Buying a car with finance due

maynooth_rules · 24-03-2021 4:59pm #1

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?

[Deleted User] · 24-03-2021 5:00pm

maynooth_rules wrote: »

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

ongarite · 24-03-2021 5:01pm

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

punisher5112 · 24-03-2021 5:01pm

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

Atlantic Dawn · 24-03-2021 5:02pm

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.

meep · 24-03-2021 5:05pm

maynooth_rules wrote: »

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.

Buddy Bubs · 24-03-2021 5:05pm

https://www.independent.ie/life/motoring/car-news/motorists-warned-over-outstanding-finance-on-secondhand-cars-for-sale-40232624.html

Article about it in todays irish indo......have a read

maynooth_rules · 24-03-2021 5:17pm

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.

RandomViewer · 24-03-2021 5:22pm

Why give yourself the hassle,

Batattackrat · 24-03-2021 5:25pm

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

Atlantic Dawn · 24-03-2021 5:30pm

maynooth_rules wrote: »

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.

punisher5112 · 24-03-2021 5:32pm

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.

maynooth_rules · 24-03-2021 5:32pm

Atlantic Dawn wrote: »

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.

Atlantic Dawn · 24-03-2021 5:34pm

maynooth_rules wrote: »

**** 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.

Buddy Bubs · 24-03-2021 5:37pm

maynooth_rules wrote: »

**** 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.

dickdasr1234 · 25-03-2021 2:54am

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!

Signore Fancy Pants · 25-03-2021 12:24pm

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

millington · 25-03-2021 1:07pm

Signore Fancy Pants wrote: »

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.

L-M · 25-03-2021 11:12pm

dickdasr1234 wrote: »

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.

dickdasr1234 · 27-03-2021 1:32am

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.

Gael23 · 05-04-2021 9:01pm

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

Run well clear

User1998 · 05-04-2021 10:27pm

Not true

Gael23 · 06-04-2021 11:37pm

User1998 wrote: »

Not true

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

useless · 07-04-2021 11:31am

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.

L-M · 13-04-2021 11:31pm

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.

Buying a car with finance due

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