Buying a 2nd hand car whilst under finance.

Discussion in 'Cars, Bikes 'n AFVs' started by mark3536, Jun 27, 2012.

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  1. Hello All.

    I am looking at buying a car 2nd hand, after chatting with the seller on the phone he told me that the car is under finance with around 10k still owing.

    The car is a C63AMG and is exactly the right spec i am after. I have owned previous AMG's so I know alot about them although this is the first time i may buy one whilst under finance.

    Just so I don't get my pants pulled down and dry bummed, can anyone offer any advice with regard to this? I am assuming that if i paid a desposit equal to the finance, with a signed letter by the seller stating that he will then pay this off. Once this is done, Then i will pay the rest and drive the car away?

    Thanks.
     
  2. The finance would have to be taken over by you, you'd have to speak to them as its not his to sell.
     
    • Like Like x 4
  3. Listen to the J Man.
     
  4. My advice is Walk away.

    If you are still really keen, ask him for more details about his finance scheme. Is the loan linked directly to the car?
     
  5. Cheers Jarrod, I will speak to the seller tomorrow.
     
  6. Or you pay the finance company the outstanding amount and the balance to the seller.
     
    • Like Like x 4
  7. Yes the loan is secured on the car, it's all making me think twice now!
     
  8. Porridge_gun

    Porridge_gun LE Good Egg (charities)

    Many cars still have finance on them when they are placed up for sale or part exchanged.

    Its not a deal breaker provided you do as Joey Deacon says and pay the finance company first and the balance to the previous keeper.
     
    • Like Like x 3
  9. It may be worth you asking this Q on a motoring Forum.
     
  10. Do not pay any money to the current owner until the credit side is sorted.
     
    • Like Like x 3
  11. Ok so if i view the car and its what i'm after, i should then speak to the finance company, settle up with them directly, then once thats been done pay the seller the balance?

    If i do the above, what sort of protection can i give myself?
     
  12. Thats a recipe for disaster, IMO
     
  13. BiscuitsAB

    BiscuitsAB LE Moderator

    if you do the above then ask for a settlement figure from the finance company . I'd also be checking HPI if it were me to see if what your being told about the finance rings true.
     
  14. Why is he selling it?
     
  15. The seller may not agree to that, for one reason or another.

    Alternative answer: What could possibly go wrong?
     
    • Like Like x 1