Does this sound okay?

decmatt · 22 Oct 2014 at 16:36

Hi all

I saw a car on ebay that didn't sell (due to outstanding finance) and enquired after the auction has finished. He is essentially looking for someone to pay off the outstanding finance with Ford, and take ownership of the vehicle as he is moving abroad with work. The car is very good spec for the price (£10k) and he has been helpful, and with Ford extended warranty.

I found where he bought the car, and checks out with when he said he got it and the amount of miles he has done (around 4 months ago), it was purchased from an armed forces discount specialist on Ford Direct finance.

I have checked the HPI and it lists Ford as the only outstanding finance, I have also phoned Ford as well who agreed the amount he specified and that to claim ownership I would need to pay off and get a signed document and V5 transferred to me, they will also email me to say there is no finance left. Also confirmed the warranty would be with the car.

His ebay history was over 1000 no negatives, and checked out he is going back to another base (a lot of feedback in native language). However a concern is he has no permanent address or telephone number as he is going abroad.

As well as the HPI check, I would get a Vehicle check done at a garage, which he was happy to agree to.

Does this sound 'dodgy' at all, am i missing any steps?

Cheers

Siliconslave · 22 Oct 2014 at 16:43

whats the relative value to market? it doesn't feel quite right but i guess it could work if you take ownership and phone the finance company at the same time to pay off the remaining value - but i'd be worried something odd going on.

decmatt · 22 Oct 2014 at 16:45

About 12k-13k

I am a bit worried, but not sure what I could be missing if there was a con... At no point have I been told what numbers to ring, I have got the numbers myself

Diagro · 22 Oct 2014 at 16:48

Well if he is willing to simply hand the car over based on you paying the finance then that's fine i guess?

its the whole thing about how will you know he will give you the car once its paid off and how does he know that if he signs it over to you first that you will infact pay the finance off?

decmatt · 22 Oct 2014 at 16:51

Diagro said:
Well if he is willing to simply hand the car over based on you paying the finance then that's fine i guess?

its the whole thing about how will you know he will give you the car once its paid off and how does he know that if he signs it over to you first that you will infact pay the finance off?

What we agreed was that we would pay the finance there and then on the phone, and sign over V5 at same time.

Diagro · 22 Oct 2014 at 17:08

What if he then ran down the street with the vs and the keys? I would have the finance company on the phone and ask them to wait a moment whilst he signs. Then once he has tell finance ppl to charge your card or bank. That way he had to have signed before you pay.

[TW]Fox · 22 Oct 2014 at 17:17

Diagro said:
What if he then ran down the street with the vs and the keys?

What if the guy you are buying a car with no finance for cash ran down the street with the V5 and keys after you give him the cash? How is it any different?

This is pretty much the only way people who finance cars can sell them.

ci_newman · 22 Oct 2014 at 17:28

The story sounds pretty feasible to me. As long as you visit the address that the V5 is currently registered to, and call the finance company yourself (with your obtained numbers) I can't think that anything else could be amiss.

decmatt · 22 Oct 2014 at 20:49

So no obvious cons going on (by sounds of it)?

rodenal · 22 Oct 2014 at 21:22

Nah non issue. Before you do anything in the way of giving card details just make sure that you're really talking to the finance company, and that you get something in writing from them - they'll normally email you instantly to say they have no further interest.

Best way to do it has for the owner to call them up whilst you're there, then put you on the phone to clear the settlement. You can then go to the bank and pay in any remaining for the car

Siliconslave · 23 Oct 2014 at 12:25

So the only scams i can think of are:

- Fake finance company & he's taking your card details (a bit weird way of doing it, but possible)
- Not his car and he's getting you to pay finance off on another car (again an odd way of doing it)

Both of these are pretty easy to mitigate against. Find the phone number yourself and dial it yourself; check the address on the V5; name and address on the finance; owners details (maybe ask for some ID); and vehicle details against finance.

If any of those aren't correct i'd be a little concerned, but if not sounds alright.