Private Car Sale - Outstanding finance.

[MikeGoodwin]

Might buy a car tomorrow privately, seller has been open about outstanding finance on the advert - HPI fine and shows BMW finance on the vehicle.

Assuming the seller needs to settle the balance in full on the phone while I am there, Ill need to pay him the money first to do it probably, at which point ill have sold my own car and handed over my money to him.

Should this sort of thing be OK, or should I just steer clear? Worst case is I pay him and he doesn't pay up - I've no car and no money.

[akadk]

you pay BMW
you pay him balance

done

[Turbojuice]

He needs to pay off that finance and provide you with proof before you even touch your cash fella. That car currently is owned by the finance company, not the seller, so at the moment it is legally not his car to sell.

I personally wouldn't touch a car with outstanding finance, plenty of other decent Beemers out there.

Edited by Turbojuice on Saturday 6th January 18:30

[DuraAce]

akadk said:

you pay BMW
you pay him balance

done

Exactly this. Done it several times. Perfectly fine.

[mike9009]

DuraAce said:

akadk said:

you pay BMW
you pay him balance

done

Exactly this. Done it several times. Perfectly fine.

Me too, nice easy and clean.........

[48k]

Are BMW finance going to be open on a Sunday?

[essayer]

Has the seller got an up to date settlement figure? Not sure BMWFS open Sundays

[Sir Bagalot]

48k said:

Are BMW finance going to be open on a Sunday?

Nope

akadk said:

you pay BMW
you pay him balance

done

BMW will not accept payment from anyone other than the account holder.

When I bought I did BT to owner, he then called BMW finance and settled. Then he passed the phone to me to confirm this, BMW also emailed me to confirm they had no interest in the car

[A135i]

Will be fine. If you like the car leave him a small deposit and go back over tomorrow to tie up the loose ends.