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Outstanding Finance

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  • 16-03-2008 10:46pm
    #1
    Tim Robbins
    Registered Users Posts: 8,994 ✭✭✭


    Hi,
    I was thinking of buying a car. I did a reg check on carireland and I was told that there is outstanding finance on it. Anybody know what the implications of this are should I buy it?
    Thanks a mill


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    #2
    Snowdrop
    Closed Accounts Posts: 148 ✭✭Snowdrop


    I would say no unless the finance is cleared. If you are buying through a dealer, check with them. Otherwise you might run the risk of the car being repossessed should the previous owner default.
    I am no expert on this but would be very wary.


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    #3
    FuzzyWuzzyWazza
    Registered Users Posts: 906 ✭✭✭FuzzyWuzzyWazza


    The car is usually the collateral on the finance, if the finance is defaulted, then the bank can take back the car, no matter who is the current owner, as far as I know.


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    #4
    mickdw
    Registered Users Posts: 23,357 ✭✭✭✭mickdw


    If seller is upfront about it and tells you that they are paying off the finance with sale money, then you could offer to clear the finance and pay them difference. Do it properly though. If they dont mention it, walk away.


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    #5
    bazz26
    Registered Users Posts: 51,243 ✭✭✭✭bazz26


    If the seller was not up front from the start and didn't mention that their was outstanding finance on the car then I would probably walk away to be honest. If they had planned to use the money from the sale of the car to clear the finance then mentioning it should not have been a big deal.

    What else might then not be telling you about the car?


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    #6
    Tim Robbins
    Registered Users Posts: 8,994 ✭✭✭Tim Robbins


    bazz26 wrote: »
    If they had planned to use the money from the sale of the car to clear the finance then mentioning it should not have been a big deal.
    I think this could have been the case but how come they didn't say it, that is what is puzzling me?


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    #7
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    FuzzyWuzzyWazza wrote: »
    The car is usually the collateral on the finance, if the finance is defaulted, then the bank can take back the car, no matter who is the current owner, as far as I know.
    Not true. It is a common misconception put out there by the banks. They need to get a court order and if you bought it in good faith they cannot seize it from a new owner. They would have to chase the old owner in the courts.


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    #8
    Eoin
    Registered Users Posts: 21,256 ✭✭✭✭Eoin


    You could get two bank drafts done - one to the finance company, and one to the owner for the balance.


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    #9
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,575 Mod ✭✭✭✭Kimbot


    Once 60% + of the finance is paid the car is theirs and not the banks. So they will owe the remainder to the bank either way you look at it.


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