Buying a car which currently has outstanding finance
Discussion
I'm buying a 911 from a private dealer who is not known to me. He's selling the car on behalf of a client of his. The dealer has confirmed there is finance outstanding on the car and that the dealership will settle this once I've paid for the car.
What he's saying sounds logical but how do I know the debt would be settled in full?
What can I do to protect myself?
Whats the normal process in this situation?
Any input will be greatly appreciated.
What he's saying sounds logical but how do I know the debt would be settled in full?
What can I do to protect myself?
Whats the normal process in this situation?
Any input will be greatly appreciated.
I did this with a private purchase on a £100k car. You can request a settlement statement (to see how much finance is outstanding).
I called the finance company on a no names basis, quoted the policy number etc and explained that I was going to settle the finance and buy the car ( paying the seller the net difference) they said this was all ok.
However, on the day the finance company would not accept the payment from me, it had to come from the ‘owner’ of the debt. Anyway we got it sorted in the end and I got the closing statement etc but it was a bit of a faff and took quite a while…4 or 5 hours! Main issue was the seller had a £50k limit per day from his bank!
As has been stated, leave plenty of time. Might be easier / better through a dealer but they might not be able to settle someone else’s finance if on SOR…. Worth chatting it through with them in advance.
I called the finance company on a no names basis, quoted the policy number etc and explained that I was going to settle the finance and buy the car ( paying the seller the net difference) they said this was all ok.
However, on the day the finance company would not accept the payment from me, it had to come from the ‘owner’ of the debt. Anyway we got it sorted in the end and I got the closing statement etc but it was a bit of a faff and took quite a while…4 or 5 hours! Main issue was the seller had a £50k limit per day from his bank!
As has been stated, leave plenty of time. Might be easier / better through a dealer but they might not be able to settle someone else’s finance if on SOR…. Worth chatting it through with them in advance.
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