Hot tub Finance

BorderDweller

We’re thinking of buying a hot tub second hand. We have found one we like but noticed on the buyers original invoice (sent to us to show make/model/age etc) they bought it on finance. If they haven’t paid the finance off when we buy it does the debt transfer to us?

TadleyBaggie

I doubt the finance was secured on the hot tub, it was probably a personal loan.

Brie

how would the finance company find out about you buying it?  it's not like with a car that you register it with DVLA so they know your address or a house that's nailed down to a certain spot.  And I doubt the seller would tell anyone where you as buyer lives.  

Aylesbury_Duck

Have you done the financial calculations on likely ownership and running costs?  I appreciate that for some, they are therapeutically helpful but I know a few people that bought one as a garden luxury and now regret it.  The cost of keeping the water warm enough when not in use is now astronomical.

tightauldgit

BorderDweller said:

We’re thinking of buying a hot tub second hand. We have found one we like but noticed on the buyers original invoice (sent to us to show make/model/age etc) they bought it on finance. If they haven’t paid the finance off when we buy it does the debt transfer to us?

If it's finance secured on the hot tub then I believe the typical issue is that the seller doesn't own it until it's paid off so they can't legally sell it. The debt wouldn't transfer to you but if the lender has a claim on the hot tub for non-payment in future then (in theory at least) they could come and repossess it at some stage. 

Potbellypig

tightauldgit said:

BorderDweller said:

We’re thinking of buying a hot tub second hand. We have found one we like but noticed on the buyers original invoice (sent to us to show make/model/age etc) they bought it on finance. If they haven’t paid the finance off when we buy it does the debt transfer to us?

If it's finance secured on the hot tub then I believe the typical issue is that the seller doesn't own it until it's paid off so they can't legally sell it. The debt wouldn't transfer to you but if the lender has a claim on the hot tub for non-payment in future then (in theory at least) they could come and repossess it at some stage. 

Jeez, no they couldn't. Some great posts on this board but this is just waffle.

user1977

The days of "hire purchase" when somebody could literally come in and repossess your sofa / telly etc are long gone (other than oddities such as BrightHouse, though I think they're bust now). Credit agreements, even if they appear to be linked to a specific item, are in reality just unsecured loans - you own the item from day one and can do what you like with it.