How to pay for a €50k car

grogi

bmwguy wrote: »

I'd love to know what the car actually is but I don't think OP wants to tell. It might change my thoughts if it's something exotic

It all depends how attractive the €50k sale is. If the dealer is asking €70k or more, this is enough of an incentive to find that money. You spend couple of hundreds for a detailed inspection, put €5k aside for unexpected expenses and enjoy saved monies

I'd love to know as well what the car in question is

Casati

The OP isn't really as mad as some posters suggest, i.e. he seems to be buying with his eyes wide open. Buying direct from the original owner with full service history and a full check carried out might indeed be much lower risk than buying from a dealer - just look through many of the threads on boards where disappointed buyers with problem cars are not getting satisfactory service off dealers. Many others would do well to take the approach the OP is doing with background checks when buying off a dealer

I would however take others advise and ensure that the finance is paid off before you proceed, paying the finance company and the owner sounds v messy

The main reason most buyers dont consider buying private is that a lot of folk often only can buy a car with finance, and its almost impossible to get finance buying a second hand car privately. The op appears to have the means to hand so why not take advantage of the slightly lower price?

bazz26

I'd imagine the seller needs some if not all the proceeds from the sale to pay off the outstanding finance. Nothing wrong with that, as the buyer just get a settlement figure from the finance company and make the draft out to them. If there is more owned on the car than the 50k selling price then the seller needs to pay that amount at the same time. Bottom line new owner need a letter from the finance stating the loan is settled and they no longer have any interest in the vehicle.

Gumbo

Bigus wrote: »

Incorrect.
One bank Handed over to the finance company in the amount of balance owing with a receipt to prove finance clear and another draft to the seller for the balance , deal completed and car handed over at the finance company offices for certainty, if you're paranoid.

Have done this 3 times over the years. The last time, very recent on an F10 530d.
Seller should have a headed letter with a completion figure on it. This should be dated very recent.

Once you do your checks and you are happy to proceed you then get the seller to call the finance company on loudspeaker and ask them to verify the termination figure and where it can be paid.

You go get one draft for finance company and remainder for seller.
You both go the the finance bank or in most cases the finance company give you a bank account and reference number so you can lodge in any branch of the bank, PTSB for example.

Lodge money, you know the finance is clear now.

You've already done your mechanical and condition, history checks so pay balance to seller and drive away.

charleville

So,

Was keeping an eye on this thread the last day or two and there's some interesting points but it was good to see some common sense also amongst the negative tone of replies, which in fairness some were valid points and understandable given the amount of people out there who would not think twice about screwing you over.

In any situation there will always be positive and negative opinions, thankfully I'm neither and more of a realistic which is why I have no problem with this private sale, I'm the one doing the small amount of work to make sure no problems arise, (really it's not that difficult) I will be saving approx 5k from the direct sale plus I'm getting some extras included in the car worth probably another 3k or so (which were put in from the start when the car was ordered) so realistically it's almost 8k savings,

which is alot in my opinion and worth the "risk"

I have been to see the car, I like it and it drives well, it was brought off by the AA just today and given a thorough 4 hour inspection inside and out including road and ramp test which it passed with flying colours.

The seller has discussed the outstanding finance with me straight up as soon as I met him to view the car, afterwards he gave me the option for me to pay finance company and remainder to him or he can pay them then I'll just pay him the full amount, I opted for the latter.

He showed me the log book which was in his name but trading under his company name (all legitimate so far), and he will have a letter from the finance company stating the balance has been paid, which after seeing the letter I will call to confirm (with him beside me) and also ask to see the corresponding emails if I'm really really paranoid.

Vat receipt for me which I will check with my accountant first that all is well, money to him, transferred in the bank together let's not forget he needs peace of mind too right.
Drive away happy knowing I've bought a legitimate car for almost 10k less than a garage dealer, still with an option of extending a warranty with my savings if I so wish (it's nice to have the choice)

Really.... I don't see the problem with this.

grogi

charleville wrote: »

Really.... I don't see the problem with this.

I am really glad to see some (non-so) common sense here.

Gumbo

Best of luck OP. Hope it goes well for you.

username?!

kceire wrote: »

Best of luck OP. Hope it goes well for you.

Yes best of luck OP - sounds like you have done the needed homework.