Buying from a private seller who using PCP

[RacingGreen0001]

Hi All,

Found a great car for sale with a private seller. He's told me the vehicle is on a PCP deal coming to an end on September this year. He has a new vehicle on order and is wanting to sell this one privately to pay the balloon payment. He has advised either he clears the balloon payment or the vehicle ends up back with the dealership at the end of the PCP deal.

Anything I should be wary of here? I'll be paying him cash so I need to understand what kind of due diligence I need to do as I suspect I won't be covered.

I suspect when I drive the car away he won't have cleared the payment (guess it takes a few days to settle) so what do I do?

Thanks in advance all!

[TNJ]

You pay the PCP off andgive him the balance - then you can be sure that the finance has been settled. Otherwise you are at huge risk if he does not settle the outstanding finance.

[Wilmslowboy]

As stated above.

You ring the finance co together, (he will need to do all the security checks), get a settlement figure, likely to be his August instalment, plus the ballon. (Perhaps also an admin fee).

He hands you the phone, you pay it off by debit card, give him the difference - done.

The only pain could be if the finance co don't take online card payments, I had this with a landrover I was bought.

I had to do a bank cheque (by post) and wait 5 days.

[Sir Bagalot]

Not all finance places allow a third party to pay. BMW don't.

I had to pay seller. Then he called BMW paid the balance, they confirmed this to me at the time and also via email

[anonymous-user]

As long as they've admitted to you that the car has PCP and the money you give him will pay the finance off you should be good.

Get it all in writing then give him the money and watch him pay the finance off over the phone if you aren't sure.

If you've been to his house and met face to face and have everything in writing you will be fine if you need to pursue in court. If he was gonna scam you why mention the finance at all.