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Buying a car Privately - Advice Needed

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  • 28-09-2006 8:40pm
    #1
    TheLedge
    Closed Accounts Posts: 187 ✭✭


    Just agreed a price with a guy over a car (10, 600). He has 12000 finance out on the car.

    How do I make the necessary transaction with the guy without giving him all my money and then me being shafted with his debt. The fact that he's admitted he owes the money makes me trust him, but whats the safest way to do this?

    I've given him 40 as a deposit.

    Ta.


Comments

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    #2
    Mr.Diagnostic
    Registered Users Posts: 937 ✭✭✭Mr.Diagnostic


    Hi,

    It is very simple. You contact the finiance company and make sure they are happy to deal with you. You then meet the seller at the finiance company, take posession outside and you both pay the bal due. Make sure his payment is cash or draft and do the paperwork on the spot. It is vital that you deal with the company in case they are looking for the car.

    HTH


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    #3
    bazz26
    Registered Users Posts: 51,240 ✭✭✭✭bazz26


    This is what I would think of doing.

    Arrange a day to go to the bank/finance company with him to pay off the finance. Agree with him for you to transfer the money from your bank to the finance company or get a bank draft made out to the Finance company. You pay over or transfer the €10,540 to the Finance company and he pays them the balance of the debt there and then too. Get a receipt for this and a stamped letter from the Finance company stating that the outstanding debt on the car has been paid in full. Get a receipt from the seller for the sale of the car also, sign the change of ownership form and have a stamped address envelope with you and watch him pop it in the post.


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    #4
    TheLedge
    Closed Accounts Posts: 187 ✭✭TheLedge


    Thanks guys.

    Soe good solid advice there.


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