Outstanding Finance

Hi There,


I have seen this topic come up here before. I want to buy a car and it has outstanding finance, the seller, (yeah I know he doesn't own it) has agreed to go through the bank to do the sale because he wants to pay off the finance. He wants to do everything legit, he thought he owned it because his name was on the vlc. But I told him that's for Insurance purposes, he genuinely sounds clueless about selling a car, and he is the first and only owner of the car!

Does this sound okay? He is a foreigner going back home!

Thanks

funkyouup

Deleted User wrote: »

Does this sound okay?

Not really no.

funkyouup

funkyouup wrote: »

Not really no.

why?

Compton

Deleted User wrote: »

Hi There,


I have seen this topic come up here before. I want to buy a car and it has outstanding finance, the seller, (yeah I know he doesn't own it) has agreed to go through the bank to do the sale because he wants to pay off the finance. He wants to do everything legit, he thought he owned it because his name was on the vlc. But I told him that's for Insurance purposes, he genuinely sounds clueless about selling a car, and he is the first and only owner of the car!

Does this sound okay? He is a foreigner going back home!

Thanks

Some guy tried to do me over kind of like this, wouldn't want to give me the reg number and wanted to meet in a car park at night.. going back home too... with a few grand cash... :mad:

shblob

shblob wrote: »

Some guy tried to do me over kind of like this, wouldn't want to give me the reg number and wanted to meet in a car park at night.. going back home too... with a few grand cash... :mad:

I have the reg, and I'll be going to his place to view the car. At least he didn't try deny the finance!

mickdw

Did he make it clear that there was finance on it or did you find out via your own checks. If you had to find out yourself, then I would walk away. If he actually told you, then its no big deal but issue payment to bank yourself and get confirmation that allis clear

funkyouup

Well then let him pay off the finance, then you do a check on it to make sure its been fully paid and the car is in his name before you buy it, to be honest if i were you id be walking away at this stage, its an awfully big risk to take.

OldmanMondeo

Find out who the finance is with, how much is outstanding. If you buy the car get a draft made out for that amount and either meet him in the bank to pay it in directly or watch as the draft gets posted.

shamwari

Deleted User wrote: »

he genuinely sounds clueless about selling a car

And isn't is funny how they know loads when they want to buy one :rolleyes:

He told me the remaining finance was with bank of Ireland and the branch. And he is more than willing to meet me there and let the bank do the sale basically! he will bring all his paperwork including the vlc and let them fill it out and send it off! He has just even text me the Vin number to do a full check!

I am not committing to buying of course until I see the car!

Gumbo

heres what you have to do :

get a settlement letter from Bank Of Ireland, the letter will contain the account details and the reg of the car.

you go and get 2 drafts made out :

1. made out to Bank Of Ireland
2. made out to the seller containing the balance of the selling price minus the HP settlement figure

you meet the guy at a Bank Of Ireland branch and lodge the BOI draft into the acount of the finance.
give the balance draft to the seller and you go your separate ways.

the bank wont sign over the car to you, the seller has to do that.
the bank will argue that the HP has to be paid first and that could take a few weeks to process and even longer for the online car checks to update (talk to motorcheck on here and ask him how soon they get their info from the finance house)

ive done this twice with mid 20'sk and mid 30'sk cars. all of this is on the assumption that you like the car and do the usual checks that the car is straight, not crashed etc etc

Esel

mickdw wrote: »

Did he make it clear that there was finance on it or did you find out via your own checks. If you had to find out yourself, then I would walk away.

Big +1 on this.

Today I rang his bank and obviously they didn't discuss anything about his finance. So they suggested I go into the bank with him and they said they will go over everything with me. So I think so far I'm happy. That's IF of course I'm happy with the car!

OK for anyone Interested.

I bought the car today, we went to the bank, everything was so easy. We both got copies from the bank saying the finance is clear and the settlement figure written down too. Then we filled out the vehicle licensing cert and we both went to the post office and posted it.

Things don't always go bad, not everyone is out to do you, of course you got to be careful.

-Chris-

Congratulations, and wear well.

-Chris-

-Chris- wrote: »

Congratulations, and wear well.

Thanks Chris