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Buying a car with outstanding finance - should I be worried?
I'm considering buying a five year old BMW (private seller), but the advert states that 'finance will be settled on purchase'. Should I be concerned about this? How can I be sure that it will be cleared if I buy the car, and would a finance check offer me any protection?
Asked on 16 March 2016 by martin tonbridge
Answered by
Honest John
For sure. It isn't the vendor's car to sell. It belongs to the finance company. He wants you to pay him so he can settle the debt with your money, but how do you know that he will. You need to do a joint negotiation with him and the finance company.
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