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Buying car privately with finance owed...

  • 19-12-2011 10:17pm
    #1
    dibs101
    Registered Users, Registered Users 2 Posts: 346 ✭✭


    So im looking at buying a car for 9 grand including the 5 grand finance still owed on it and taking over the debt as the guy needs money big time. Anyone any experience of this?
    Any pros/cons to be wary of?


Comments

  • #2
    bazz26
    Registered Users, Registered Users 2 Posts: 51,364 ✭✭✭✭bazz26


    dibs101 wrote: »
    So im looking at buying a car for 9 grand including the 5 grand finance still owed on it and taking over the debt as the guy needs money big time. Anyone any experience of this?
    Any pros/cons to be wary of?

    A definate NO NO.

    What you do is if the car is valued at €9k and there is €5k still owning on it, you get a draft for €5k made out to his finance company, go in with him and pay it over the counter to them, get a settlement statement from them stating the finance agreement has been paid in full. You then pay the seller the remaining €4k.

    The finance company still have a vested interest in the car until the last payment is made. In reality the car is not his to sell until the finance is settled.


  • #3
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    dibs101 wrote: »
    So im looking at buying a car for 9 grand including the 5 grand finance still owed on it and taking over the debt as the guy needs money big time. Anyone any experience of this?
    Any pros/cons to be wary of?
    Only way to do this is agree a price for the car. Get a settlement figure from finance company, pay them and then pay remainder to guy selling it.


  • #4
    MichealD
    Registered Users, Registered Users 2 Posts: 394 ✭✭MichealD


    Both replies 100% correct.

    I suspect the issue may be the op only has €4,000 cash though!


  • #5
    Bigus
    Registered Users, Registered Users 2 Posts: 4,946 ✭✭✭Bigus


    dibs101 wrote: »
    So im looking at buying a car for 9 grand including the 5 grand finance still owed on it and taking over the debt as the guy needs money big time. Anyone any experience of this?
    Any pros/cons to be wary of?

    What make model and age miles spec is it to get a rough value here


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