Outstanding finance on vehicles

dermo f

Im buying a jeep and I just done a Motor check on it.
It said that there is outstanding finance on it.

When I rang the dealer about it. They said that it is a stocking system.
The banks give the money to the dealer to buy the cars.

So I suppose technically the banks own the cars.
He said that the bank will give a clearance form for the vehicle when I buy it.

Is this normal?????

Thanks
d

Mc Love

I think that was touched on here before and someone said it was ok

dermo f

Cheers.

jethrothe2nd

I would insist on the dealer supplying evidence that the finance is cleared upon your purchase. Maybe everything is above aboard but I would err on the side of caution.

dermo f

Thanks. Yeah I'll definitley be getting it sorted before paying for anything

Drummerboy08

dermo f wrote: »

Thanks. Yeah I'll definitley be getting it sorted before paying for anything

They wont give you the certificate of clearance until you pay up. The cert will then be issued by the bank in a few days, once your payment clears.

I'd say your best bet is to speak to the dealer about your concerns. Ask him to call the bank with you present and go through the process with you.