Buying a car

rossinator

Hey,
I'm buying a car this week and was just looking for some advice on a situation i'm having.

The seller owes 2400 on a loan for the car and i'm getting it for 2300.
He is moving away so says he just wants to clear the loan
I'm just wondering as I only kind of know the seller what happens if he doesn't pay the loan?
Will they come after me ? or what are the legal proceedings and is there anyway of guaranteeing that that the loan is paid etc...

Cheers

delllat

rossinator wrote: »

Hey,
I'm buying a car this week and was just looking for some advice on a situation i'm having.

The seller owes 2400 on a loan for the car and i'm getting it for 2300.
He is moving away so says he just wants to clear the loan
I'm just wondering as I only kind of know the seller what happens if he doesn't pay the loan?
Will they come after me ? or what are the legal proceedings and is there anyway of guaranteeing that that the loan is paid etc...

Cheers

the bank probably owns the vehicle until the debt is cleared i would imagine although i could be wrong on this ,its worth checking out if hes legally allowed to sell a vehicle he doesnt fully own

Random

He's moving away? He's selling for just a little less than he owes on the finance?

I'd be warey to be honest. I'd want confirmation that the finance is cleared before passing over the money -or- confirmation that the money is being used to clear the finance and the finance company are ok with this etc.

I'd probably avoid it as it sounds like a mess, but that's just me.

BArra

can you not go into the bank with him and oversee him clearing the finance

kodute

If you buy the car and he stops repayments the bank/finance company can seize the car afaik.
I'd steer clear if I were you.



This thread might be better off in motors...

dudara

Agreed - thread moved to Motors

dudara

Gumbo

find out where the loan is that is secured on the car.
they go with the seller and pay the loan off with your cheque then you know its paid.

also dont forget, he may just have a credit union loan on the car or similar. is it a loan secured on the car or just a personal loan used to buy the car?

-Chris-

Get a bank draft made out to his finance company. Witness him posting it/depositing it.

If there's finance owing on it, then it's not really his to sell.

If he legs it with your money, the finance company would be within their rights to take the car off you.

Matt Simis

I have a similar question and an interesting scenario for our hodgepodge of expertise.

Looking at a 535D, did the car check on Motorcheck.ie and it flags a Finance Agreement on it.
Talked to the Seller, it isnt his Finance, he had no idea!
Late last year, car was Repossessed then sold by the garage in Dublin. He part-traded a SUV for the BMW in Feb.

He has rang Motorcheck, found out the Bank (Barclays?) and talked to the Garage. The Garage tell him not to worry about it, its just a paperwork issue and they will sort it, the status on Motorcheck.ie hasnt changed since Monday however. He is talking to the Consumer Protection board as he (rightly if he is telling the truth) feels the garage cannot sell a vehicle if there is a Finance agreement on it. They claim there isnt "really" a Finance on it. Back when he was trading for it, he didnt do a Car Check on it as he assumed buying from a Garage meant this cannot happen.

-Surely when a vehicle is repossessed, thats the Finance cleared, by the very act of repossession and resale?
-Is it possible for a 3rd party to ring the bank (who in the bank is another question!) and clarify they have no Finance on it?
-Does Finance "expire" after X number of years?