buying car with finance negative equity
Discussion
looking at a car and it still has finance on it but the seller is in negative equity, its being sold by a dealer for his friend.
is there any way to resolve the issue without me handing over big stack of cash only on faith that the debt is cleared. i doubt the dealer has the cash laying around to clear his mates debt to pay the finance of first.
i have a feeling this is a walk away job and find another
but as ever its a great spec at a good price.
is there any way to resolve the issue without me handing over big stack of cash only on faith that the debt is cleared. i doubt the dealer has the cash laying around to clear his mates debt to pay the finance of first.
i have a feeling this is a walk away job and find another
but as ever its a great spec at a good price.
It is do-able but it depends on if the car owner can actually afford to pay the negative equity off.
You would need them to have an accurate up to date statement of what is owing.
Basically they call the finance company with you stood beside them, they pay the difference between what is owing and what you are paying for the car and then once they have paid their bit you pay the rest direct to the finance company. You then get the finance company to confirm there is nothing owing on the car and remove their interest in the vehicle.
Definitely risky so unless its a rare car or an absolute bargain i wouldnt recommend it.
You would need them to have an accurate up to date statement of what is owing.
Basically they call the finance company with you stood beside them, they pay the difference between what is owing and what you are paying for the car and then once they have paid their bit you pay the rest direct to the finance company. You then get the finance company to confirm there is nothing owing on the car and remove their interest in the vehicle.
Definitely risky so unless its a rare car or an absolute bargain i wouldnt recommend it.
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