Bought a car off ebay, Outstanding Finance!

Sone · 28 Oct 2007 at 18:22

Just bid and won for a car, did a HPI check straight after auction (i know should have done before) and its coming up with outstanding finance.

What do i do now, i thought it was illegal to sell a car with outstanding fiance?

Edit: Just won, no cash has swapped hands yet incase of any confusion

[TW]Fox · 28 Oct 2007 at 18:24

You dont buy it. Or you arrange a way for him to pay the finance off.

Car and value?

Dup · 28 Oct 2007 at 18:27

You should insist to the owner that you pay his finance company direct. I'm assuming the remaining finance is less or equal to the cost of the car?

If not, any extra must be paid by the owner and you'll need to witness your own arrangements on those.

zetec452 · 28 Oct 2007 at 18:29

Ensure you have proof that the finance is paid off. Most finance companies will allow you to phone them (with owners permission) and confirm.

jamoor · 28 Oct 2007 at 18:29

1) Ask him to pay off finance
2) Call finance comapny to confirm
3)pay and colllect for vehicle

Sone · 28 Oct 2007 at 18:30

Dup said:
You should insist to the owner that you pay his finance company direct. I'm assuming the remaining finance is less or equal to the cost of the car?

Can't ring company untill monday, although i googled there number and it seems a shady "payday" loan on the car. Not looking good at the minute

[TW]Fox · 28 Oct 2007 at 18:31

What sort of money are we talking?

jamoor · 28 Oct 2007 at 18:31

no worries if it is a pay day loan, its probbably better you dont go for it as they may not have enough money to look after it!

Von Smallhausen · 28 Oct 2007 at 18:32

I wouldn't touch it. The car has been sold under false pretences so who knows what else might be covered over.

Sone · 28 Oct 2007 at 18:34

[TW]Fox;10370248 said:
What sort of money are we talking?

its only a £1500 car. I would post a link but i feel too much of a muppet.

Also in the auction he says he's only selling as he's got loads of money for replacement

zetec452 · 28 Oct 2007 at 18:34

Von Smallhausen said:
I wouldn't touch it. The car has been sold under false pretences so who knows what else might be covered over.

Indeed. I'd probably walk away.

Although you should really check a car fully prior to purchasing.

[TW]Fox · 28 Oct 2007 at 18:37

A £1500 car with finance against it? Dodgy. Walk.

helpimcrap · 28 Oct 2007 at 18:43

[TW]Fox;10370296 said:
A £1500 car with finance against it? Dodgy. Walk.

dammit... i keep agreeing with Fox recently. But yes... walk away. plenty of £1500 motors kicking around that are legit.

Von Smallhausen · 28 Oct 2007 at 18:58

[TW]Fox;10370296 said:
A £1500 car with finance against it? Dodgy. Walk.

Absolutely.

It is likely a high interest loan by Kneecap Finance or something similar.

Torch [P4] · 28 Oct 2007 at 19:02

yep walk away mate, or if you're still keen then follow the advice given above and make sure the finance is cleared.

its a simple thing to do, when i traded in my last car it had outstanding finance on it by me and one phonecall for a settlement figure and biff bash bosh hey presto car was mine to trade in

Trick · 28 Oct 2007 at 19:07

Totally agree with the others - there are plenty of legit £1500 cars out there so tell him the deal's off.

Matt82 · 28 Oct 2007 at 19:08

nice of them not to put that in the add... wonder what else they chose to omit?

helpimcrap · 28 Oct 2007 at 19:10

if he didnt mention that then i'd be wary of what else he failed to tell you.

Begbie · 28 Oct 2007 at 19:39

Yeap walk away, just walk away...

spoonz · 28 Oct 2007 at 19:46

ignore the alarmist "walk" people

You pay the finance company the outstanding balance with a switch/credit card on the phone with seller present. You pay seller balance in cash

If he doesnt want that, then walk.