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Buying a car with finance due

  • 24-03-2021 3:59pm
    #1
    Registered Users Posts: 1,472 ✭✭✭ maynooth_rules
    Registered User


    Have picked a car that I am ready to buy. Just did a motorcheck on it and it said finance due and also a slight discrepancy on mileage. Should this be enough to make me walk away?


Comments

  • Registered Users Posts: 2,815 ✭✭✭ LorenzoB
    Registered User


    Have picked a car that I am ready to buy. Just did a motorcheck on it and it said finance due and also a slight discrepancy on mileage. Should this be enough to make me walk away?

    Yes, if the check checks out


  • Registered Users Posts: 7,767 ✭✭✭ ongarite
    Registered User


    Yes, unless the finance is cleared before sale & proof of such, the car could be re-possessed from you by previous owner's lender


  • Registered Users Posts: 24,683 ✭✭✭✭ punisher5112
    Registered User


    You would want real proof the finance is cleared before purchasing.


  • Registered Users Posts: 73,839 ✭✭✭✭ Atlantic Dawn
    Registered User


    Is it a private sale or through a dealer? Did seller make you aware of the fact finance was outstanding?

    General procedure would be you pay for the car part cheque/ draft to for nance company for amount owed to them and separate payment to seller. I'd be inclined to avoid if it was a private seller and you viewed the car and seller didn't make you aware of the fact.

    In Ireland you have more consumer rights buying a pair of Nike Air Max than a €400k home.



  • Registered Users Posts: 1,265 ✭✭✭ meep
    Registered User


    Have picked a car that I am ready to buy. Just did a motorcheck on it and it said finance due and also a slight discrepancy on mileage. Should this be enough to make me walk away?

    Don't walk away, run!

    I once eended up with a vehicle from a dealer who went bust very shortly afterwards. Ended up having to do a deal with AIB finance for a % of the outstanding. No recourse anywhere. Even SIMI were worse than useless. Very expensive buy valuable lesson.


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  • Registered Users Posts: 1,751 ✭✭✭ Buddy Bubs
    Registered User




  • Registered Users Posts: 1,472 ✭✭✭ maynooth_rules
    Registered User


    Thanks for the advice. It is not a private sale...but the seller only has about 10 cars for sale. not a garage as such. It hasn't been mentioned to me about finance being overdue on it.


  • Registered Users Posts: 6,191 ✭✭✭ RandomViewer
    Registered User


    Why give yourself the hassle,


  • Closed Accounts Posts: 222 ✭✭ Batattackrat


    Run away, bank will be at your door with a recovery truck in a few weeks and nothing you can do.


  • Registered Users Posts: 73,839 ✭✭✭✭ Atlantic Dawn
    Registered User


    Thanks for the advice. It is not a private sale...but the seller only has about 10 cars for sale. not a garage as such. It hasn't been mentioned to me about finance being overdue on it.

    Put the reg in to motortax.ie change of ownership, may be a recent trade in where finance hasn't cleared. If the deal is good you could still proceed on the basis of splitting payment between the finance provider and dealer.

    In Ireland you have more consumer rights buying a pair of Nike Air Max than a €400k home.



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  • Registered Users Posts: 24,683 ✭✭✭✭ punisher5112
    Registered User


    It wouldn't put me off once it's cleared, contact him and ask.
    You will want the clearance from the actual bank, don't accept any piece of paper on it.

    Garages do this too.


  • Registered Users Posts: 1,472 ✭✭✭ maynooth_rules
    Registered User


    Put the reg in to motortax.ie change of ownership, may be a recent trade in where finance hasn't cleared. If the deal is good you could still proceed on the basis of splitting payment between the finance provider and dealer.

    **** me that sounds like hastle that isn't needed though.


  • Registered Users Posts: 73,839 ✭✭✭✭ Atlantic Dawn
    Registered User


    **** me that sounds like hastle that isn't needed though.

    Yes it's not ideal, really the dealer should have mentioned it once you viewed it.

    In Ireland you have more consumer rights buying a pair of Nike Air Max than a €400k home.



  • Registered Users Posts: 1,751 ✭✭✭ Buddy Bubs
    Registered User


    **** me that sounds like hastle that isn't needed though.

    Its not that much hassle really but where alarm bells are ringing is you are buying from a part time side of the road wheeler dealer really, there won't be any business accountability there and he wont know anything about how the car was treated.

    Put up a link to car in question and you'll get good advice on the deal.


  • Registered Users Posts: 161 ✭✭ dickdasr1234
    Registered User


    Motorcheck is run by a moron! Finance flags are usually trader loans but they don't tell you that until you use the query facility.

    Every one of the three checks I purchased returned false flags - the cheeky bugger even sent me an email telling me how lucky I was to have checked!

    I purchased a cracking car in the UK - if I'd believed Motorcheck'S bull, it would still be in the UK!


  • Registered Users Posts: 3,647 ✭✭✭ Signore Fancy Pants
    Registered User


    I'm in the same situation.

    I viewed a second hand vehicle in a large car dealership yesterday. I'm interested in it but the cartell report said finance was owed on it.

    I rang the dealer today and queried it. He said when I buy the car, the dealer pays the financial institution and its all sorted.

    That might be legit and normal in the trade but its the first time I have come across it. He is well established and has a fleet of about 200 cars so its not a side of the road gig.

    Just weighting up the risk.

    Any thoughts?

    Thanks


  • Registered Users Posts: 1,283 ✭✭✭ millington
    Registered User


    I'm in the same situation.

    I viewed a second hand vehicle in a large car dealership yesterday. I'm interested in it but the cartell report said finance was owed on it.

    I rang the dealer today and queried it. He said when I buy the car, the dealer pays the financial institution and its all sorted.

    That might be legit and normal in the trade but its the first time I have come across it. He is well established and has a fleet of about 200 cars so its not a side of the road gig.

    Just weighting up the risk.

    Any thoughts?

    Thanks
    With 200 units in stock he likely has stocking plans in place. This would be the finance showing on the car now. Very common and would be cleared on purchase.

    Other alternative for the OP is it's a recent trade in and the finance marker hasn't been taken off yet, again very common.


  • Registered Users Posts: 23,699 ✭✭✭✭ L-M
    Registered User


    Motorcheck is run by a moron! Finance flags are usually trader loans but they don't tell you that until you use the query facility.

    Every one of the three checks I purchased returned false flags - the cheeky bugger even sent me an email telling me how lucky I was to have checked!

    I purchased a cracking car in the UK - if I'd believed Motorcheck'S bull, it would still be in the UK!

    You can just read the finance information on the Motorcheck and it’ll say what bank it’s with and what term. Stocking loans are usually 3/6 months as opposed to HP loans being 2/3/4 years.


  • Registered Users Posts: 161 ✭✭ dickdasr1234
    Registered User


    L-M wrote: »
    You can just read the finance information on the Motorcheck and it’ll say what bank it’s with and what term. Stocking loans are usually 3/6 months as opposed to HP loans being 2/3/4 years.

    When I used Motorcheck six months ago, a red flag invited me to further investigate by clicking a button and returning later to find the outcome. WTF the entire info was not instantly accessible, I don't know.

    The false flags were not all finance!

    The third check (on the car I actually bought) threw up 'serious' mileage and registration irregularities. This lead to my questioning the salesman's integrity (imagine that!) and almost scuppered the deal.

    It turned out that their information was utterly inaccurate and that there was no issue whatsoever.

    I received an apology from Stevan of Motorcheck and some pathetic excuse.


  • Registered Users Posts: 11,837 ✭✭✭✭ Gael23
    Registered User


    It’s not theirs to sell until the finance is paid.

    Run well clear


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  • Registered Users Posts: 2,991 ✭✭✭ User1998
    Registered User


    Not true


  • Registered Users Posts: 11,837 ✭✭✭✭ Gael23
    Registered User


    User1998 wrote: »
    Not true

    What’s not true? With HP you don’t own her cs until the final payment is made


  • Registered Users Posts: 722 ✭✭✭ useless
    Registered User


    Gael23 wrote: »
    What’s not true? With HP you don’t own her cs until the final payment is made

    Dealers often finance their stock of cars and use the cars themselves as collateral. These cars will show up as 'finance outstanding' but the dealer clears the finance once the car is sold.


  • Registered Users Posts: 23,699 ✭✭✭✭ L-M
    Registered User


    useless wrote: »
    Dealers often finance their stock of cars and use the cars themselves as collateral. These cars will show up as 'finance outstanding' but the dealer clears the finance once the car is sold.

    They should clear it prior to it being sold.


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