Used EV with finance remaining

k123456

Interested in buying a used EV, ran a check on it using the "Green Light " history check , while the report tells me their is finance on the car, it does not tell me the name finance company. I have asked the seller to clear the loan, and get written confirmation of same

Is there anything else ,I should do,

I am also puzzled that the log book shows the seller of the car as the sole owner, I was under the impression that the owner of the car would be the finance co and the seller/owner

mickdw

Finance generally never shown on book unless its a lease probably.

Yes get them to clear in advance or get a settlement amount and you clear it.

Saying that, with ev being hard sold at the minute, why bother with a car where that messing is involved.

the_amazing_raisin

I've never really gotten why outstanding finance in an issue, surely the debt is the sellers problem and not the buyer's?

Can the finance company repossess the car if the seller doesn't pay off the loan?

rob316

https://www.boards.ie/discussion/comment/121916237#Comment_121916237

Yes, the car isn't yours to sell until the finance is cleared. The finance is secured against the car.

Its a major problem if you buy a car with finance outstanding and the seller doesn't pay it off.

ColemanY2K

https://www.boards.ie/discussion/comment/121916237#Comment_121916237

the debt is on the car (not the seller) and goes with the car if the seller doesn't clear it.

remoteboy

I’m just about to list my car, which is on PCP. Was planning to take out a short term loan to pay off the PCP once I have a deal in place (but before money changes hands). Is this the wrong way to go about it?

brokenbad

Red Flag....walk away

the_amazing_raisin

https://www.boards.ie/discussion/comment/121916254#Comment_121916254

https://www.boards.ie/discussion/comment/121916256#Comment_121916256

Yikes, that's one to watch out for, thanks for clearing that up guys

the_amazing_raisin

https://www.boards.ie/discussion/comment/121916280#Comment_121916280

Might be better to flip is around and clear the PCP before listing the car. You'll probably want a quick sale though depending on how big a loan you need to take out

Allinall

https://www.boards.ie/discussion/comment/121916295#Comment_121916295

Far from a red flag.

Cars are bought and sold every day of the week with finance outstanding.

Perfectly normal.

Gumbo

https://www.boards.ie/discussion/comment/121916295#Comment_121916295

Why?

remoteboy

https://www.boards.ie/discussion/comment/121916311#Comment_121916311

That’s the issue really. No guarantee anything will sell these days.

Gumbo

As with any car.

Get owner to clear before sale or get settlement figure from the bank on the day. I’ve done this. It takes a bit of extra time to sort out but if the car is good, it’s worth it.

Seller calls the company while you’re there. On loud speaker. Finance company give a settlement figure and that’s usually active for the month.

Get the account details and reference.

Buy can then pay direct by eft or transfer in the bank and pay the seller the balance.

Some are not comfortable with this but if your buying cars regularly it’s just part of the process.

k123456

I have explained the issue to the seller, and explained I will not buy, until finance is cleared. I have asked him to supply for something from the finance co, on headed paper that there is no outstanding finance . I could of course ring the finance company, with the car reg, however I'm sure they will refuse to tell me anything, GDPR etc

After the finance is cleared , I could use the "Green Light " history check to verify no finance is in place, not sure, how quickly their database is updated though

brokenbad

https://www.boards.ie/discussion/comment/121916337#Comment_121916337

Personal opinion based on a previous experience of buying a car with outstandng finance

User1998

https://www.boards.ie/discussion/comment/121916377#Comment_121916377

Let me guess, you didn’t do a history check and just bought the car for full price without clearing the finance?

OP, it’s perfectly normal for someone to sell a relatively new car with finance still owed. Most people don’t have the immediate funds to clear the finance.

Transfer the settlement figure to the finance company and the balance (if any) to the seller.

If the finance is with AIB its fairly handy, you can do it in the branch.

cnocbui

Having bought cars with outstanding finance 3 times, here is my take on how you go about it.

Find out who the finance company is and then contact them yourself and ask what is the payout figure to clear the debt and would they accept a bank cheque?

Get two bank cheques, one payable to the finance company for the payout figure and the other made out to the seller for any residual amount of the agreed price.

You get the seller to sign any necessary tranfer/sale documents then you accompany the seller to the post office or post box so they can witness you posting the cheque to the finance company and you give them their cheque.

You do not pay the seller the full amount on their assurance they will clear the debt.

Gumbo

https://www.boards.ie/discussion/comment/121916377#Comment_121916377

You got caught out?

Did you not ask before buying or do the required checks?

Gumbo

https://www.boards.ie/discussion/comment/121916430#Comment_121916430

You contacted a bank that gave you personal information on a third party loan/finance?

That would be a serious breach of personal data, no?

In all my years and many car purchases, many with finance, the bank have never once revealed to me the settlement figure of a loan/finance in the name of the seller.

I’ve always had to be there while the seller called giving them the security answers to their questions.

cnocbui

https://www.boards.ie/discussion/comment/121916463#Comment_121916463

Yes I did, 3 times in fact. Once in Australia and twice in the Uk. Most recent was in 2007. I might have put the seller on to identify themselves in the last instance and OK the provision of the data, but to be honest it's a bit of hazy.

Buddy Bubs

https://www.boards.ie/discussion/comment/121916463#Comment_121916463

They allowed me to give authorisation to a purchaser once to call them and confirm finance was cleared. Was a bit of hassle but we got it done.

But yeah no way could I just ring them up about a car you were selling or vice versa

Gumbo

https://www.boards.ie/discussion/comment/121916484#Comment_121916484

That’s different. The seller was there and he/she gave permission for them to discuss it.

Gumbo

https://www.boards.ie/discussion/comment/121916489#Comment_121916489

Yes I see the other poster didn’t mention that until a follow up post. Explains it better and that would be quite normal.

brokenbad

https://www.boards.ie/discussion/comment/121916449#Comment_121916449

A long time ago - back in the day before Motorcheck or Cartell

Gumbo

https://www.boards.ie/discussion/comment/121917721#Comment_121917721

Things have changed, for the better thankfully.