Hi all
Been chatting to a bloke about buying his van off him but he owes Quite a bit still on the lease
He said I should pay him direct and he will then pay off the finance. And get the v5 off the lease company then send it to me Sounds a bit dodgy to me ?
Andy
I bought a car off a guy similar. I paid the finance off for him on the website in his house on my laptop then bank transferred the difference to him. V5 signed at the same time. Wouldn't transfer him a penny to pay off the finance himself with.
Most times people ask for a loan for a week or two from family members or take out a loan themselves and settle it after the deal is done.
Yes, that sounds dodgy. Until he pays off the lease, the van belongs to the lease company, not to him. He doesn't have anything to sell you until then.
Dave E
Skating away on the thin ice of a new day
That's the way i do it.Originally Posted by wileeeeeey
Cheers all. The fan is from low cost vans in Wales through alphabet lease. They have the v5 he said. I’ll offer to meet up and send the finance company the money
You need details, ideally in writing, from the lease company of what's owed etc etc then, as you say, pay directly to the lease company.
The V5C is nothing to do with ownership, bear that in mind.
I rang the lease company. All they would say is he will have to pay penalties as he’s less than half way into it
Oh if it's a lease that's different. Think it would be assigning the lease to you rather than buying it?
There must be other vans out there. Sounds like too much of a headache to save a few £s.
It is a lease they said. And yeah it’s a lot of bloody hassle tbh.
Sounds like a headache for you, unless it’s mega cheap, I’d look elsewhere. In fact if it is mega cheap, then that rings alarm bells anyway, forget it.
Honestly cannot see why you would go through all the bother and risk for a particular vehicle, there are loads of good value vans out there without any of the headaches this one comes with.
Walk away. Buy a van from someone who owns it and can legally sell it. Saying "the guy promised he'd pay it off" probably won't help much if they turn up to repossess it.
If he doesn't pay it off he has your money, the Finance company will have the van when they repo it, and you will have.............nothing.
Last edited by oldoakknives; 5th March 2020 at 15:01.
Started out with nothing. Still have most of it left.
If it is a finance lease he can sell it as an agent on behalf of the finance company, I did that with a Navara I had.
If it is a lease or contract hire then the person who is responsible for the lease will have to pay half of the outstanding payments left but as far as I know they have no option to purchase. Generally these vehicles go back to BCA or the like for auction. Sometimes they can be bought direct but the price asked is not always a great deal.
Personally I would find another one!
Sent from my Pixel 2 XL using Tapatalk
No double no and never, if its on lease it not his van for a starter, Get a settlement figure and start talking with the lease company. Those types of deal are termed and any early bailing may be onerous on the originator of the lease.
Walk away Andy
A lease with alphabet will be either business or personal contract hire. Whatever one it is - doesn’t allow him to sell it privately.
Early termination penalty will be at least 50% of outstanding rentals plus any mileage excess (if applicable) plus the market value of the vehicle.
It’s not just a loan You would be settling.
I would absolutely walk away.
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