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Another Finance Question

  • 29-10-2010 6:53pm
    #1
    Jacob55
    Registered Users, Registered Users 2 Posts: 134 ✭✭


    Hi All,
    I have seen a few questions about buying a car with finance lately, I guess its a sign of the times. I have found a car for sale and it has finance outstanding.

    The seller has suggested I get a draft to the finance company and give them the balalnce. I am just wondering what the procedure is in this case.

    Does the seller have the 'log' book/owner certificate so that they can transfer ownership to me?

    How do I verify the amount still owed? Obviously the seller will tell me but is there a way that I can find out (double check). Maybe talk to the finance company in the presence of the owner?

    Anything else you guys can think of that I should watch out for?

    Cheers
    JJ


Comments

  • #2
    -Corkie-
    Closed Accounts Posts: 10,025 ✭✭✭✭-Corkie-


    Try www.motorcheck.ie


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,411 ✭✭✭✭bazz26


    Ask the seller to get a settlement figure/statement from the Finance company showing how much is still owed on the car. Then the best thing to do is arrange with the seller for both of you to go to the finance company together. You have a draft made out to the Fianance company for the amount owned to them and pay it to them over the counter. They will then close off the loan/finance on the vehicle and issue you with a statement showing the same. (If not then make sure to ask them to give you one.) Once this is done then you just pay the seller the balance of the purchase price owed to him.


  • #4
    Jacob55
    Registered Users, Registered Users 2 Posts: 134 ✭✭Jacob55


    Thanks for the advice.
    I think getting the paperwork for the outstanding finance is the way to go.
    It will put my mind at ease doing it this way anyway!

    Cheers
    JJ


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