Discussion
Chaps, I'm looking at purchasing a car which had outstanding finance on it. Am I better to settle the finance directly with the owner or give the owner the money to settle the finance themselves?
My view was that I am better to settle the amount directly with the finance company; however, I am a little uncomfortable because I have then paid out a reasonable sum of money and do not have anything to show for it.
My view was that I am better to settle the amount directly with the finance company; however, I am a little uncomfortable because I have then paid out a reasonable sum of money and do not have anything to show for it.
DON'T give the money to the seller. If he doesn't pay the finance co., the car still belongs to the finance co. They can repossess the car, even from you.
Outstanding finance must be settled, so, why not draw up a basic contract of sale?
You pay off the outstanding finance, getting an agreement from the finance company, and then you pay the balance of the sale amount to the seller, and the car's yours.
Outstanding finance must be settled, so, why not draw up a basic contract of sale?
You pay off the outstanding finance, getting an agreement from the finance company, and then you pay the balance of the sale amount to the seller, and the car's yours.
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