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Old 28 Sep 20, 08:40 PM  
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Dr.JumbaJookiba
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Originally Posted by Feebee2 View Post
Would you transfer ownership first. I wouldn't like to think I was paying someone's car loan off.
Yeah, they transfer ownership for the difference in the amounts. You then own a car with a debt attached which you then settle.
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Old 28 Sep 20, 09:21 PM  
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fluff48
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Originally Posted by Dr.JumbaJookiba View Post
Yeah, they transfer ownership for the difference in the amounts. You then own a car with a debt attached which you then settle.
I mentioned this option to the finance company. They never dismissed it but did say that they would pursue the previous owner for settlement first if we have the V5.
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Old 28 Sep 20, 09:36 PM  
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Dr.JumbaJookiba
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Originally Posted by fluff48 View Post
I mentioned this option to the finance company. They never dismissed it but did say that they would pursue the previous owner for settlement first if we have the V5.
But surely you would settle immediately with the seller present or the seller is risking you not doing?
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Old 28 Sep 20, 09:36 PM  
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shirley
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Why the big rush? If you want the car, let them clear balance then carry out the transaction. Seems a lot if flaffing around to suit them.
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Old 28 Sep 20, 09:40 PM  
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fluff48
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Originally Posted by Dr.JumbaJookiba View Post
But surely you would settle immediately with the seller present or the seller is risking you not doing?
Yes, we would be happy to settle immediately, but I don’t think they will accept part payment, sign over the car and allow us to settle the finance. Don’t want to reach a stalemate either.
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Old 28 Sep 20, 09:46 PM  
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Originally Posted by shirley View Post
Why the big rush? If you want the car, let them clear balance then carry out the transaction. Seems a lot if flaffing around to suit them.
We aren’t rushing and they are faffing. They want to clear the debt just before we transfer the money.

The problem is that the person clearing the finance (on behalf of the owner) does not want to wait 24 hrs until the finance company can confirm its paid to us. I suspect They don’t want to be in a situ that we pull out of the purchase in the meantime and they aren’t getting their money back from the sale immediately.

Funny thing is, she has apparently already bought another car on finance The car will sell easily but this scenario is a faff for the buyer, which may put people off.
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Old 28 Sep 20, 11:09 PM  
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Originally Posted by shirley View Post
Why the big rush? If you want the car, let them clear balance then carry out the transaction. Seems a lot if flaffing around to suit them.

I’d assume it’s because the seller is worried the buyers will pull out ..which is common with private sales

OP.. could you not leave a deposit tomorrow ? That way they know you’ll definitely come back and pay for the car once you know the Finance has been cleared .
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Old 28 Sep 20, 11:36 PM  
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Originally Posted by daytonababe View Post
I’d assume it’s because the seller is worried the buyers will pull out ..which is common with private sales

OP.. could you not leave a deposit tomorrow ? That way they know you’ll definitely come back and pay for the car once you know the Finance has been cleared .
Yes, we could leave a deposit but we would be in the situ that if they decided to sell the car to someone else, we might not get the deposit back. They reluctantly accepted a couple of hundred less than their asking price. DD has her heart set on this car now grrr.
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Old 29 Sep 20, 12:09 AM  
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Cash is king.

They want to sell the car, if they want your money they have to play by your rules.

Tell them you won't pay until they clear the finance, walk away if necessary. They will pay it, if they won't they were probably looking to pull a scam
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Old 29 Sep 20, 05:43 AM  
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Looks like the seller wants their own way whatever happens which puts all the risk on the purchaser.
No way would I buy a car that potentially had undischarged finance, nor would I want to be underwriting the sellers financial solutions.
Head must rule heart here, imo unless you have confirmation from BMW, in writing, that the seller has legal title, that title cannot be transferred to you. Watching a financial transaction on an app does not give you any guarantees whatsoever.
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