Buying a Car that has outstanding finance

[andicole0]

The finance on this particular car is not just a personal loan, it's a car loan and it states that the car does not belong to the person borrowing the money until it is all paid off when ownership transferred to the borrower. It specifically states ownership will not transfer to a third party who may have paid off the loan.

The conditions are more like a personal lease, so I could not 'own' the car in the short term and I'm inpatient.

The finance companys offices are only open 09:00 to 19:00 Mon to Fri and the guy selling tells me he doesn't get back from work until 21:00 and can't deal during the day.

On top of that he wanted to wait until he could arrange a hire car or loan car as he need the car to get to work. So whilst I gave a few thousand away he was going to continue to travel in it around the M25/M4/M40 area.

Overall way too many little things that would have to happen for me get this vehicle.

If I'm paying cash I will take the car with me.

Andi.

 

[[TW]Fox]

The finance on this particular car is not just a personal loan, it's a car loan and it states that the car does not belong to the person borrowing the money until it is all paid off when ownership transferred to the borrower. It specifically states ownership will not transfer to a third party who may have paid off the loan.

If it was a personal loan this thread wouldnt exist as it wouldnt have finance secured on it. What you have described is absolutely standard and factored into almost everyones advice.

 

[Andrew G]

I think there is very much a "letter of the law" and a "spirit of the law" going on here, although the letter of the law is that you CANNOT sell something you do not own, as said before the finance companies just want their money and do not really care who pays. As long as no one gets dicked for money they d not owe, as normal it all ends in tears