Buying a car with high outstanding finance
Discussion
Hello Fellow Piston Heads,
So I have found a car that I like - 640d convertible, decent spec and mileage. The owner has agreed on 19k but he has told me it has more than that on finance.
He wants me to transfer the funds to his bank account and for him to then clear the finance while I am there. Makes me somewhat weary as he could run away or refuse to do so after I have made the payment. He said he doesnt have the funds to clear it so needs my 19k plus he will top up to make the amount on the settlement statement.
Has anyone got any advice or done this before?
Should I just pass and look for another car?
So I have found a car that I like - 640d convertible, decent spec and mileage. The owner has agreed on 19k but he has told me it has more than that on finance.
He wants me to transfer the funds to his bank account and for him to then clear the finance while I am there. Makes me somewhat weary as he could run away or refuse to do so after I have made the payment. He said he doesnt have the funds to clear it so needs my 19k plus he will top up to make the amount on the settlement statement.
Has anyone got any advice or done this before?
Should I just pass and look for another car?
Get him to pay the balance of the finance (what's left less £19k) and then call the finance company while you are there with him for the settlement figure and payment instructions. Pay the finance company directly for the remaining £19k and then you know the finance is cleared and you can drive the car away.
Do not pay him directly.
Do not pay him directly.
Big E 118 said:
Get him to pay the balance of the finance (what's left less £19k) and then call the finance company while you are there with him for the settlement figure and payment instructions. Pay the finance company directly for the remaining £19k and then you know the finance is cleared and you can drive the car away.
Do not pay him directly.
This. Do not pay him directly.
Big E 118 said:
Get him to pay the balance of the finance (what's left less £19k) and then call the finance company while you are there with him for the settlement figure and payment instructions. Pay the finance company directly for the remaining £19k and then you know the finance is cleared and you can drive the car away.
Do not pay him directly.
Thanks mateDo not pay him directly.
Big E 118 said:
Get him to pay the balance of the finance (what's left less £19k) and then call the finance company while you are there with him for the settlement figure and payment instructions. Pay the finance company directly for the remaining £19k and then you know the finance is cleared and you can drive the car away.
Do not pay him directly.
Some finance companies won't allow a third party to pay off the finance though, so get him to call his finance company and clarify things.Do not pay him directly.
Get him to call the finance company and go through security etc etc and then after he has made his payment , get him to hand phone to you and then you can make the final settlement and ask them to email you confirmation direct. It gives you a few further minutes to make sure his payment goes through and get a feel for the buyer. You can then walk at anytime upto when you make payment ....... Good luck
1) Check that the vendor has a current settlement letter. It will state something similar to " Amount required to settle this agreement £xxxxxx, valid until DD/MM/YYYY" If it is out of date then the vendor will have to obtain a new one. These can be sent by email as PDF or by post. They will contain instructions for settling by Bank Transfer.
2) Go to vendor's bank. Get vendor to transfer the surplus amount to the finance company using the agreement number as a reference. Take a photo of the paying in slip.
3) Go your bank. Pay the £19000 to the finance company using the agreement number as a reference. Allow the vendor to photo the paying in slip.
Car may take a few days to drop off the HPI / Experian registers but at least you both have proof that the finance settlement has been satisfied.
2) Go to vendor's bank. Get vendor to transfer the surplus amount to the finance company using the agreement number as a reference. Take a photo of the paying in slip.
3) Go your bank. Pay the £19000 to the finance company using the agreement number as a reference. Allow the vendor to photo the paying in slip.
Car may take a few days to drop off the HPI / Experian registers but at least you both have proof that the finance settlement has been satisfied.
Update....so the seller paid finance to bring the car down to 19k. I called up the finance company using details from my HPi check, the seller went through security and they confirmed 19k is remaining which I paid directly to them, which leaves me a one happy owner of a 640d m sport convertible!
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