Cartell check shows finance agreement currently in place.

IronMan

Folks,

I ran a Cartell report on a car I was purchasing, and it shows a current finance agreement in place. I presume this is a common occurrence, could be a loan being paid off on the car, but what do I do next? Do I purchase the car, or do I wait for the agreement to be cleared before purchasing? Not sure of the agreed procedure here, do not want to be stuck with a car that has a large loan outstanding on it. Never went down the second hand car route before so unsure of how regularly this occurs.

Any advice appreciated.
Thanks.

-Chris-

Purchase the car with 2 cheques - one made out to the finance company for the settlement figure and the other with the balance for the seller.

bazz26

Sorting the finance out itself is easy enough as outlined by AudiChris.

However I'd be more concerned at why the seller did not disclose this information to you in the first place. These days it is very easy to find out if there if finance owning on a car so the seller should be upfront with a potential buyer from the off. What else could they be hiding with regards the car?

IronMan

I am getting the AA to do an essential inspection so that will tell me everything else I need to know. Everything else checked out on the Cartell report, he told me the number of owners, has a full service history. I didn't bring up the subject when viewing the car so the benefit of the doubt will be given, until the AA comes back with the report of course!

So am I correct in assuming:

1) I ask the seller the total amount still outstanding on the car, and check this with the finance company.
2) Once clarified, I make a cheque payable to the finance company for the total amount outstanding, and wait for that to clear.
3) Pay balance to the seller and drive away.

-Chris-

That sounds perfectly reasonable to me!

bazz26

Also get the finance company to issue in writing, that the finance is settled.