Good car sale purchase agreement

[tooFATtoDRIVE]

All,

I need to ask for your help.
I will be buying a car in the near future and for that reason I need to find a good car sale purchase agreement that would protect me as a buyer.

Can you recommend a good template of such an agreement?
Many thanks for your help.

Cheers
JJ

[andy-xr]

Buying trade or private?

[tooFATtoDRIVE]

I am buying private, but the car has had outstanding finance (i.e. it still has but the seller will drive with me (buyer) to the finance provider and pay outstanding sum in full before we conclude the car sale purchase agreement).

I need appropriate provisions to cover me from a situation where all of the sudden the finance provider knocks on my door asking "where is the money">

[andy-xr]

Just get the finance company to fax/give you the confirmation of settlement that they have no further interest in the car.

If it's to much of a ball ache just look for another car - this one should be a simple yes or no thing

[Jasandjules]

tooFATtoDRIVE said:

I am buying private, but the car has had outstanding finance (i.e. it still has but the seller will drive with me (buyer) to the finance provider and pay outstanding sum in full before we conclude the car sale purchase agreement).

I need appropriate provisions to cover me from a situation where all of the sudden the finance provider knocks on my door asking "where is the money">

You pay the finance company directly and the balance to the seller........

[andy-xr]

Or in the case of some....you give the value of the car to the finance company and the seller adds the rest in

[tooFATtoDRIVE]

Jasandjules said:

You pay the finance company directly and the balance to the seller........

This seems to be good idea.

Any suggestions re a good agreement template I could use?

[Denis O]

andy-xr said:

Just get the finance company to fax/give you the confirmation of settlement that they have no further interest in the car.

If it's to much of a ball ache just look for another car - this one should be a simple yes or no thing

I bought a BMW last year and paid direct to BMW finance, in cash, at a branch of RBS (BMW Bank) close to the seller. I had already arranged this method with BMW and that once paid in they would send an email to me and the seller with a PDF attached confirming the finance was cleared. Actually they couldn't confirm it was cleared for 5 working days, even though it was cash that was paid to their account, but they did confirm that the money was in their account although not cleared funds.

The email arrived about an hour later and both myself and the seller were happy and I drove the car away. I did get the confirmation that they had cleared funds about a week later.

As for a template I just used a fairly standard one which mentioned the payment method as me clearing the finance as opposed to giving cash or cheque. Because I'd paid the money direct to BMW Finance I was comfortable the finance was clear. I would not have paid the owner the money on the basis that he promised to clear the finance. That would have been a little too trusting methinks.

[krisdelta]

tooFATtoDRIVE said:

Jasandjules said:

You pay the finance company directly and the balance to the seller........

This seems to be good idea.

Any suggestions re a good agreement template I could use?

I did this recently and purchased a car owned mostly by a finance company, bulk of money direct to them and balance to seller. - you don't need a template - the finance company will sent a letter (via email usually) stating they have no further interest in the car, this covers this aspect. For everything else, it's a private sale, so "buyer beware".