closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Results 1 to 11 of 11

Thread: Buying a car with finance still owing.

  1. #1
    Journeyman
    Join Date
    Oct 2015
    Location
    Merseyside
    Posts
    179

    Buying a car with finance still owing.

    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.

  2. #2
    Craftsman
    Join Date
    May 2018
    Location
    Oxford, Oxfordshire
    Posts
    730
    You cant sell something you dont own . Make sure the finance is cleared in full

  3. #3
    Master
    Join Date
    Aug 2012
    Location
    London
    Posts
    8,540
    Blog Entries
    6
    Quote Originally Posted by Liner33 View Post
    You cant sell something you dont own . Make sure the finance is cleared in full
    This.
    There could also be penalties due for early repayment.

  4. #4
    Master
    Join Date
    Jul 2016
    Location
    West Yorks
    Posts
    1,261
    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.
    Last edited by MCFastybloke; 27th April 2019 at 21:15. Reason: My typing and spelling is dire

  5. #5
    Journeyman
    Join Date
    Oct 2015
    Location
    Merseyside
    Posts
    179
    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.

  6. #6
    Master
    Join Date
    Feb 2013
    Location
    UK
    Posts
    1,285
    Quote Originally Posted by MCFastybloke View Post
    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.
    I’ve done the same, no problems, but to the op,as always, make sure you trust the seller.


    Sent from my iPhone using TZ-UK mobile app

  7. #7
    Grand Master wileeeeeey's Avatar
    Join Date
    Jan 2017
    Location
    N/A
    Posts
    18,997
    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.

  8. #8
    Journeyman
    Join Date
    Oct 2015
    Location
    Merseyside
    Posts
    179
    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.

  9. #9
    Master
    Join Date
    Oct 2008
    Location
    Oxfordshire
    Posts
    2,305
    Blog Entries
    1
    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.

  10. #10
    Journeyman
    Join Date
    Oct 2015
    Location
    Merseyside
    Posts
    179
    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.

  11. #11
    Master
    Join Date
    May 2011
    Location
    Never Everland
    Posts
    3,081
    Lots of scams around with stolen/finance cars etc. Be very careful!
    https://www.rac.co.uk/buying-a-car/r...anding-finance
    Last edited by tixntox; 29th April 2019 at 11:46.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information