Buying Cup with Finance left?

[fad632]

Hi Guys, just wanted some opinions on my situation. I have been thinking of buying my brothers mates 172 cup for £6500, but which still has £3000 left on the finance. Danny (bro's mate) has said i can pay the finance left on the car and give him the remaining amount, would i be able to do this without problems?

 

[Alan]

Yep you give him a cheque or cash, he pays off the balance of the finance the car becomes yours.

 

[jayxx83]

Make sure he pays it off and doesnt spunk it on a luxury holiday though!

 

[fad632]

would i be able to pay it off? if i give him £3500 and I pay the £3000 finance?

 

[ColinG]

you would have to ring up the finance company and see if they could transfer the ownership details or payee details?

 

[Ads_172]

I wouldn't just give him the full amount, try to pay off the remainder of finance and then give him the rest.

Although, £6.5k isn't an amazing price for a Cup anymore, prices are tumbling all the time, so do a bit of research before shelling out.

 

[edde]

£6.5k seems a bit high but least you know what your buying regads servicing etc.
You can pay the finace company off though they transfere the title over to you and you pay the owner the extra.

 

[furry_cup]

buy mine instead

 

[Mada05]

Make sure you either address the cheque to the finance company or pay them directly. You do not under any circumstances want finance left on the car when its in your ownership as the finanance will be secured on the car which places the car at risk. If he isn't happy with this arrangement then walk away.

 

[fad632]

cheers for the info guys, the car is 52 reg with 18k on the clock, at the moment the arrangement is i pay £3000 to finance company and £3500 to Danny. Do you guys think this is a good price, when looking at the car the condition in and out is spot on.

 

[Dave]

Do your own research on the price. Depends on the motor.

Just give him to cheques, one to the finance company and one to him.