Buying private has outstanding finance

[funbobby]

So interested in car ,is it just a case of phoning the lender when exchanging cash and paying the balance of finance and rest to him? Anything I should beware off ?

[Troubleatmill]

funbobby said:

So interested in car ,is it just a case of phoning the lender when exchanging cash and paying the balance of finance and rest to him? Anything I should beware off ?

Before you buy - the HPICheck should show NO FINANCE OUTSTANDING.

The Seller must pay the finance company before he sells the car. It is not his to sell until the finance has been cleared.

You can resubmit your HPICheck daily.

If it show NOT CLEAR - Don't hand over money.

[T66ORA]

funbobby said:

So interested in car ,is it just a case of phoning the lender when exchanging cash and paying the balance of finance and rest to him? Anything I should beware off ?

Yes, that will be OK, just make sure its a up to date settlement figure, with no payment "in the system".

Officially it not his to sell,bla de bla,but there is some sort flexibility.

[T66ORA]

Sorry, meant to add Ex sales and Business Manager.

[funbobby]

We'll I'm assuming balance can't be paid till car has been bought hence doing it there and then.

[scorcher]

I sold a car with outstanding finance on it. Get the settlement figure from the seller(they normally last a few weeks)and pick the car up when the finance office is open. You should be able to ring them and pay it off over the phone on your debit card and they will confirm there and then that there is no further interest from them in the vehicle. Jobs a good 'un.

[funbobby]

Thanks figured it would be something like that just wanted to check wasn't missing something daft.

[Jasandjules]

funbobby said:

So interested in car ,is it just a case of phoning the lender when exchanging cash and paying the balance of finance and rest to him? Anything I should beware off ?

That is how I did it. He called the finance company, handed the phone to me, I used my card to pay the finance off, then gave him the cash difference and drove the car away.

[T66ORA]

Jasandjules said:

funbobby said:

So interested in car ,is it just a case of phoning the lender when exchanging cash and paying the balance of finance and rest to him? Anything I should beware off ?

That is how I did it. He called the finance company, handed the phone to me, I used my card to pay the finance off, then gave him the cash difference and drove the car away.

Yep sorry for late reply, that`s about right, but make sure he is actually ringing a finance co and not his mate in Nigeria

[sjj84]

T66ORA said:

Yep sorry for late reply, that`s about right, but make sure he is actually ringing a finance co and not his mate in Nigeria

Ask them to email confirmation that payment has been made and they no longer have any interest in the car. Black Horse finance were more than happy to do this when we bought a car that had just had the finance paid off on that day so was still showing on hpi checks.

[rfoster]

A lot of the finance companies will not take a card payment from someone who is not the account holder - but you can make a bank transfer to the finance company to settle the finance. Ask the seller to provide you with an up to date settlement figure from the finance company on their headed paper showing balance to settle, agreement number and bank details for payment.

The usual way this pans out is that the buyer pays the settlement to the finance company, and once the clearance has been received from the finance company, the buyer pays any equity to the seller and takes delivery of the car. Pretty common.