buying a vehicle with outstanding finance

Optimus Prime · Apr 7, 2010

how would you go about buying a vehicle which has outstanding finance ? can you just contact the finance company and pay them the settlement fee, then you own it, or is it more complicated ?

vehicle is priced at £6500, seller quotes settlement to be £5200. Can I just contact finance co. and pay them the £5200, and the 1300 balance to the seller ?

or can I still get caught out ?

Dewin · Apr 8, 2010

Never done it myself but I think the easiest way is for the seller to call finance company with you present, you then pay off the outstanding finance balance to clear the car's finance record (will have to be Debit Card as they only take cash payment's), this then legally allow's the seller to sell it to you.

Archies · Apr 8, 2010

I wouldnt give some one 6 and half grand, put it into there bank account then they pay off there finance bill. What if he doesnt hand the car over.

I would definately get some sort of contract written up explaining what you are doing.

I would definately contact the finance company yourself.
If you are going to settle the finance yourself its best it coming from you bank account or ask if the finance company will put the policy in your name then you settle the bill and pay the owner off.

Archie

bobbler · Apr 8, 2010

Not sure you can call the loan company yourself due to data protection but if the seller is present he can call them for you and like dewin says you should be able to pay the settlement over the phone and give the rest to the seller.

storm99 · Apr 8, 2010

Fook that...so you pay the finance off...and then the seller says..wait a sec, i think i may increase the price by 2 grand, or not sell at all!!

Contact the finance company, say you want to buy and hear how its done!

Optimus Prime · Apr 8, 2010

actually the guy I work with has bought the vehicle

all done. turns out it was on finance to lloydstsb. after checking the vehicle, simply went into lloydstsb in the high street, all done there and then, paid them what they were owed, and paid the balance to the owner. lloydstsb will then send a receipt to the new owner showing balance paid in full.

thanks for your advice.

bigcarorguk · Apr 9, 2010

Next time, speak to Lloyds and offer to buy the debt for less than it's worth. Then take the car off the owner. At face value. You just made yourself a nice packet.

Well it works for people suing countries, must work for Landies too.

buying a vehicle with outstanding finance

Optimus Prime

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