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Formally Coca
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Discussion Starter · #1 ·
I've seen a car that interests me. The guy selling it owes £11861 on the car to a finance company. He's been upfront with me on that. Car is up for £12800 and I'm hoping to knock him down a bit.

Thing is he wants the finance paid before he releases the car.

Is the finance not my problem once I buy the car?

I haven't confirmed if the finance is secured on the car, waiting for him to phone me.

Anyone have experience of a similar scenario?
 

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I've not had experience of this, but my best guess would be that it depends if the finance is secured on the car. If it is then the finance company technically own the car and it the loan is defaulted on they can come and take it back. If it's a bank loan then that's his problem. Personally I would want any finance secured on the car cleared before I took possession.
 

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In theory you agree a price on the car, he calls finance company, you pay them the settlement figure and then give the buyer whatever is remaining to make up the agreed price he sold the car to you for. If he takes less than the outstanding finance for it make sure he pays the remaining balance.

I can't say I'd be entirely confident doing it but that's how I'd suggest if you do.
 

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Formally Coca
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Discussion Starter · #4 ·
He has suggested that I pay the finance and give him what's left. If it is secured on the car I'd rather give him the balance between the sale price and finance figure then pay the finance company myself. That way I would know for sure that the finance is being paid.
 

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He has suggested that I pay the finance and give him what's left. If it is secured on the car I'd rather give him the balance between the sale price and finance figure then pay the finance company myself. That way I would know for sure that the finance is being paid.
as far as im aware you pay the finance company and then give him the rest, dont give him the money and let him pay the finance because if he doesnt pay the finance off then they can take the car from you
 

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He has suggested that I pay the finance and give him what's left. it is secured on the car I'd rather give him the balance betIf it is secured on the car I'd rather give him the balance between the sale price and finance figure then pay the finance company myself.
Yes mate, without a doubt you pay the finance company. Get him to call them, explain and then hand the phone over to you to pay. Request that they send you paperwork for proof of payment and also that the car is now clear of their finance.
 

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nooooo dont do it , so many things could go wrong with this there will be another car out there mate just not worth it could turn out to be a scam worst case scenario is u pay it and loose the cash and the car could be taken
 

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Yes mate, without a doubt you pay the finance company. Get him to call them, explain and then hand the phone over to you to pay. Request that they send you paperwork for proof of payment and also that the car is now clear of their finance.
+1 on this,i was going to buy 1 like this and got advised on the above
 

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Formally Coca
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Discussion Starter · #9 ·
Just spoke to the finance company and they suggested that we go to the bank together and I do the transfer in front of him so that he knows that it is paid. I then give him the rest and then take possession of the car.

nooooo dont do it , so many things could go wrong with this there will be another car out there mate just not worth it could turn out to be a scam worst case scenario is u pay it and loose the cash and the car could be taken
I have spoken to the previous seller of the car (a main dealer), the sellers story checks out.

Can you explain a little more?
 

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Yes mate, without a doubt you pay the finance company. Get him to call them, explain and then hand the phone over to you to pay. Request that they send you paperwork for proof of payment and also that the car is now clear of their finance.
This is the way to do it. You pay them by debit card over the phone and they will confirm that the car is no longer subject to finance and you can then pay the seller the balance. I have done this myself before.
 

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Yep as above ,i bought mine with finance on,agreed a price with seller,he phoned finance company i payed my part on debit card ,seller paid what was left,
i spoke to finance company to confirm no more finance on car,job done very easy,
 

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pay over the phone by debit card and for sure get as much documentation on the final payment as possible.
Get names of who you are dealing with on the end of the phone and paperwork with reference numbers on,call me paranoid bits its a lot of cash and your car.
 

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Agreed, as long as you have control over making sure there i no fincance owing on the car (i.e you pay over the phone) then there is no issue.

Heard of this been done plently times before with no issues.
 
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