Buying a car with outstanding finance?

-Neil-

-Neil-

-Neil-

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I went to look at a car today, a deal was agreed and I left a deposit.

Just done a HPI and it's showing as finance outstanding, what's the safest way to sort this?

On the phone I pay the outstanding amount to Lotus finance and the balance if there is any to the seller and take the car away there and then.

or

Pay the seller the agreed price and I take the car away and he'll clear the finance?

The former is the best I would think, I'm going to the garage that sold the car to the owner and will speak to them about it.

Neil.
 
I would get the seller to clear it first, otherwise I wouldn't touch it.
 
Last edited:
Duke said:
I would get the buyer to clear it first, otherwise I wouldn't touch it.
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i'm assuming since there is finance on the car, the seller can't afford to pay it all off?

EDIT: wait, i don't understand, what you said. Did u mean seller not buyer?
 
Gaygle said:
i'm assuming since there is finance on the car, the seller can't afford to pay it all off?

EDIT: wait, i don't understand, what you said. Did u mean seller not buyer?
Click to expand...
Sorry meant seller. Depends what situation the seller is in really.
 
Yep, pay the finance company over the phone and give the seller the remainder or make a cheque out to the finance company for the agreed (by them) amount and give the remainder to he seller.
 
Is it a franchised dealer? It is common for a franchised dealers used stock to be financed from the manufacturers finance arm.
 
[TW]Fox;13854876 said:
Is it a franchised dealer? It is common for a franchised dealers used stock to be financed from the manufacturers finance arm.
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Private sale but the car was originally sold from a Lotus main dealer (Castle Motors - Stansted).

Neil.
 
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