Soldato
Hi all,
This is the first time I've dealt with vehicle finance, so please forgive me.
The car is one a friend of mine is looking to buy. It's on Hire Purchase. The sale price is below the settlement figure (don't ask me why the seller agreed to this).
How is this to be done safely? I suspect that both the seller and buyer should pay the finance company, to the value totalling the settlement figure.
Do we require the settlement figure in writing? And I assume the finance company needs to be informed of the intentions of the seller to settle the finance with 2 payments. And how should each party pay, so that they're protected in case the other party doesn't/won't pay?
Again, please excuse ignorance
This is the first time I've dealt with vehicle finance, so please forgive me.
The car is one a friend of mine is looking to buy. It's on Hire Purchase. The sale price is below the settlement figure (don't ask me why the seller agreed to this).
How is this to be done safely? I suspect that both the seller and buyer should pay the finance company, to the value totalling the settlement figure.
Do we require the settlement figure in writing? And I assume the finance company needs to be informed of the intentions of the seller to settle the finance with 2 payments. And how should each party pay, so that they're protected in case the other party doesn't/won't pay?
Again, please excuse ignorance