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how to buy a car that is on finance?

  • 23-03-2011 12:21am
    #1
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭


    As per the title, how do you buy a car that is on finance.I know everyone will say dont touch it,but what would the normal procedure be to buy that car?


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,707 ✭✭✭✭Atlantic Dawn
    M


    You normally get two bank drafts, one to pay the outstanding balance amount and make this out to the car finance company and the 2nd draft made out for the balance to the seller.


  • #3
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭Fol20


    lets say there is a outstanding loan of 10k.The car is sold for 10,001.What will stop the original owner from coming around and saying thanks for paying for the debt but i think ill keep the car?


  • #4
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,707 ✭✭✭✭Atlantic Dawn
    M


    Fol20 wrote: »
    lets say there is a outstanding loan of 10k.The car is sold for 10,001.What will stop the original owner from coming around and saying thanks for paying for the debt but i think ill keep the car?

    He will have the vehicle licensing cert, you fill in your details and he sends it away. That's why you use the draft so there's a paper trail with your payment.


  • #5
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭Fol20


    Yea but at the end of the day,someone has to make a move first.ie transfer of ownership or pay of debt.Who makes the first move?


  • #6
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    Fol20 wrote: »
    Yea but at the end of the day,someone has to make a move first.ie transfer of ownership or pay of debt.Who makes the first move?

    pay the owner his share and transfer over the paperwork first, then go pay the finance company yourself with that 2nd draft, dont trust the seller to do it

    also a little faith is needed ,


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