Buying a car which has outstanding finance
 

Going to see a car in the morning (Gt Tdi 150), but the current owner has
told me that he currently has finance on the car, and intends to pay this off when I pay him..

Pretty sure this isnt how its done, as for all I know he wont pay the finance company.. (He seems very genuine, but then you never know!)

Anyone know what the score is, do I pay the finance company direct, or whats the best way of doing it??

An answer tonight would be great..

Cheers

Chris

Get proof of outstannding finance then give him 2 cheques. One for the finance and one for the outstanding balance. Could be a problem if the finance is more than the cars worth though! :D

yes pay the finance direct and the rest to him (or he pays you if more finance etc).

Excellent. cheers for the lightening quick answer (and Matt).. Sounds like
theres not too much to worry about then..

Chris

there will be no problem if you pay the finance either by cheque / debit card etc etc

when I bought a car under the same circcumstances I went with him to his bank lender and paid them the balance and the rest to him. At least I got, there and then proof in writing that the balance had been cleared.

..........just be aware that if the finance isn't settled then the FINANCE COMPANY will own the car and you'll have to fight to get that or your money returned!!!!!!!!!

don't think i could be ar$ed chasing the seller for return of my cash!!
plenty out there, why not just find another with no stories attatched....................

just my opinion

Sold my Impreza 3 months ago, and not yet found a good one.. Plenty
of 130's about, but v. few 150's...

Just make very sure the finance is paid off first...

If you buy a car with outstanding finance on it then you hold good title to the vehicle; the lender can not take the vehicle away from you; their only recourse is to pursue the vendor.... so it doesnt really matter how you pay him. The protection is really there for people who buy in ignorance though; but whos to know?