Buyer is asking me to pay their finance

anishjoshi10 · Post by **anishjoshi10** » Thu Oct 08, 2015 12:22 pm

Hi guys

agreed to buy a scirocco off a guy, seems a legit guy been round his house etc... he's asking me to pay off the outstanding finance on his car then whatever remaining to him on the price we agreed.

Has anyone done this before? Thinking when I go to pick up the car I'll get him to ring up the finance company pass it over to me and pay off the finance get a copy of the settlement to my email or house, then pay him whatever is left. Shall I sign off V5 before I pay anything off?

cheers

Mr OCD · Post by **Mr OCD** » Thu Oct 08, 2015 1:57 pm

Get the seller to call finance company for settlement figure and have this in writing.

Then phone up the finance company yourself, with the seller next to you to authorise payment.

Once this is done transfer rest to seller and sign the V5, etc.

HTH

anishjoshi10 · Post by **anishjoshi10** » Thu Oct 08, 2015 2:05 pm

yeah he said he can provide the account details and ref number along with the settlement figure, this OK?

Viking · Post by **Viking** » Thu Oct 08, 2015 4:50 pm

Sign off the V5 first, then when that's all sorted you phone the finance company (so you know it's not just his mate on another phone somewhere) and clear the outstanding finance.

If you clear the finance first there's always the possibility of his 4 bodyguard mates landing through from the kitchen and escorting you outside, while he says "Finance pay off? No idea what you're talking about mate. How did you get in here anyway?"

flashash · Post by **flashash** » Thu Oct 08, 2015 5:04 pm

Ask for proof from finance company that it's settled as well

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thecrofter · Post by **thecrofter** » Thu Oct 08, 2015 5:45 pm

Bargepole and touch spring to mind!

Post by **Kev** » Thu Oct 08, 2015 6:20 pm

thecrofter wrote:Bargepole and touch spring to mind!

This.
I'd run a mile to be honest.

He can get a short term bank loan, pay off the finance and then you can buy it outright from him. If he's not prepared to do that I'd look elsewhere.

greg7728 · Post by **greg7728** » Thu Oct 08, 2015 8:22 pm

Maybe the seller is asking you to do it so you know it's done - as if you buy the car from him, pay him directly, you then have a car with outstanding finance on it, he didn't have to tell you there was finance, I imagine he is thinking you paying it means you know it's done and he has less to do, two birds with one call. I'd look at it as he didn't have to tell you about finance, and if you just pay him how would you know finance was settled - may be better off doing it yourself while they're there.

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Leepash · Post by **Leepash** » Thu Oct 08, 2015 10:01 pm

to be honest there are plenty of scirocco's going up for sale, i'd just wait. I waited a month until i found the perfect one for me!

CleanDiesel · Post by **CleanDiesel** » Thu Oct 08, 2015 10:09 pm

Don't worry this is the easiest/fastest way of clearing the outstanding finance for both parties. Just make sure it's the finance company you're on the phone to.

blower · Post by **blower** » Thu Oct 08, 2015 10:24 pm

Film everything with your phone, have a friend with you who is big.

That should cover you for all eventualities.

Jojreynolds · Post by **Jojreynolds** » Fri Oct 09, 2015 4:12 am

Give him the difference that he wants and when you have the v5 the finance is yours anyway as its on the car not the person.

dimexi · Post by **dimexi** » Fri Oct 09, 2015 7:59 am

flashash · Post by **flashash** » Fri Oct 09, 2015 9:33 am

If you hpi car you will see if it has finance on it

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Tallguy · Post by **Tallguy** » Fri Oct 09, 2015 5:41 pm

I would not touch this under any circumstances. He pays off the finance and gives you written proof this is done before you hand over a penny. I would also want a current HPI check before handing over money. Better still forget this deal.

Cuprabob · Post by **Cuprabob** » Fri Oct 09, 2015 5:48 pm

It's pretty common and it's the only safe way to buy a car with outstanding finance. Just make sure the finance company give you the settlement figure when you phone and that they email you a receipt as well as a statement that they no longer have any interest in the car.

Finance companies are familiar with the scenario and are geared up for it.

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