:

Grumpy_chap said:

OP - in exchange for this concern about the payment from a private buyer, how much more are you getting than WBAC, Motorway or Arnold Clark would offer?

About a grand less, cars selling privately for £4800, WBAC offered £3500 and that was before I was mega detailed about the condition. I suspect they'd knock off further.

Try a few local garages/dealers.

I sold my partners car and was offered £3500 from WBAC. Knocked down to £3250 after declaring damage.

Took it 5mins down the road to a dealer and within 10mins sold it to him for £3850.

The finance company probably won't accept settlement from someone else anyway. I had this issue with the only car I had on finance. The indie dealer who bought it from me had to send money to me, then I had to clear the next day myself.

sheslookinhot

His peace of mind is you clearing the finance in his prescence. There will be other buyers.

NSG666

Phone the finance company and ask for their advice. On payment day I can't see an issue if you instigate the call to the finance company and tell them you want to settle then pass the phone to your buyer to make the payment then they pass the phone back to you to confirm finance settled. Sorted.

confused.com2

Right I'm going to give money to my sister and she'll clear the finance in front of him, he'll then bank transfer and I'll get my money back. He seems happy with that arrangement.