chrisjpainter Posted March 2, 2016 Report Share Posted March 2, 2016 I recently wrote my car off, so need a new one. I've found one that fits the bill, but Experian has it down as being on a finance package. I've spoken to the company who controls it and they confirmed, but I'm just wondering if anyone has any experience of buying a car second hand when the seller has a finance package running on it? Is it easy to sort out and do you end up paying more than the stickered price in nebulous, hidden fees? Many thanks Chris Quote Link to comment Share on other sites More sharing options...
secretagentmole Posted March 2, 2016 Report Share Posted March 2, 2016 (edited) 1) Is the car at a dealership? 2) If it is they should settle the outstanding finance on it when you buy it, after all you are buying the vehicle not the debt. 3) You are then relying on the dealership bring honest and above board. 4) Best of luck with number 3! Edited March 2, 2016 by secretagentmole Quote Link to comment Share on other sites More sharing options...
brett1985 Posted March 2, 2016 Report Share Posted March 2, 2016 The important question is whether it is a private sale or from a dealership. if its a private sale, avoid it. if its from a dealer then THEY should clear the finance before selling it. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted March 2, 2016 Report Share Posted March 2, 2016 Also may depend on where the finance is from. Some charge admin and completion fees when the finance is finished etc etc. What happens if the seller doesn't pay the finance ? Is the debt against them ? Or against the car ? Quote Link to comment Share on other sites More sharing options...
al4x Posted March 2, 2016 Report Share Posted March 2, 2016 The debt will be against the car and if you take posession with finance outstanding and they don't keep up repayments then the car will be their property. However it is simple the owner needs to settle finance before you take posession. talk to them about it and say you need proof before paying for the car Quote Link to comment Share on other sites More sharing options...
mickmep Posted March 2, 2016 Report Share Posted March 2, 2016 I bought my truck privately, the owner I bought it from had finance on it. in a nutshell I phoned finance company, paid outstanding finance, and paid seller the balance of the agreed price. I did this from the sellers house, after I was happy with the truck and the paperwork was completed. they were/appeared to be genuine people though, and were up front about the finance from the offset. completely painless and sorted out in a couple of minutes. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted March 2, 2016 Report Share Posted March 2, 2016 (edited) If it has finance on it the T&C of the finance agreement usually says the ownership of the car remains with the Finance Company until they discharge the debt. So who are you actually dealing with? It almost certainly doesn't legally belong to the seller. Edited March 2, 2016 by Vince Green Quote Link to comment Share on other sites More sharing options...
remmy1100 Posted March 2, 2016 Report Share Posted March 2, 2016 I bought my truck privately, the owner I bought it from had finance on it. in a nutshell I phoned finance company, paid outstanding finance, and paid seller the balance of the agreed price. I did this from the sellers house, after I was happy with the truck and the paperwork was completed. they were/appeared to be genuine people though, and were up front about the finance from the offset. completely painless and sorted out in a couple of minutes. this is the real deal bang on the money mate done the same thing no problems Quote Link to comment Share on other sites More sharing options...
MrM Posted March 3, 2016 Report Share Posted March 3, 2016 Have a look at this article: https://blog.hpicheck.com/2015/06/18/buying-a-car-with-outstanding-finance-on-it/ Quote Link to comment Share on other sites More sharing options...
PERCE Posted March 3, 2016 Report Share Posted March 3, 2016 I bought my truck privately, the owner I bought it from had finance on it. in a nutshell I phoned finance company, paid outstanding finance, and paid seller the balance of the agreed price. I did this from the sellers house, after I was happy with the truck and the paperwork was completed. they were/appeared to be genuine people though, and were up front about the finance from the offset. completely painless and sorted out in a couple of minutes. I sold a car in exactly the same way. Seller paid off the finance company & balance was paid to me. It's simple. Quote Link to comment Share on other sites More sharing options...
chrisjpainter Posted March 4, 2016 Author Report Share Posted March 4, 2016 Thanks chaps. The plan is as PERCE did. We're meeting up this afternoon to all sort it. The car literally parks itself. I think that's going to stay turned off... Quote Link to comment Share on other sites More sharing options...
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