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Finance outstanding on a car from main dealer

  • 19-02-2013 10:55am
    #1
    yllw.ldbttr
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭


    I'm very close to purchasing a car from a main dealer (25k region of value).
    I got a Cartell report anyway, just to be sure.

    The car was traded to the garage over a month ago, but is showing as having finance still outstanding.
    Is this a normal time lag, I would have thought it should be cleared within a few days of being sold to the garage.

    What evidence should I seek from the dealer to ensure it is cleared before I complete sale, and would this turn you off buying from this garage altogether?


Comments

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


    yllw.ldbttr wrote: »
    I'm very close to purchasing a car from a main dealer (25k region of value).
    I got a Cartell report anyway, just to be sure.

    The car was traded to the garage over a month ago, but is showing as having finance still outstanding.
    Is this a normal time lag, I would have thought it should be cleared within a few days of being sold to the garage.

    What evidence should I seek from the dealer to ensure it is cleared before I complete sale, and would this turn you off buying from this garage altogether?
    I would contact the history xheck people to get the full picture first. They might have more details. Then tell the dealer. Either way, I would want written confirmation from dealer with proof from bank before buying.


  • #3
    SJT1
    Registered Users, Registered Users 2 Posts: 84 ✭✭SJT1


    This happens a lot so I wouldn't be too alarmed. You have your report so no need to get anymore, no more information you need than the car being on finance.

    Before you hand over cash amke sure you get it in writing from the bank that the loan has been cleared.

    If the garage send a cheque into the bank to clear it, it could take up to 2 weeks by the time the cheque clears and the car finance company give clearance on it


  • #4
    yllw.ldbttr
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭yllw.ldbttr


    I'm part financing my purchase and it is with the same institution so seems to be all good.

    Thanks for the advice.


  • #5
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Is it possible to buy a car here with finance outstanding? How does that work? Do you have to tell the finance company you're turning the car in? And wouldn't they have first call on the car as it's still their property until the loan is cleared?? (Unless it's a personal bank or CU loan)

    Sorry for the questions, but you can't buy a car in the UK with loans still on it, but it seems to be possible here. AFAIK you have to have clear title before you can sell.


  • #6
    yllw.ldbttr
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭yllw.ldbttr


    ABajaninCork wrote: »
    Is it possible to buy a car here with finance outstanding? .

    Legally no.
    However there is nothing to stop people doing it and it happens a lot.


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  • #7
    MidlandsM
    Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    ABajaninCork wrote: »
    Is it possible to buy a car here with finance outstanding?


    sure is from a rouge trader or individual.......but you'd have no clear title to it.


  • #8
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Then it's the same case here as it is in the UK. There's no way I'd be touching a car on finance! There's nothing to stop the finance company taking back the car even though you've 'bought' it.

    For 25 grand, I'd be saving myself the trouble and buying something else that has clear title to it. Too much money at stake to be otherwise...


  • #9
    yllw.ldbttr
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭yllw.ldbttr


    ABajaninCork wrote: »
    Then it's the same case here as it is in the UK. There's no way I'd be touching a car on finance! There's nothing to stop the finance company taking back the car even though you've 'bought' it.

    For 25 grand, I'd be saving myself the trouble and buying something else that has clear title to it. Too much money at stake to be otherwise...


    If I was buying private or from a non SIMI dealer I'd probably walk away, but the finance is owning to the same institution that I will be part financing with and an undertaking from the main dealer that finance will be cleared before purchase. Hence my continuation with the sale.


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