Buying a car privately (outstanding finance)
Discussion
I’m looking at buying a car privately. However the seller is being upfront in saying there is outstanding finance on the car. He just wants rid of the car (currently on SORN). I will willingly pay the finance off as the car is ecxactly what I am after and at the right price too. What’s the best way of going about this?
assuming sell price is more than the outstanding finance!Integroo said:
Just make sure you, not the seller, pays the finance company.
Not always possible.Current car was bought privately and had outstanding finance. BMW wouldn't allow me to pay, only the owner.
I had to pay him, he paid BMW and then BMW confirmed to me on phone and email that finance was clear
Thought I’d give an update/closure to how it turned out. Well we bought the car and thought I’d explain how we dealt with the finance:-
Owner paid finance off using his credit card but left it until a Friday (so the payment goes into pending until it cleared on the Monday)
I waited until the Monday and phoned the finance company directly who then verified it was paid. The finance company were very helpful and they only ask you for the reg number.
I paid half via bank transfer and half in cash, picked it up later that evening. I then had a very happy daughter with her first car to learn in. We’ve had it a couple of weeks now and really pleased with it:-
Owner paid finance off using his credit card but left it until a Friday (so the payment goes into pending until it cleared on the Monday)
I waited until the Monday and phoned the finance company directly who then verified it was paid. The finance company were very helpful and they only ask you for the reg number.
I paid half via bank transfer and half in cash, picked it up later that evening. I then had a very happy daughter with her first car to learn in. We’ve had it a couple of weeks now and really pleased with it:-
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