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Outstanding car finance

Gel · 2007-09-06 09:38:44

Just did a finance check on a car I was interested in. Turns out that it's subject to a finance agreement until Nov. 2008. I rang the finance company to find out if I would become liable for the outstanding finance if I bought the car. One snooty individual refused to give any information whatsoever as I was not a…

06-09-2007 9:38am

#1

Gel

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Just did a finance check on a car I was interested in. Turns out that it's subject to a finance agreement until Nov. 2008. I rang the finance company to find out if I would become liable for the outstanding finance if I bought the car. One snooty individual refused to give any information whatsoever as I was not a customer.
Can anyone advise me on what the situation is in this case?

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Comments

#2 06-09-2007 10:04am

Stephen

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Don't touch it unless the finance is cleared.

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#3 06-09-2007 10:30am

Henry Ford III

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Have you asked the seller about this?

It's often kosher to write 2 cheques. 1 to finance co. to clear loan (and release title) and a 2nd one to seller for any balance between finance amount owed, and selling price.

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#4 06-09-2007 6:23pm

Tipsy Mac

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Stephen wrote:

Don't touch it unless the finance is cleared.

Exactly, especially if it wasn't made clear to you from the outset by the seller. Plenty of cleared cars for sale.

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