Buying a car which is on Finance

[SDeConinck]

Any thoughts about how best to protect oneself when buying a car that has finance on it? One option appears to be to call up car company and pay off outstanding amount by direct debit then pay the seller the balance that is owed for the car. This seems like extra risk. Has anyone been in this situation? Any tips? I suppose all the transcations need to happen in one place i.e. you call up the finance company to pay off from the bank, then transfer the balance, all at the same time as changing the registered owner? It seems like a material risk when dealing in large sums.

Thanks,

[Auto810graphy]

The only sensible way to do it is get the seller to request a live settlement figure whilst you are there. You pay the outstanding amount direct to the finance company by debit card or bank transfer and the balance to the seller.

[daemon]

SDeConinck said:

Any thoughts about how best to protect oneself when buying a car that has finance on it? One option appears to be to call up car company and pay off outstanding amount by direct debit then pay the seller the balance that is owed for the car. This seems like extra risk. Has anyone been in this situation? Any tips? I suppose all the transcations need to happen in one place i.e. you call up the finance company to pay off from the bank, then transfer the balance, all at the same time as changing the registered owner? It seems like a material risk when dealing in large sums.

Thanks,

Should be straightforward enough. No real issues with it.

[ZX10R NIN]

As above pay the Finance Company & then pay the balance to the seller.

[Tomo1971]

I would beforehand though, ensure that the number for the finance company is correct and you make the phone call on your phone.

Most finance companies will have web pages and the numbers for settlement are on there.

Just means that the seller cant call a number for a figure who happens to be a mate, or part of the scam etc. Unlikley, but is possible.

[SDeConinck]

Thanks guys, very good point and much appreciated