I've made a lad an offer on what seems like a pretty good deal ('07 56 plate Vauxhall SRI NAV for £5k) subject to enquiring about insurance and running an HPI check. He's warned me that he still owes £4,700 on the car but says he'll pay it off with my money. I don't know him at all and can only take his word for it that he'll do this!
Worst case scenario - I buy it and he doesn't pay off the debt; presumably the finance company can repossess the car from me with absolutely no comeback!?
I'm very tempted but don't want to get stiffed (but at the same time he seems decent enough). Given the current climate possibly most of the private sales will be the same deal at the minute? (i.e. have outstanding finance)
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The car is not his to sell. There are about 5,000 vectras for sale that are right for you. If it smells, it is because it is bad!
Do not get 'car fever' where you want the car, because you want the car, and all sane judgement goes out of the window. If the position was reversed and a friend asked for your advice, you would be nervous on his behalf.
This is a bad decision.
Walk away.
Edited by MW on 27/01/2009 at 17:28
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Ask him for details of his finance company and you pay them the money outstanding direct.
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Either do what jc2 does or walk away. I'd probably walk away knowing there are plenty more cars like this about.
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Your worst case scenario is correct. i was in this position and checked with the finance company, they also told me that it -can- take up to two months for the debt to be shown as cleared on an HPI check, although you can get a letter from the finance company confirming that the HP has been settled. Finance company also told me that i could not pay them directly either - their contract is with the other guy.
Sorry i can't remember which finance company, it was a year or so ago, it was one of the major ones though.
This car does sound cheap, there's always a reason !
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I have heard of people buying cars this way, although I have never done it myself. What you can do is take your money, and the car seller to a bank. Phone up the finance company and pay them directly. It's a bit more hassle, but it means that you're calling the shots.
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The finance co. may even take a card payment over the phone, and you then pay him the balance.
Edited by oldnotbold on 27/01/2009 at 20:39
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looks easy to me - get him to ask for a setlement figure from finance co - they will put this in writing. Then just settle the balance direct with them - in the current market I doubt they will care where the money is coming fom - just that they are getting it
Finance co's must take payments from third parties all the time when people trade cars in at garages etc
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