MattW

Scenario

Mate of mine has agreed a deal on a privately advertised car, £250 deposit left. The seller has stated the car is on finance and HPI confirm this.

The seller has stated he will pay the finance off, however another mate in the trade has requested the settlement figure which is 3.5k more than the car is worth.

I've advised him to go to the dealer (car is financed through manufacturer finance coy) and make sure the seller pays his 3.5k, then pay over the purchase price and get a receipt from the dealer.

The seller, who is a copper, wants to take a cheque and sort it out himself.

What's your advice, any horror stories out there, should he walk away and find a decent car without the hassle.

Paulo P

iTrader: (42)

Personally I'd just find something else instead of dealing with the hassle and worrying just incase he didn't pay it off. I wouldn't want to be wondering if he did really pay it off and wondering if the bailiffs would come and take my car

Freak

Go in person with the seller to pay it off or walk away....

Trashman

Ask for a copy of settlement letter, cheque to finance company for settlement figure, balance to the guy selling. If he wont agree to that I'm sure there'll be more cooperative people along shortly (in other words walk away M8)

MadMark

You need a copy (fax perhaps) from the Finance company (after he has paid) that states they have no further interest in the vehicle ....
- I have done this once and it was a right pain in the ****!

Personally it's a lot less risky to go and buy one that isn't subject to title ...

It's not a Clio Cup is it? I keep hearing about the same bloke wanting to take the buyers money to pay off his debt ......

MattW

Well the guy has paid off his balance and is happy to see a cheque\draft made out to finance coy before my mate sticks it in postbox in front of him.

Sounds ok so he is going with that.

John Catlin

Make cheque out to F.C. and settle then pay to other party.

As far as I can remember car is owned by F.C.