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

[Guest]

No way would I risk it. I would tell the seller you will buy it once you have had confirmation from BMW, if not I would walk away. You said it’s a popular car, so surely someone else must be selling a car like it without all this hassle.

[daytonababe]

Originally Posted by fluff48

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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Well they could but it’s unlikely surely ?

We always buy private and sell that way and we’ve often left a deposit of £100/200 and never had a problem
Same with selling

Leaving a deposit shows them you are serious .

[Jakey Neverland]

Is they are borrowing the money to pay off I dont see the big deal for them to wait 24hrs. I wouldn't part with money until the finance company shows clear.

[Love*my*hols]

Originally Posted by fluff48

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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I think sometimes head has to overrule the heart.Wait until the finance has cleared.

[borntoshop]

My son sold his car to we buy any car and it had finance on it. He paid the finance off on the Thursday and took the car on the Saturday, we buy any car wouldn't take the car and the guy had to phone to check no hpi before he took it.
Surely if things go wrong the hpi company could take the car.

[catherinesian]

They want to sell the car, they want your cash - you are in control here so just refuse to buy the car until they repay the finance and walk away if needed. I guarantee they will comply.

[123]

Originally Posted by Omega1

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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Absolutely. No doubt as it has finance on it (that they need to borrow to clear and the loanee won't wait 24 hrs to be repaid) it is a good few thousand that is owed.

Now for about 250 quid I could get a developer to knock up a demo system that would show the transaction being made on what seems to be an internet bank and getting back a "successful" result.

Fr a quick £5,000 profit it would be worth doing (if you were that way inclined), however if they do this regularly (and remember the best scam artists are the one's who look like amateurs) it would quickly pay for itself

[Omega1]

Originally Posted by 123

Absolutely. No doubt as it has finance on it (that they need to borrow to clear and the loanee won't wait 24 hrs to be repaid) it is a good few thousand that is owed.

Now for about 250 quid I could get a developer to knock up a demo system that would show the transaction being made on what seems to be an internet bank and getting back a "successful" result.

Fr a quick £5,000 profit it would be worth doing (if you were that way inclined), however if they do this regularly (and remember the best scam artists are the one's who look like amateurs) it would quickly pay for itself

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All kinds of clever scammers out there. My basic point is, that unless and until BMW finance transfer title to the seller, the seller does not even own the vehicle they are trying to sell. Imo, OP should be very wary here.

[Guest]

Originally Posted by Clairelovestate

No way would I risk it. I would tell the seller you will buy it once you have had confirmation from BMW, if not I would walk away. You said it’s a popular car, so surely someone else must be selling a car like it without all this hassle.

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I wouldn’t either. It sounds like more hassle than it is worth, there are plenty of other cars out there.

[fluff48]

Originally Posted by 123

Absolutely. No doubt as it has finance on it (that they need to borrow to clear and the loanee won't wait 24 hrs to be repaid) it is a good few thousand that is owed.

Now for about 250 quid I could get a developer to knock up a demo system that would show the transaction being made on what seems to be an internet bank and getting back a "successful" result.

Fr a quick £5,000 profit it would be worth doing (if you were that way inclined), however if they do this regularly (and remember the best scam artists are the one's who look like amateurs) it would quickly pay for itself

See more...

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.