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Buying a car with outstanding finance?

  • 24-05-2010 8:06pm
    #1
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭


    Interested in a car but it has outstanding finance. Seller said he would clear it before sale if I go ahead with it. Was wondering how can this be confirmed if he says its cleared?


Comments

  • #2
    questionmark?
    Registered Users, Registered Users 2 Posts: 3,075 ✭✭✭questionmark?


    gpf101 wrote: »
    Interested in a car but it has outstanding finance. Seller said he would clear it before sale if I go ahead with it. Was wondering how can this be confirmed if he says its cleared?

    RUN FORREST RUN :eek:

    Seriously OP is the car that rare and that unique that you want to be taking a chance here?


  • #3
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    You know something is actually is! I suppose its not as simple as poning up the finance crowd friday to confirm its clear?


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    gpf101 wrote: »
    You know something is actually is! I suppose its not as simple as poning up the finance crowd friday to confirm its clear?

    data protection. they cant tell a third party that.

    Offer to send the outstanding finance directly to the finance company. You need something in writing to cover your ass though as until account cleared the finance company technically own the vehicle.


  • #5
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    See the idea was to buy it on saturday. I have done a cartell check and it says there is finance and will send details tomorrow. But basically what ye are saying is there is no definitive way to show that it has been paid off? He said if i ring him tomorro to let him know ill take it then he will clear finance.


  • #6
    pat58
    Closed Accounts Posts: 211 ✭✭pat58


    gpf101 wrote: »
    See the idea was to buy it on saturday. I have done a cartell check and it says there is finance and will send details tomorrow. But basically what ye are saying is there is no definitive way to show that it has been paid off? He said if i ring him tomorro to let him know ill take it then he will clear finance.
    When the person clears the finance , They can request a letter stating all finance has being cleared in full,With out that letter no way would i be handing over money.;)


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  • #7
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    Ok, so if i decide i want it ill let him know by wednesday he should have a letter then by friday.

    Will the cartell report tell me how much and with who the money is outstanding with?


  • #8
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    If I did another cartell check friday morning would they be able to confirm it was clear?


  • #9
    bazz26
    Registered Users, Registered Users 2 Posts: 51,289 ✭✭✭✭bazz26


    OP, get the seller to get a settlement fee from their finance company. Once you have that arrange to meet the seller at the Finance Company to clear the finance.

    If the outstanding finance is less than the purchase price then you pay the finance company their amount and the balance to the seller. If the finance is greater than the agreed purchase price then you pay the agreed amount and the seller pay the balance together. Get an offical statement from the Finance company that verifies there is no longer any outstanding finance owned on the car.

    Whatever you do don't pay the seller on the promise from them that they will clear the finance as the car is still the property of the finance company until the final payment is made.


  • #10
    pat58
    Closed Accounts Posts: 211 ✭✭pat58


    gpf101 wrote: »
    If I did another cartell check friday morning would they be able to confirm it was clear?
    It might take cartell check a few day to update it to file;)


  • #11
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    There's always something ffs!


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  • #12
    Merch
    Closed Accounts Posts: 3,327 ✭✭✭Merch


    bazz26 wrote: »
    OP, get the seller to get a settlement fee from their finance company. Once you have that arrange to meet the seller at the Finance Company to clear the finance.

    If the outstanding finance is less than the purchase price then you pay the finance company their amount and the balance to the seller. If the finance is greater than the agreed purchase price then you pay the agreed amount and the seller pay the balance together. Get an offical statement from the Finance company that verifies there is no longer any outstanding finance owned on the car.

    Whatever you do don't pay the seller on the promise from them that they will clear the finance as the car is still the property of the finance company until the final payment is made.

    That sounds like the best way, wondered how I'd go about that myself, I wouldn't like to go on the promise that someone would pay off their bill, I'm sure most would but wouldn't want to get stuck where a person is tempted to ignore it.


  • #13
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    Ya it looks like I'll have to leave it, shame as Its a beauty. I won't be ablt to get to Dublin until saurday and places will be closed.

    Thanks for the replies.


  • #14
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,783 Mod ✭✭✭✭Gumbo


    gpf101 wrote: »
    Ya it looks like I'll have to leave it, shame as Its a beauty. I won't be ablt to get to Dublin until saurday and places will be closed.

    Thanks for the replies.

    if the car is really that good, are you gona wave good bye to it over a simple finance agreement? dont fail at the first hurdle :D

    just get the seller to get a letter from the finance house with the settlement figure, then you pay the finance settlement and give the balance if any to the seller, that way you know for a fact the finance is cleared.

    i done this in Dec for an E90.
    i paid the finance with the seller beside me in the bank and gave him a draft for the balance and off we went.

    if it really is mint and rare and theres a chance that theres not as many others out there in the same condition, the its worth the extra little bit of hassle imo.


  • #15
    shamwari
    Closed Accounts Posts: 2,142 ✭✭✭shamwari


    bazz26 wrote: »
    OP, get the seller to get a settlement fee from their finance company. Once you have that arrange to meet the seller at the Finance Company to clear the finance.

    If the outstanding finance is less than the purchase price then you pay the finance company their amount and the balance to the seller. If the finance is greater than the agreed purchase price then you pay the agreed amount and the seller pay the balance together. Get an offical statement from the Finance company that verifies there is no longer any outstanding finance owned on the car.

    Whatever you do don't pay the seller on the promise from them that they will clear the finance as the car is still the property of the finance company until the final payment is made.

    That would be the best way to go about it.

    Alternatively, the OP (if he still wanted the car) could ring the finance company himself and ask what their settlement policy is with regard to buying a car from its owner where the FC still has an interest or charge on the car.

    The really big danger with buying a car in such circumstances is if the buyer buys the car on the promise of the previous owner clearing the outstanding finance, and then the previous owner doesn't do this. The new "owner" then has a car which he doesn't own, and the previous owner has effectively nicked the new owners cash.


  • #16
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    The owner is leaving the country on sunday and i can only get to dublin saturday so it seems an impossible mission!


  • #17
    Merch
    Closed Accounts Posts: 3,327 ✭✭✭Merch


    I'm always wary of adds where the owner is leaving the country, if I was I wouldn't say it if I was selling a car :)


  • #18
    Absurdum
    Closed Accounts Posts: 4,445 ✭✭✭Absurdum


    gpf101 wrote: »
    The owner is leaving the country on sunday and i can only get to dublin saturday so it seems an impossible mission!

    walk away,if he/she is leaving the country they may not be too bothered about clearing their debts!


  • #19
    Merch
    Closed Accounts Posts: 3,327 ✭✭✭Merch


    Merch wrote: »
    I'm always wary of adds where the owner is leaving the country, if I was I wouldn't say it if I was selling a car :)

    When I say that, I dont mean I would try sell someone a lemon, I mean I think it would put some buyers off.
    I just think it means they are either really leaving where you cannot find them and they may not pay their debts or they are moving and are building an alibi so you wont come looking for them when you realise its a ball of ****e they sold.
    Or they may actually be leaving and pay their debts, I've heard of it happening


  • #20
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    He said he would leave the car at his parents house and i dont hand over any cash until its clear and cartell can verify it.

    sound ok?


  • #21
    jaybee747
    Registered Users Posts: 253 ✭✭jaybee747


    I bought a car last year and did a quick check on Cartell before heading to collect it,turns out finance was owed.I told the dealer i wouldnt take it until it was cleared,took only 2 or 3 days for the status on Cartell to change but glad i did it all the same.If I was you I woundnt part with the cash until its cleared.


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