Buying a 2nd car private seller with PCP outstanding

roadrunnermick

Hi all

Can I get some advice here . I am looking a buying a 2nd VW car

Car checks out perfect only he admits that there is outstanding PCP finance on it and will clear this payment in the bank the same day of sale with me

As you can understand I am quite worried about this

Is there anyway I can protect myself ?

Cheers

bazz26

Go to his bank with him. You pay the agreed price to them and he pays whatever else he owes on top of that to them if the case. Then ask the bank for a final statement stating that the PCP agreement has been settled and they no longer have an interest in the car.

Under no circumstances pay the seller directly in the hope that he pays the bank off at a later time as the car is the property of the bank until the final payment is made to them.

biko

At least he was open about this so hopefully a stand-up guy.

roadrunnermick

Thanks all for the advise

Since this a PCP done through VW bank , would walking into a bank with the seller still count ?

Cheers

Bigus

In that case maybe get them to get a print out of the amount to clear the finance balance and either you could pay this , by e tranfer on the day you pick up the car and give him the difference ?

Snotty

biko wrote: »

At least he was open about this so hopefully a stand-up guy.

OP says he admits there is PCP, I'd wonder how "open" he was about it until he knew the OP ran a check.
OP, I'd be walking away, hassle and plenty of other cars out there.

roadrunnermick

Snotty wrote: »

OP says he admits there is PCP, I'd wonder how "open" he was about it until he knew the OP ran a check.
OP, I'd be walking away, hassle and plenty of other cars out there.

Thanks for reply . The owner was very open about this on the first call
I never ran any check on this car yet based on the seller being forwarded on this

But it appears to be getting complicated

I rang VW bank to see if they get can answer some generic questions

VW bank are not even picking up the phone

Hitman3000

roadrunnermick wrote:

I rang VW bank to see if they get can answer some generic questions

VW bank won't answer any questions to you about the car. Just walk away plenty of others cars out there with no aggro.

Snotty

Ummm, I'd be walking away quickly.
But suppose if it's a great deal and you did want to buy it, you could get a balancing statement for the PCP and pay the seller the amount minus the remaining left on PCP, then do a bank transfer to pay off the PCP.
Seller could oversee the final payment also.

dil999

bazz26 wrote: »

Go to his bank with him. You pay the agreed price to them and he pays whatever else he owes on top of that to them if the case. Then ask the bank for a final statement stating that the PCP agreement has been settled and they no longer have an interest in the car.

Under no circumstances pay the seller directly in the hope that he pays the bank off at a later time as the car is the property of the bank until the final payment is made to them.

This.

The owner cannot sell you the car as it is not his property. The VW agreement doesn't allow him to sell the car without VW's permission.

Ideally, he needs to clear the financing and get ownership of the car and sell it on to you.

Otherwise, he could contact VW bank with you present, get a settlement figure. you could then transfer in the amount. I would get him to sign something. I would then be taking the car and the keys, and making sure he sends on the VLC. It probably sounds a lot more hassle than it probably is.

bazz26

Could the VW dealer the seller originally bought it from at as a middleman for both of you around dealing with VW Bank? The dealer will have a contact in the bank whom they deal with on a daily basis around car finance. In saying that they may not want to be a middleman when there is nothing in it for them.

But to be honest I wouldn't be jumping through too many hoops on this as it's not worth the hassle.

Cee-Jay-Cee

bazz26 wrote: »

Could the VW dealer the seller originally bought it from at as a middleman for both of you around dealing with VW Bank? The dealer will have a contact in the bank whom they deal with on a daily basis around car finance. In saying that they may not want to be a middleman when there is nothing in it for them.

But to be honest I wouldn't be jumping through too many hoops on this as it's not worth the hassle.

Can't see a dealer being too bothered if they're not making any money out if it, after all why would they?

Unless it's a fantastic deal I'd be looking elsewhere. It's not like any VW model is scarce, they're all as common as muck (no offence intended)

bazz26

They might if the seller is buying a new car off them on a straight deal but chances are they may not be and won't want to know about it.