Finance owed on vehicle

born2bwild

Seriously considering making an offer on a car being sold by a dealer - about to take it for a 2nd test drive and get a mechanic to check it but mywheels.ie has sent me back the following:

"Finance Check Result: WARNING Finance is currently owed on this vehicle (to verify) A search of the official finance records held by the Irish Credit Bureau (ICB) indicates that this vehicle is currently subject to a finance agreement in the Republic of Ireland. During the next working day, MyWheels.ie will contact the Financial Institution to verify the vehicle is still subject to a finance agreement and will email you back with the status."

Is this the end of the road (pun intended)? I'm a bit p1ssed off about this but: is mywheels.ie a reliable source?

Anan1

What was the dealer's response?

born2bwild

Anan1 wrote: »

What was the dealer's response?

Don't know - I only just got the credit report back from mywheels.ie and it's nearly 1am.

Should I say it to the dealer tomorrow?

goz83

No. You should ask the dealer if there is anything you need to know about the car. If you get nothing from him...ask if it was in any accidents, or if there is finance owed, or if it's etc etc etc. If you get nothing...walk away. Not worth even telling him you know tbh.

Anan1

born2bwild wrote: »

Don't know - I only just got the credit report back from mywheels.ie and it's nearly 1am.

Should I say it to the dealer tomorrow?

I would. It might be, for example, that the finance was only paid off very recently and this just hasn't shown up on the check yet. If this is the case and you could verify this with the lender then it's not a problem.

ABajaninCork

Anan1 wrote: »

I would. It might be, for example, that the finance was only paid off very recently and this just hasn't shown up on the check yet. If this is the case and you could verify this with the lender then it's not a problem.

I would agree with this. I would also agree with the suggestion that you do not mention what you've found to the dealer. Let him tell you. If you cannot verify the financial status, then I would walk away.

As a matter of interest - are cars in Ireland allowed to be sold with outstanding finance? I always thought if the car has any finance then it can't be sold until that finance is cleared.

djimi

ABajaninCork wrote: »

As a matter of interest - are cars in Ireland allowed to be sold with outstanding finance? I always thought if the car has any finance then it can't be sold until that finance is cleared.

Considering the seller does not actually own the car while it is still on finance then Id be amazed if they are legally allowed to sell it!

born2bwild

Lovely fecking outcome:

"Finance Check Result: WARNING Finance is currently owed on this vehicle (verified by the Financial Institution)

MyWheels.ie has contacted the Financial Institution and they have confirmed that the vehicle is still under finance."

Horse's bollock$ on it in anyway.

That's all folks?

AltAccount

born2bwild wrote: »

Lovely fecking outcome:

"Finance Check Result: WARNING Finance is currently owed on this vehicle (verified by the Financial Institution)

MyWheels.ie has contacted the Financial Institution and they have confirmed that the vehicle is still under finance."

Horse's bollock$ on it in anyway.

That's all folks?

What did the dealer say?

born2bwild

AltAccount wrote: »

What did the dealer say?

They said it was paid off - I forwarded them the irishwheels.ie reports....

andyseadog

born2bwild wrote: »

They said it was paid off - I forwarded them the irishwheels.ie reports....

keep us posted!

goldenhoarde

my two cents worth would be to stay away unless the bank/dealer can verify thats its fully paid off otherwise it can be taken off you.

IrishZeus

If you can source a similar car without too much hassle then walk away now.

Personally I would walk away immediately unless you have a particularly vested interest in it.

tritium

We had similar isues when buying iur last car (from a well known and reputable dealer) Ask the dealer to provide you with a letter from the finance company confirming that there is no outstanding finance due on the car. If it's legit this should be easy to obtain. If they can't or they try to fob you off then walk away

ABajaninCork

born2bwild wrote: »

Lovely fecking outcome:

"Finance Check Result: WARNING Finance is currently owed on this vehicle (verified by the Financial Institution)

MyWheels.ie has contacted the Financial Institution and they have confirmed that the vehicle is still under finance."

Horse's bollock$ on it in anyway.

That's all folks?

Lucky escape OP!!!

ShadowHearth

So what is the moral of the story? "wel spent 35eu"

ABajaninCork

Definitely!!

AltAccount

tritium wrote: »

We had similar isues when buying iur last car (from a well known and reputable dealer) Ask the dealer to provide you with a letter from the finance company confirming that there is no outstanding finance due on the car. If it's legit this should be easy to obtain. If they can't or they try to fob you off then walk away

Try this before walking away^^^^

born2bwild

According to Dealer balance of HP paid off today 23/8/12.

I saw a faxed letter confirming that an amount had been paid but I did not see a letter from the Financial Institution saying that the loan had been cleared.

Contacted the original owner and he gives his word that loan has been paid off in full - but that it will take some days for that clearance to show up on credit checks. Original owner seems legit/honest.

The car is in good condition but there are still question marks, aren't there?

GavMan

born2bwild wrote: »

According to Dealer balance of HP paid off today 23/8/12.

I saw a faxed letter confirming that an amount had been paid but I did not see a letter from the Financial Institution saying that the loan had been cleared.

Contacted the original owner and he gives his word that loan has been paid off in full - but that it will take some days for that clearance to show up on credit checks. Original owner seems legit/honest.

The car is in good condition but there are still question marks, aren't there?

Unless you can speak to the lender directly, walk away. way too risky. Maybe the dealer would hold on deposit until the credit check is updated???

Anan1

born2bwild wrote: »

According to Dealer balance of HP paid off today 23/8/12.

I saw a faxed letter confirming that an amount had been paid but I did not see a letter from the Financial Institution saying that the loan had been cleared.

Contacted the original owner and he gives his word that loan has been paid off in full - but that it will take some days for that clearance to show up on credit checks. Original owner seems legit/honest.

The car is in good condition but there are still question marks, aren't there?

You need proof that it's been paid off.

ABajaninCork

I would get a copy of the letter confirming the balance was paid. Then I would call the finance company direct just to make sure,