finance?

S

sammysquid

Member
Hi,
none Z4 question.... I know I know...
looking to buy a car for the other half, we've found one that seems ideal from a private seller but theres a snag...
they have told us there is finance on the car, they are wanting to see as they are suffering with their health and so are selling to clear the finance. Now I was planning to go on a weekend to see and maybe buy the car...
What do I do? I've never had this problem as none of the cars I've ever bought have been worth enough to have finance on!
HELP!!!
 
Hi, I wouldn't leave them to clear the finance as if for some reason they don't then YOU will come unstuck :x
You need to speak to the finance co & get a settlement figure, you then pay this off & give the balance to the owner.
Never take their word they will do it on your behalf!
Rob
 
Be very careful, as Smartbear says, if they want to sell to clear the finance then make sure it is you who pays it off. Far too easy for them not to pay it, pocket the cash and then default leaving you to deal with the bailiffs.
 
Smartbear said:
Hi, I wouldn't leave them to clear the finance as if for some reason they don't then YOU will come unstuck :x
You need to speak to the finance co & get a settlement figure, you then pay this off & give the balance to the owner.
Never take their word they will do it on your behalf!
Rob
Click to expand...

This is what I would do.
 
Yup, trust no one but yourself. Don't put yourself in the potential position to loose your hard earned cash.
 
Couldn't agree more with what has been said. Trust no one but yourself. All too frequently people say one thing and do the exact opposite.
 
I bought a mini a couple of years ago that was still on finance when I went to view it. The sellers told me they would clear it a couple of days before I came to pick it up. They were true to their word and I was able to confirm this by speaking to the finance company, who were able to email a confirmation letter to me that there was no longer any money owing on it.

Only part with any money if you are able to speak to and get written confirmation directly from the finance company first!
 
no fit state said:
I bought a mini a couple of years ago that was still on finance when I went to view it. The sellers told me they would clear it a couple of days before I came to pick it up. They were true to their word and I was able to confirm this by speaking to the finance company, who were able to email a confirmation letter to me that there was no longer any money owing on it.

Only part with any money if you are able to speak to and get written confirmation directly from the finance company first!
Click to expand...
Yes, but if they're selling to clear the finance they may not have the cash to pay off the finance company, in these situations you need to speak to the finance company with the sellers and you clear the finance as part of the transfer of ownership

This article makes interesting reading - especially the update at the end as it suggests that, even if you buy a car from someone who has it on HP, you may be OK
 
There are plenty of motors out there - I'm not saying the vendor isn't trustworthy but 'caveat emptor' and all that. I wouldn't risk it personally unless the deal was very very good for you.
 
xp_mckenna said:
There are plenty of motors out there - I'm not saying the vendor isn't trustworthy but 'caveat emptor' and all that. I wouldn't risk it personally unless the deal was very very good for you.
Click to expand...

I'm in this situation, I'd like to sell the zed but it has finance remaining. It can be done over the phone in 10mins but if i was a buyer it would put me off. It leaves me wondering what the least stressful way of parting with it is? A dealer has offered 9k I'd like to think I would get minimum 10500 for it. Anybody been in this situation and just give in to the dealers offer. I aint got the time for being messed about by Joe public. Any advice appreciated.

(...did I just advertise my car on an open forum?)
 
I bought a 535, privately, that had finance outstanding, and it's no big deal.

The seller and I went to a local bank and I paid cash into the BMW finance account. That way the seller knows I have paid the money and so do BMW finance and me. Within 1/2 hour the seller had an email from BMW finance with a pdf attached confirming that they could see the money had hit their account and once it cleared???? the car would be finance free. It appears, even cash takes up to a week to clear according to BMW finance. I was copied on the email so both buyer and seller happy and off I went with my new purchase.

It's very simple and nothing to be afraid of if you just follow a few simple steps.

535 is a fantastic car by the way.
 
thanks for all the replies!
so spoke to seller and he said he has spoke to finance company and they have suggested I transfer him the money whilst I'm there and then he would transfer the money into the finance company whilst I'm there
I think I would prefer to do as people have suggested and pay off my debit card and then get him to pay the balance there and then and be done.
Any thoughts about this? is it simple to do the bank transfer thing?
 
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