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car for sale but still under finance!!

  • 18-11-2010 11:04pm
    #1
    inabina
    Registered Users, Registered Users 2 Posts: 631 ✭✭✭


    i was about to buy a car today and did a cartell check and it was confirmed to be still subject to a finance agreement. how common is this? i called the garage and they said that it is quite normal - he said that the finance would clear and it would be sorted in a few weeks. is this usual?


Comments

  • #2
    Compton
    Registered Users, Registered Users 2 Posts: 3,157 ✭✭✭Compton


    This is very common and I nearly got done by a Polish guy trying to sell an 07 Fiat Punto for 3,500 but wouldn't give out the reg number so I could do a quick check, turns out it had a few thousand of finance on it and he was going to do a runner back to Poland,

    so beware people, especially if the price seems too good.


  • #3
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    otoh, having sold a car with finance, it's very straightforward.

    Get a balance from the finance company, to clear it. Assuming it's for less than the amount being asked for the car, buyer makes out one draft to the finance company for that amount, and another for the balance to seller.

    Painless.

    Now, if the finance is MORE than being asked for the car, well, .........there's loads more out there. If it's something the garage is prepared to lose money on, let them clear it first, and call you when it has clean title......

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #4
    inabina
    Registered Users, Registered Users 2 Posts: 631 ✭✭✭inabina


    i would be very suspicious with dealing with a garage that has a car with outstanding finance. the bank are not obliged to tell you how much is outstanding on a loan that is not your own, and can you believe what the dealer says?


  • #5
    Cookie_Monster
    Registered Users, Registered Users 2 Posts: 24,537 ✭✭✭✭Cookie_Monster


    I had it before, turned out just to be some lazy paperwork and was fine.

    Have finance on car I'm trying to sell. BOI are able to give me a settlement figure thats valid for 10 days and it can be paid either by me or the buyer via bank draft, transfer etc. It not a big deal so long as seller is up front about it and amount is less than car value.

    If seller not upfront or finance is worth more than the car, walk away


  • #6
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    If it's a big enough dealer, it may be under stocking finance (finance for their stock of cars rather than for tights or holdups).

    I'd still demand that finance is cleared before purchase, as if the garage can't clear the finance (after you've given them a deposit) it's likely they'll not be in a position to clear the finance even after you've paid for the car, then the car belongs to the bank and not you.


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  • #7
    Padraig Mor
    Registered Users, Registered Users 2 Posts: 9,610 ✭✭✭Padraig Mor


    If it's in a garage, I believe it's quite common for cars in stock to be under short term finance, which is cleared when the car is sold.


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