Buying a car where the seller has just paid off the finance
Discussion
What is the best way to deal with this?
Seller has just paid off the finance. I'm buying the car tomorrow evening. HPI says still outstanding (fair enough, not sure how quickly it updates). Do I have them call the finance company and pass the phone to me to hear they have no interest in the car any longer?
It is a nice old couple but I'm not buying the car on their word alone.
Suggestions?
Seller has just paid off the finance. I'm buying the car tomorrow evening. HPI says still outstanding (fair enough, not sure how quickly it updates). Do I have them call the finance company and pass the phone to me to hear they have no interest in the car any longer?
It is a nice old couple but I'm not buying the car on their word alone.
Suggestions?
Targarama said:
Actus Reus said:
Phone the finance company yourself and see what they say - I've done that before now in a similar situation.
Thanks, I wasn't sure they would talk to me.They should be able to provide by fax a final balance of (in theory zero) to the seller though. I would ask for this, personally having worked in Auto finance, i wouldn't hand over any money until you are 100% sure its paid off as you have no come back if it isn't and the car will still belong to the finance company.
Plenty of little old ladies who look like butter would melt that are dirty little fraudsters! Believe me i have seen some crazy stuff in the past. One guy really stands out, he handed over £40k for a Range rover, the seller then continued to make payment on the finance agreement for a few months, then buggered off over seas. We repossessed the car, Buyer completely out of pocket, I think we sold it to him for trade in the end rather than send it to auction, but that was only as it was going to be the cheapest way to dispose of it.
Targarama said:
Thanks, I wasn't sure they would talk to me.
Ask the seller to instruct the finance co to include you on the account so you can call independently and verify the state of the account etc. I did this recently with a car I was selling thru BMW finance and all went smoothly. I did trust the buyer 100% though.If in any doubt wait until the finance co has issued a letter stating they have no further interest.
I did similar.. I emailed HPI asking how long the finance would take to clear on their register.
I got a phone call the next day off a polite lady telling me it was processed and clear on the register.
I then got a new certificate sent through saying so.
Before this I had confirmation off the finance company, but there was a disclaimer saying it could be charged back.. which I wasn't happy with.
When I had the ok from HPI their guarantee was active so was happy to proceed. I'm sure it will be fine but do not take any chances with it. Just not worth it.
I got a phone call the next day off a polite lady telling me it was processed and clear on the register.
I then got a new certificate sent through saying so.
Before this I had confirmation off the finance company, but there was a disclaimer saying it could be charged back.. which I wasn't happy with.
When I had the ok from HPI their guarantee was active so was happy to proceed. I'm sure it will be fine but do not take any chances with it. Just not worth it.
big_boz said:
Legally the would be breach of data protection to discuss with you.
They should be able to provide by fax a final balance of (in theory zero) to the seller though. I would ask for this, personally having worked in Auto finance, i wouldn't hand over any money until you are 100% sure its paid off as you have no come back if it isn't and the car will still belong to the finance company.
Plenty of little old ladies who look like butter would melt that are dirty little fraudsters! Believe me i have seen some crazy stuff in the past. One guy really stands out, he handed over £40k for a Range rover, the seller then continued to make payment on the finance agreement for a few months, then buggered off over seas. We repossessed the car, Buyer completely out of pocket, I think we sold it to him for trade in the end rather than send it to auction, but that was only as it was going to be the cheapest way to dispose of it.
Well I've done it with VW finance. Not sure it breaches data protection law either if only confirming a vehicle is free from debt as no personal info is released - could be off beam on that as I'm not familiar with the act. Still, I'd phone the finance company and ask, or better yet, email.They should be able to provide by fax a final balance of (in theory zero) to the seller though. I would ask for this, personally having worked in Auto finance, i wouldn't hand over any money until you are 100% sure its paid off as you have no come back if it isn't and the car will still belong to the finance company.
Plenty of little old ladies who look like butter would melt that are dirty little fraudsters! Believe me i have seen some crazy stuff in the past. One guy really stands out, he handed over £40k for a Range rover, the seller then continued to make payment on the finance agreement for a few months, then buggered off over seas. We repossessed the car, Buyer completely out of pocket, I think we sold it to him for trade in the end rather than send it to auction, but that was only as it was going to be the cheapest way to dispose of it.
Actus Reus said:
Well I've done it with VW finance. Not sure it breaches data protection law either if only confirming a vehicle is free from debt as no personal info is released - could be off beam on that as I'm not familiar with the act. Still, I'd phone the finance company and ask, or better yet, email.
Its a bit grey, and to be honest it probably wouldn't breach DPA, but due to the heavy fines in place and the emphasis placed on DPA adherence being paramount, most finance companies will train their staff to not release any information about any customers accounts at all without the primary being present to pass security. I beleive VAG auto finance is based in Milton Keynes so that explains a lot You could, as is suggested above, have the primary set an autorisation on the account for you so that you can ring independently and check, but if it was me i would want to be the one dialing the number. I may be a little over cautious having worked in finance for a decade but that's just me.
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