Buying a 182 with Finance Outstanding??

[troy]

I’m ready to buy a 182!! Since turning 21 that’s all I've wanted... I now have the cash waiting so i thought it be perfect timing to snap one up from someone wanting a quick sale before Christmas...

Price range 7-8k but like 9/10 people that ive called in this price range seem to have outstanding finance left on it its been “It’s no problem the finance company know it’s for sale” or “I’ll be clearing it the same day”...

What’s the real score with finance outstanding? :nono: ?

 

[rclio2006]

never purchase a vehicle with finance outstanding on it...

 

[Nat8701]

isnt it illegal to sell a car with hp still owing, as its not actually theres to sell, until its paid up it still belongs to finance compnay. me personnally i wouldnt buy it, they could not pay it up then the company is coming after you for the car.

 

[rclio2006]

my vw dealer friend hpi'd a car for me which i was interested in purchasing, the vehicle had finance outstanding on it, so i walked away.

 

[Justin]

there are PLENTY 182's for sale without finance mate..

 

[172boost]

I sold my 172 with finance left on it and if you do it properly it's nothing to worry about.

 

[172blue]

All you do is make out 2 bankers drafts, get the guy to get an outstanding balance from the finance company, write the first draft to the finance company, then the surplus to the owner. You put the finance company draft in an envelope and post it in front of the owner, this way he never gets the money, the finance co get there's and you get to bargain the price ( as APPARENTLY noone else will touch it!!)

Get yourself a bargain now. Also ask the finance co to write to confim the finance has been cleared. Job, as they say, is a goodun.

 

[Steve]

I have bought cars with outstanding finance with no problems.

Only problems occur if you don't understand what your doing, common on this site.

Finance company owns car until paid off. So if you want to buy it contact company for settlement figure pay the 'company' that figure & anything extra goes to the seller.

Main area of trouble is if seller owes more finance than car is worth.

Personal loan from bank or if your savy use 0% interst card, is the best way to borrow (debt) money.

 

[172blue]

Only problems occur if you don't understand what your doing, common on this site.

So true.

 

[Ian_182]

lol

 

[JoelDee]

Like said above i wouldnt touch it

 

[Brooky182]

wtf

most cars i have bought have outstanding finance?

just do as advised above.

get keys for car and v5 etc filled in.

ring finance company get settlement figure eg 5k your paying 7k for car.

pay finance company over the phone and then get them to fax a letter or post to confirm that they have no interest in the car.

give the seller the 2k difference and drive away.


or if the seller owes more than the car is worth

get them to ring up and clear the amount needed

you ring up pay the remaining and get letter or fax again.

i must have done this 20 times for mates and myself.

some people on here will NEVER do anything because they dont know how to do it whilst protecting themselves.

 

[Brooky182]

isnt it illegal to sell a car with hp still owing, as its not actually theres to sell, until its paid up it still belongs to finance compnay. me personnally i wouldnt buy it, they could not pay it up then the company is coming after you for the car.

only if you hide it, if its cleared at the time of sale you are fine

 

[troy]

All you do is make out 2 bankers drafts, get the guy to get an outstanding balance from the finance company, write the first draft to the finance company, then the surplus to the owner. You put the finance company draft in an envelope and post it in front of the owner, this way he never gets the money, the finance co get there's and you get to bargain the price ( as APPARENTLY noone else will touch it!!)

Get yourself a bargain now. Also ask the finance co to write to confim the finance has been cleared. Job, as they say, is a goodun.

I have bought cars with outstanding finance with no problems.

Only problems occur if you don't understand what your doing, common on this site.

Finance company owns car until paid off. So if you want to buy it contact company for settlement figure pay the 'company' that figure & anything extra goes to the seller.

Main area of trouble is if seller owes more finance than car is worth.

Personal loan from bank or if your savy use 0% interst card, is the best way to borrow (debt) money.

wtf

most cars i have bought have outstanding finance?

just do as advised above.

get keys for car and v5 etc filled in.

ring finance company get settlement figure eg 5k your paying 7k for car.

pay finance company over the phone and then get them to fax a letter or post to confirm that they have no interest in the car.

give the seller the 2k difference and drive away.


or if the seller owes more than the car is worth

get them to ring up and clear the amount needed

you ring up pay the remaining and get letter or fax again.

i must have done this 20 times for mates and myself.

some people on here will NEVER do anything because they dont know how to do it whilst protecting themselves.

Hey thanks for the advise guys good thinkin!

 

[Ian_182]

As long as its done right you are fine

 

[Lee coley]

i ow 2 grand on my 182 and im seling mine,id pay the finance off the day of the sale but not every 1 can be trusted.

 

[lewisniven]

if its renault finance just go to the dealer with them, pay everythin off and sign all the forms with you both stood there, jobs a goodun.

 

[graham_172]

i bought my 172 with finance outstanding. went round to view it and asked seller why he didn't tell me he had finance owing on the car. got a bargain on the car as i paid off the finance on the spot and gave him the change.

 

[skinner]

Is the finance company the registered keeper on the v5 if a car is financed?