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Hi, has anyone had any experience of buying a car with finance still owing on it? I'm hoping to look at something over the weekend but the owner has told me there is still money owing for the car and has said he'll show this to me and asked if I could split the payment if a sale is agreed. I'm a bit wary as never been in this situation before so would like to be prepared. Any help or advice would be really appreciated.
You cant sell something you dont own . Make sure the finance is cleared in full
This.Quote:
Originally Posted by Liner33
There could also be penalties due for early repayment.
I have bought and sold with outstanding, when buying a got the seller to phone the finance company on speaker phone and obtain a current settlement figure which i paid and did the bank transfer for the balance. I got to know the true figure, i knew it was settled and i drove away.
The seller has been up front and honest. He told me about the finance, said he'll show me online the payment balance and has asked if I like the car to split the payment so the finance is paid and the rest goes to him as a bank transfer. Having never dealt with financed cars i'm unsure if this would be a normal practise. Thanks once more.
I’ve done the same, no problems, but to the op,as always, make sure you trust the seller.Quote:
Originally Posted by MCFastybloke
Sent from my iPhone using TZ-UK mobile app
I just bought a car with finance owing from a private seller. I logged onto the finance website in his kitchen, paid it by card on the portal and bank transferred him the difference.
Thanks for the replies as always guys. Knowing that it's normal practice and how to go about it has really set my mind at ease. I'll still be wary about it but should be able to concentrate on the car now rather than having this on the back of my mind instead.
Cheers once more.
Just be aware that it will take a couple of weeks potentially for HPI etc to update their database so the car will still show as having outstanding finance on it for a while, ask the finance company and/ or current owner to ensure they send you a letter or email confirming clearance of the finance agreement.
Cheers for the help and advice everyone. Unfortunately the car sold last night before I had time to view it (bloody work getting in the way of things). It was a Porsche Cayman 2.7 mk1 which I fancied for a bit of fun/weekend car. Never mind, I'll keep looking. Thanks again though, much appreciated.
Lots of scams around with stolen/finance cars etc. Be very careful!
https://www.rac.co.uk/buying-a-car/r...anding-finance