Is It Possible To Transfer An Outstanding Finance And Is It Wise?

[SquirrelMadness]

Car A is 3 years old and has outstanding finance. Owner wants X amount of cash for it which is supposedly equivalent to the finance settlement amount.

Is it wise to, instead of paying X amount to settle the finance and take the car, to simply transfer ownership and finance to the new owner?

So the car will essentially be handed over for "free", but new owner will continue paying monthly finance as opposed to just the finance settlement amount.

Reason for doing this is that X is slightly above the buyer's budget. Will they be able to get the settlement amount whenever they want, for example, 4 months after the transfer they can pay X - 4 months payments?

 

[kindai]

Dont do it.

 

[muon]

Why don't they just get a separate loan?

I think what you want is possible, but from reading examples on the internet it sounds like administrative pain.

 

[Dis86]

Why does every car related thread you post just scream "Red Alert"?

 

[SquirrelMadness]

Why does every car related thread you post just scream "Red Alert"?

I'm limited to nearby cars and I don't even live in a dodgy part of the UK. Not sure what's up. The owners of the car this thread is about seem pretty well off also so I don't really think they're frauding (they have a fairly big house).

 

[[TW]Fox]

If you are finding loads of random issues with every car you view then you are looking at the wrong end of the market.

If you have a 2 grand budget then don't look for an Insignia.

 

[SquirrelMadness]

If you have a 2 grand budget then don't look for an Insignia.

It's not an Insignia it's an E Class. The Insignia was supposed to be a temporary car until I find something I like because mine is an MOT failure (winscreen damage and engine doesn't start every time).

 

[SquirrelMadness]

Double post.

 

[MichaelAwkward]

Reacting to an MoT failure by buying a different car doesn't seem like a particularly prudent thing to do.