Any car finance experts? Car we want to buy private has finance still on it!

[megaflyer]

Originally Posted by fluff48

Wow, didn't know that could be done so easily.

How about my DD phones the finance company from her phone on the number she called already. The person pays the finance off over the phone whilst we listen and ask them to confirm finance is clear on this car before we make payment. Surely that's safe? We could also get the name of the person she makes the payment too.

Such a hassle but we don't want to travel 309mls for another car, which may have issues with bodywork that we can't see on pics.

Other option would be leaving a deposit so they know we are coming back for it.

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It’s not safe - they can cancel the payment so you need to wait 24-48hrs for it to clear . Cancelling payments made over the phone is relatively easy after the event (I have had to. It several times there I changed my mind or I dont like the look of a particular company . Don't be in so much of a rush to part with you cash - cash is king and they will and should want to wait - alarm bells would ring with me if they are rushing you (as it seems here)

[fluff48]

Ok thank you. I never knew the payment could be reversed either if paid over the phone. This us such a learning curve and I appreciate everyone's input.

[Stitchesmumanddad]

Ive not read all the posts. As you are a buyer “with notice” of the debt, you are always liable to the finance co regardless of what piece of paper anyone signs. Only private bona fide buyers in good faith without notice are protected by law. You have notice of the HP so your protection is lost.

If the seller wants to sell his car privately like this ( and no doubt get a better price than part exchange ) he needs to ensure BMW confirm the debt is clear AND THEY HAVE NO FINANCIAL INTEREST in the car and that needs to be in writing. Also ask them to update HPI. BMW finance are on the ball, so should turn it around quickly, but until that happens, you could pay full price for the car AND be stuck with the finance.

[mickchick]

OP, walk away from this deal. You seem to be so anxious to buy this car that you are arguing against good sense here. By doing things the seller's way, you will, in law, have zero rights and 100 per cent liability if anything goes wrong or if this is a scam.

[megaflyer]

Originally Posted by mickchick

OP, walk away from this deal. You seem to be so anxious to buy this car that you are arguing against good sense here. By doing things the seller's way, you will, in law, have zero rights and 100 per cent liability if anything goes wrong or if this is a scam.

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I agree and I smell scam from what has been written - walk away now

[Lell]

I would go down the leaving a deposit option and ask for a receipt for this and then make full payment when you have proof the finance has been paid off.

[Mikeandrach]

I think a lot of people are well meaning but over complicating this. It really isn’t a rare situation, and can be a win win for both parties, seller loses monthly payment, buyer can get a 100% verifiable hpi check for free.

If the buyer calls the finance co with the seller present (Find the number yourself online, don’t use a number given by the seller), and pays off the finance over the phone themselves, and the balance to the seller, the buyer is facing no risk whatsoever.

I really don’t get why people think there is something fishy here, it’s a common issue, half the cars on most forecourts are bought by the dealerships this way, I’ve bought loads of cars this way, it really isn’t unusual or a risk etc, just obtain the Phone number yourself, pay using your card, get an email receipt sent to you, and job done, no finance company will refuse a payment from you so long as the seller has verified that you can talk to them, it’s so easy, I get many people will be well emanate but haven’t experienced this themselves, just because they haven’t experienced it doesn’t mean it isn’t normal, ask the finance com they’ll have seen it multiple times that day (maybe not at 9am!)

[Leggibone]

Go with your gut here - if it doesn’t seem right it probably isn’t.
I would leave a deposit through PayPal goods and services (gotta love a bit of PayPal buyer protection - can get your money back pretty quick that way) with the intention you will pay in full and pick up the car as soon as BMW can verify it’s been paid off, if the loaner of the money can’t wait 24hrs I would question said money loaner. If they don’t agree to this then walk away.
What the above poster says about you paying the finance over the phone would be the other option, However I wouldn’t want to tell the voice on the phone my card details in front of a stranger.

If you can wait for something else to come up near you, I would, it sounds like a fairly pricey car, so let head rule this one and keep looking (you can set up alerts in Facebook market place, and probably auto trader and gun tree.)

[Mikeandrach]

Originally Posted by Leggibone

Go with your gut here - if it doesn’t seem right it probably isn’t.
I would leave a deposit through PayPal goods and services (gotta love a bit of PayPal buyer protection - can get your money back pretty quick that way) with the intention you will pay in full and pick up the car as soon as BMW can verify it’s been paid off, if the loaner of the money can’t wait 24hrs I would question said money loaner. If they don’t agree to this then walk away.
What the above poster says about you paying the finance over the phone would be the other option, However I wouldn’t want to tell the voice on the phone my card details in front of a stranger.

If you can wait for something else to come up near you, I would, it sounds like a fairly pricey car, so let head rule this one and keep looking (you can set up alerts in Facebook market place, and probably auto trader and gun tree.)

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Many companies allow you to type in the card number Using the phone keypad rather than speak it, Even if they don’t, the risk is tiny, more likely to be defrauded day a dishonest shop employee than encounter fraud here.

And any seller with half a brain won’t accept a payment by PayPal goods and services, yes, the buyer is protected, but the seller isn’t and is at huge risk, the buyer would have 6 months to file an item not received claim, and PayPal would refund the buyer immediately as no tracking info.

It surprised me how cynical people are about trust and security, I am pretty wise to most scams, but even I am not as cynical as people on here seem to be.

If the buyer just follows my previous advice they’ll have the car they want with zero risk, it’s that simple, don’t know why people are over complicating it

[123]

Originally Posted by Mikeandrach

Many companies allow you to type in the card number Using the phone keypad rather than speak it, Even if they don’t, the risk is tiny, more likely to be defrauded day a dishonest shop employee than encounter fraud here.

And any seller with half a brain won’t accept a payment by PayPal goods and services, yes, the buyer is protected, but the seller isn’t and is at huge risk, the buyer would have 6 months to file an item not received claim, and PayPal would refund the buyer immediately as no tracking info.

It surprised me how cynical people are about trust and security, I am pretty wise to most scams, but even I am not as cynical as people on here seem to be.

If the buyer just follows my previous advice they’ll have the car they want with zero risk, it’s that simple, don’t know why people are over complicating it

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I sort of agree with you, but then I also think, "there are tens of thousands of cars for sale in the UK" just move on to one that is easier to buy and with less risk. Nowadays unless you are buying a really old classic car there are many many examples of the same car for sale at the same time, no need to rush into buying one when it doesn't feel right.