Anyone ever paid finance off on a potential purchase ?

[johnmaddox]

It's what dealers do all the time !!

[mollytherocker]

johnmaddox said:

It's what dealers do all the time !!

Yes, with the necessary legal protection, contracts, insurance and safeguards.

Its VERY different if done between private individuals.

[kbooker]

Went into my bank with the vendor, paid the outstanding balance off with him present and the remaining balance to him, safest way to do it and we were both satisfied everything was in order...easy

[goodhand]

mollytherocker said:

1 - leap of faith
2 - trust in a stranger
3 - risk

This just sounds like hyperbole and is in no way specific to the OP's question. Surely you could say the same when handing over a wad of cash/transferring by bank to pay off a car in full?

As stated earlier, paying the finance company direct is a good way to ensure the car has no outstanding finance and could be considered a bonus.

[fredt]

mollytherocker said:

1 - leap of faith
2 - trust in a stranger
3 - risk

I am not paying off someone elses debt. Not now, not ever.

But how is it different to any other way?

You sit in his kitchen transferring money to his bank account, or to his account with a finance company. In both cases you are trusting a stranger to hand you the keys afterwards but in both cases it's obvious what the payment was for. Can't see anyone ever getting away with holding on to the car.

Cash would probably the most risky as there is no proper trail of where the money actually went.

Or am I missing something?

[Bluedot]

goodhand said:

This is my car. The balance owing to the finance company is a few thousand less than the asking price, so the transaction should hopefully be fairly straight forward.

I did worry that mentioning it in the ad may put off potential buyers, but thought it only fair. However, it does seem fairly common place these days so imagine other sellers bring it up later.

It's a fantastic car and I will be very sad to see it go.

It's a great looking car, me and my other half said we'd never want a red car but we saw the pics of this one and looked at each other! There's one near us in Guards Red but a lot more expensive (and tan interior which I am no fan of at all) but we might go and have a look just to see one in that colour in the flesh.
I'm sure you won't have any problems selling it, we're looking at a few closer to home this weekend but still have one eye on yours.
You were right to mention the finance in the advertisement, if you had mentioned it when people got in touch there would have been a feeling of what else are they 'hiding' ?
Hopefully bringing it up here has put other potential buyers minds at rest, it's something I never realised was so common these days.
Good luck with the sale, as I said, we still have one eye on it!

[JeffC]

fredt said:

mollytherocker said:

1 - leap of faith
2 - trust in a stranger
3 - risk

I am not paying off someone elses debt. Not now, not ever.

But how is it different to any other way?

You sit in his kitchen transferring money to his bank account, or to his account with a finance company. In both cases you are trusting a stranger to hand you the keys afterwards but in both cases it's obvious what the payment was for. Can't see anyone ever getting away with holding on to the car.

Cash would probably the most risky as there is no proper trail of where the money actually went.

Or am I missing something?

I dont understand the logic either .


1 - leap of faith, .... no leap of faith once you pay for the car legally its yours , for a car to be financed the finance company will have done hpi checks/ mileage checks ect
2 - trust in a stranger .... seller doesnt actually own the car the Finance company does, you are buying from the finance co and they are no stranger and abide to laws
3 - risk.... for me its less risk, the car will likely have been sold by a dealer so will have had all checks done that you will be doing to buy the car.

[goodhand]

Bluedot said:

It's a great looking car, me and my other half said we'd never want a red car but we saw the pics of this one and looked at each other! There's one near us in Guards Red but a lot more expensive (and tan interior which I am no fan of at all) but we might go and have a look just to see one in that colour in the flesh.
I'm sure you won't have any problems selling it, we're looking at a few closer to home this weekend but still have one eye on yours.
You were right to mention the finance in the advertisement, if you had mentioned it when people got in touch there would have been a feeling of what else are they 'hiding' ?
Hopefully bringing it up here has put other potential buyers minds at rest, it's something I never realised was so common these days.
Good luck with the sale, as I said, we still have one eye on it!

Thanks for the comments. I too had ruled out red, but after looking at quite a few others, this one was just 'right' in so many ways. And that, in the flesh, the coloured really worked, was a bonus.

[snorkel sucker]

There is no issue. At all.

In fact, if both parties agreed, there would no reason why (assuming the finance is through Porsche/whoever) that the exchange couldn't be done at a dealership.

That's what I've done in the past.

Buyer makes a call to the finance co. to check the amount owing and notify them to expect a payment.

Buyer/seller meet and money is transferred to the finance co. Everyone grabs a coffee while they wait for confirmation.

Buyer gets to see finance is paid off.
Seller gets comfort of the same.
Dealership gets to facilitate a happy transfer of funds and has two happy punters thinking "Yeah, I'd buy this brand again".

Win. Win. Win.

Of course, there are people that think paying with cash ensures they've done the morally right thing sufficient enough to make sure the Karma Gods shine brightly enough on them to ensure no subsequent hiccups ever occur.

[mollytherocker]

Ok, its probably me thats different here. I dont use finance like most people.

I have 3 cars that I own outright. I dont have finance. Not in the usual way anyway. I use 0% credit cards.

I buy cars in full on my own terms. Its just the way I do things.

[dave123456]

mollytherocker said:

Ok, its probably me thats different here. I dont use finance like most people.

I have 3 cars that I own outright. I dont have finance. Not in the usual way anyway. I use 0% credit cards.

I buy cars in full on my own terms. Its just the way I do things.

finance is borrowing money in this context, the rate of interest is irrelevant, so you do use finance...

[HollywoodStig]

dave123456 said:

mollytherocker said:

Ok, its probably me thats different here. I dont use finance like most people.

I have 3 cars that I own outright. I dont have finance. Not in the usual way anyway. I use 0% credit cards.

I buy cars in full on my own terms. Its just the way I do things.

finance is borrowing money in this context, the rate of interest is irrelevant, so you do use finance...

If you've borrowed against them you don't own them outright, at least not until you've paid it all off 0% or not - have I missed something here?

"I don't use finance like most people" - worst I'm richer that yow post ever.

[mollytherocker]

HollywoodStig said:

dave123456 said:

mollytherocker said:

Ok, its probably me thats different here. I dont use finance like most people.

I have 3 cars that I own outright. I dont have finance. Not in the usual way anyway. I use 0% credit cards.

I buy cars in full on my own terms. Its just the way I do things.

finance is borrowing money in this context, the rate of interest is irrelevant, so you do use finance...

If you've borrowed against them you don't own them outright, at least not until you've paid it all off 0% or not - have I missed something here?

"I don't use finance like most people" - worst I'm richer that yow post ever.

I am certainly not rich I can assure you and am not asserting thats the case.

I am just pointing out that I finance cars in a different way to most people. Yes, its still finance of course, but I find it far cheaper and flexible than traditional methods.

It does take more effort though, as I am having to swap things around myself regularly, and make sure that its monitored carefully.