M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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i'm looking at buying a car but there is outstanding finance on it, the person says they will pay off the finance once they have the cash from me.
where do i stand in this situation?
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Rich_J_Williams
Member
Registered: 15th Aug 05
Location: Coventry
User status: Offline
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dont really know, but i would say it is safer to take the finance of the asking price and pay it yourself? or make them pay it before you pay!
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horizon
Member
Registered: 3rd Jul 06
Location: Milton Keynes
User status: Offline
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Seems dodgey.
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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quote:
Originally posted by horizon
Seems dodgey.
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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whats im thinking, but didnt know wheter i could get them to sign something which says i will pay the finance off
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Jason Iles
Member
Registered: 19th Jun 01
Location: Bristol
User status: Offline
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Do not hand any cash over untill they have paid it off.
Have you asked them why they want your money before they pay the remainder off? Seems very odd
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by M4tt_Envoy
i'm looking at buying a car but there is outstanding finance on it, the person says they will pay off the finance once they have the cash from me.where do i stand in this situation?
they could get the cash from you and not pay the finace off leaving it with you to cover or the garage taking the car off you!! would be a court affair most prob
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horizon
Member
Registered: 3rd Jul 06
Location: Milton Keynes
User status: Offline
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Legally he can Give you the car for the money, and he pays the rest of his finance off.
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horizon
Member
Registered: 3rd Jul 06
Location: Milton Keynes
User status: Offline
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quote:
Originally posted by CorsaB4ever
quote:
Originally posted by M4tt_Envoy
i'm looking at buying a car but there is outstanding finance on it, the person says they will pay off the finance once they have the cash from me.where do i stand in this situation?
they could get the cash from you and not pay the finace off leaving it with you to cover or the garage taking the car off you!! would be a court affair most prob
Can they do that, when its his car now? and the Finance is in the other guys name?
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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There was a car dealer round here that was doing this.
All the cars on his forecourt were bought by him on finance through a finance company he had a deal with. If you bought a car off him and did it on finance you were fine as you would be paying the finance company, not the car dealer.
If you bought a car off him and paid cash the dealer pocketed the money for himself, didn't pay the finance off and eventually the finance company came and took the cars off all the people that had paid him cash to try and regain their losses as the finance company legally had the right to take the car if the payments weren't kept up.
I'd steer clear!
[Edited on 07-07-2006 by Matty G]
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iceman
Member
Registered: 22nd Jul 00
Location: Berkshire
User status: Offline
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get a settlement figure from the finance company and pay it off yourself
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Baskey
Member
Registered: 31st May 06
User status: Offline
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^^^ correct the finance can be on a car irrespective of the owner, thats why it shows on a hpi check, if it didnt matter there would be no need for hpi to investagate the finance
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M4tt_Envoy
Member
Registered: 26th Feb 06
Location: Swindon
User status: Offline
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quote:
Originally posted by Jason Iles
Do not hand any cash over untill they have paid it off.
Have you asked them why they want your money before they pay the remainder off? Seems very odd
i would imagine because they can't afford to pay it off until they have the cash
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iceman
Member
Registered: 22nd Jul 00
Location: Berkshire
User status: Offline
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quote:
Originally posted by M4tt_Envoy
quote:
Originally posted by Jason Iles
Do not hand any cash over untill they have paid it off.
Have you asked them why they want your money before they pay the remainder off? Seems very odd
i would imagine because they can't afford to pay it off until they have the cash
I had to do this with my last P1, the owner owed 4k to a finance company, i got to bankers drafts 1 for 4k made payable to the finance company and then deducted the 4k from the aggreed figure and got another bankers draft for him.
Job done
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Jason Iles
Member
Registered: 19th Jun 01
Location: Bristol
User status: Offline
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quote:
Originally posted by M4tt_Envoy
quote:
Originally posted by Jason Iles
Do not hand any cash over untill they have paid it off.
Have you asked them why they want your money before they pay the remainder off? Seems very odd
i would imagine because they can't afford to pay it off until they have the cash
Ah thats fair enough for some reason I thought it was a garage you were buying from, in a private sale i'd do what Iceman has suggested
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by horizon
quote:
Originally posted by CorsaB4ever
quote:
Originally posted by M4tt_Envoy
i'm looking at buying a car but there is outstanding finance on it, the person says they will pay off the finance once they have the cash from me.where do i stand in this situation?
they could get the cash from you and not pay the finace off leaving it with you to cover or the garage taking the car off you!! would be a court affair most prob
Can they do that, when its his car now? and the Finance is in the other guys name?
happen to a friend but the existing finacee gave the company a friends details and said he was going to finish the payments
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