Finance owed

st1979

Went to have a look at a car that was on donedeal. It had its number plate in the ad so done a check on mywheels.ie and all came back ok but it would take a bit of time for finance check to be done. Any way went to look at car before result came through but didnt fall in love with the car but it was more the seller. He described himself as a trader which is fine but he was of a certain minority group which I generally don't like to buy from so left it. Got home and I see an email saying the finance check came back that there is finance owed on it.
So what should I do now. I would prefer not to get involved but then I would not want to let another poor mug get stung. The guy selling it might not know or he might be doing this as a scam.

MugMugs

st1979 wrote: »

Went to have a look at a car that was on donedeal. It had its number plate in the ad so done a check on mywheels.ie and all came back ok but it would take a bit of time for finance check to be done. Any way went to look at car before result came through but didnt fall in love with the car but it was more the seller. He described himself as a trader which is fine but he was of a certain minority group which I generally don't like to buy from so left it. Got home and I see an email saying the finance check came back that there is finance owed on it.
So what should I do now. I would prefer not to get involved but then I would not want to let another poor mug get stung. The guy selling it might not know or he might be doing this as a scam.

Personally I'd walk away safe in the solice that the next buyer will also run a check on the motor and not get stung either.

Approaching the trader could end with you getting a flea in your ear.

Supergurrier

Ofc it's a scam, like the 200e iphone 5's that lock up after 5-10 minutes

Yawns

Or that big laptop you see but when you get home you find you have a laptop bag with 2 bottles of water...

Bigus

Contact the fiancé company on Monday tell them the story and you should be able to buy it from I them cheap for informing them, if they can re po it, before some mug pays for it.

SJT1

Finance owing on the car is not an issuse.

If you do decide to buy the car just hand over the money to him in the bank so you know it goes straight into clearing off that loan, that's all you have to be worried about.

One thing I would be worried about is the mileage on the clock and if it has been clocked or not. This is easy to check, look through the service history in the cars manual and phone the garages that serviced the car, confirm the mileage with them, you should see a pattern within a certain time frame that can confirm that with you. Also, to make doubly sure, ask him for the number of the person who he got the xcar off and phone them and ask them about it.

SJT1

SJT1 wrote: »

Finance owing on the car is not an issuse.

If you do decide to buy the car just hand over the money to him in the bank so you know it goes straight into clearing off that loan, that's all you have to be worried about.

One thing I would be worried about is the mileage on the clock and if it has been clocked or not. This is easy to check, look through the service history in the cars manual and phone the garages that serviced the car, confirm the mileage with them, you should see a pattern within a certain time frame that can confirm that with you. Also, to make doubly sure, ask him for the number of the person who he got the xcar off and phone them and ask them about it.

Yes good advice.

This is how I bought my Prius, be very careful you never ,ever hand money over to the individual unless it's to the bank themselves and get a receipt.

I bought the car from a non national who insisted the car was his and only after I did the check did it show outstanding finance so he admitted it but insisted it was his car and that he needs the money to pay off the loan and I said I couldn't care less about his problems really and tried to explain that he can't sell a car that belongs to the bank.

Anyway it all worked out well, he was a nice chap who was moving back home and needed to sell it. I met him took the car for a spin, agreed the price and went straight to the bank. Paid them got receipt and filled out the VLC cert and he went went to the post office and posted the cert. As a bonus one of his friends offered to buy my old car, I was really happy in the end.

Don't be put off by any outstanding finance, but again pay any money due straight to the bank because even though his or her name is on the cert, legally the bank owns the car until every penny is paid.

CiniO

Deleted User wrote: »

Don't be put off by any outstanding finance, but again pay any money due straight to the bank because even though his or her name is on the cert, legally the bank owns the car until every penny is paid.

It's hard to believe that it's possible that band owns the car, but someone else is as registered owner.

VRC should be in the name of bank if car is owned by bank, or at least if car is used to secure the loan, there should be some note about it in VRC.

Can't understand why it doesn't work like that here in Ireland.

SJT1

CiniO wrote: »

It's hard to believe that it's possible that band owns the car, but someone else is as registered owner.

VRC should be in the name of bank if car is owned by bank, or at least if car is used to secure the loan, there should be some note about it in VRC.

Can't understand why it doesn't work like that here in Ireland.

The doesn't 'own' the car, it has a lean over the car as security to a Hire Purchase loan, therefore while there is money still outstanding on a car, the bank has the power the take the car, sell it, clear the debt.

If there is money left over then they will give that back. If the car isn't enough to clear the loan(which was he case a few years ago) then the bank the sue the person who's on the loan for the rest of the money or else write it off

Gael23

Walk away.
It's not his car to sell and you said you didn't like him when you met him first. I wouldn't like to deal with someone I don't trust

st1979

Lads some of you don't seem to understand. The f##ker never told me there was any finance owed. He is letting on to be a trader and this is a trade sale cash price only 'no offers'. Mileage is high but i don't believe it to be clocked. There is no point in anyone trying to buy it off the bank because when i done the hpi check it doesnt tell what bank is owed money. I reckon the guy selling it took out the finance and is selling it off and disappear with your money plus the finance money. I am not really bothered cause i bought a lovely 08 520d in uk last week. But i see that this 07 auto is still on donedeal for sale. And well the next person may not be so lucky.
Its no fun buying a car with finance owed. A friend bought a high end car from a huge and very good dealership but they never checked the hpi when they traded it in. He bought it had it a few months then it was lifted dealer done everything to get out of his obligations. it involved a high court case which was costing a fortune but luckily he had the money and it was settled on the steps of court. You may be in the right but you better have deep pockets. and from the dealers perspective it saved them paying out for nearly 2 years. In which time a smaller dealer would of gone bankrupt

bazz26

If the seller wasn't honest about the outstanding finance then what else about the car are they not honest about? Plently of fish in the sea to be bothering with that car and seller.