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Buying car with finance outstanding

  • 28-07-2018 3:18pm
    #1
    Barnseire
    Registered Users, Registered Users 2 Posts: 122 ✭✭


    Im looking at bringing in a car from the UK and the RAC report showed it up as finance outstanding. When I queried this with the garage they said they would clear the debt with my funds after I pay for the car. I thought that sounded really dodgy so I rang the finance house and they said its common practice. When I mentioned the garage name, as its a big chain the finance guy said he knew them well and this is standard procedure and they trusted the garage.
    I would have thought the garage would clear it first or that I could pay the debt to the finance company and the balance to the garage but no. Apparent with the huge rise in PCP finance, this situation is becoming very common. Anyone come across this before?


Comments

  • #2
    MarkN
    Registered Users, Registered Users 2 Posts: 4,323 ✭✭✭MarkN


    Barnseire wrote: »
    Im looking at bringing in a car from the UK and the RAC report showed it up as finance outstanding. When I queried this with the garage they said they would clear the debt with my funds after I pay for the car. I thought that sounded really dodgy so I rang the finance house and they said its common practice. When I mentioned the garage name, as its a big chain the finance guy said he knew them well and this is standard procedure and they trusted the garage.
    I would have thought the garage would clear it first or that I could pay the debt to the finance company and the balance to the garage but no. Apparent with the huge rise in PCP finance, this situation is becoming very common. Anyone come across this before?

    A garage selling a car with finance outstanding is odd. Even with PCP, for a new deal to take place, the car being traded in would still be cleared by a new agreement starting with the person who traded the car in and their new car thus settling the finance agreement that is showing up. Perhaps if it was a walk away conclusion then the garage probably wouldn’t want a cash flow issue paying off car loans, I’m not 100%.

    That said, it could happen. If it’s main dealer etc there’s more of a comeback so if you like the car it’s worth just digging a little deeper. I can’t understand why you can’t get a draft or something made out to the finance company unless the dealer is making a tidy profit above what is owed on the car in which case they won’t want you to know what is outstanding.


  • #3
    ciarsd
    Registered Users, Registered Users 2 Posts: 2,326 ✭✭✭ciarsd


    Is it dealer stocking finance or the previous owners outstanding finance agreement? Two subtle but different things


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