Buying a £25k car privately without logbook?
Buying a £25k car privately without logbook?
24 April 2006, 07:24 PM
#6
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I thought that if the finance co owns the car, the CURRENT owner has to settle the finance (bridging loan). Then it is their car to sell - once the log book is in their possession.
Otherwise, walk away.
Dan
Otherwise, walk away.
Dan
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24 April 2006, 07:28 PM
#8
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Originally Posted by ScoobyDoo555
I thought that if the finance co owns the car, the CURRENT owner has to settle the finance (bridging loan). Then it is their car to sell - once the log book is in their possession.
Otherwise, walk away.
Dan
Otherwise, walk away.
Dan
24 April 2006, 11:08 PM
#10
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Surely he should have the log book even if there is finance outstanding?
I bought my first Scoob with an outstanding balance. The way to do it is to agree a price for the car once the seller has a settlement figure from the finance company. When you then go to buy the car take a bankers draft with you for the outstanding amount and literally watch him put the letter in the post box. If there's any other cash involved in the deal give him that and drive the car away. It's nice if you get a decent seller, mine even forwarded me a copy of the finance companies letter confirming clearance of the balance.
If there isn't a log book i wouldn't touch it even though there are plenty of legit reasons for it not to be present (plate transfer etc).
I bought my first Scoob with an outstanding balance. The way to do it is to agree a price for the car once the seller has a settlement figure from the finance company. When you then go to buy the car take a bankers draft with you for the outstanding amount and literally watch him put the letter in the post box. If there's any other cash involved in the deal give him that and drive the car away. It's nice if you get a decent seller, mine even forwarded me a copy of the finance companies letter confirming clearance of the balance.
If there isn't a log book i wouldn't touch it even though there are plenty of legit reasons for it not to be present (plate transfer etc).
25 April 2006, 09:32 AM
#11
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Ive just done the same thing, see here
http://bbs.scoobynet.co.uk/showthread.php?t=507459
The finance co hold the V5, and will release it to the seller once he has cleared the finance, get him to clear the finance before buying the car, wait for the V5 to come through from the finance co. then do teh deal as usual.
If this is not possible, the only other way id go through with it, is for you to clear the finance directly with the finance co and give the seller whatever is left over after clearing the finance. The finance Co might even send the V5 to you, or fill in the transfer details for you.
I found the finance co to be very helpful, They dont want the seller doing a runner either, as they have to protect their investment also. Find out how it is with and the agreement number and give them a call.
Mark
http://bbs.scoobynet.co.uk/showthread.php?t=507459
The finance co hold the V5, and will release it to the seller once he has cleared the finance, get him to clear the finance before buying the car, wait for the V5 to come through from the finance co. then do teh deal as usual.
If this is not possible, the only other way id go through with it, is for you to clear the finance directly with the finance co and give the seller whatever is left over after clearing the finance. The finance Co might even send the V5 to you, or fill in the transfer details for you.
I found the finance co to be very helpful, They dont want the seller doing a runner either, as they have to protect their investment also. Find out how it is with and the agreement number and give them a call.
Mark
25 April 2006, 04:01 PM
#12
Finance company have the V5. I believe that the seller doesnt have the funds to clear the finance and would want the buyer to do this.
Am probably going to steer clear. Is about £1k underpriced and is a lovely example. Never mind.
Am probably going to steer clear. Is about £1k underpriced and is a lovely example. Never mind.
25 April 2006, 10:57 PM
#14
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Originally Posted by BOB'5
Is about £1k underpriced and is a lovely example. Never mind.
NOTHING, repeat NOTHING is cheap for no reason ...... it stinks to high heaven!
Don't walk away ............... RUN!!
Pete
26 April 2006, 09:18 AM
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Originally Posted by BOB'5
Finance company have the V5. I believe that the seller doesnt have the funds to clear the finance and would want the buyer to do this.
Am probably going to steer clear. Is about £1k underpriced and is a lovely example. Never mind.
Am probably going to steer clear. Is about £1k underpriced and is a lovely example. Never mind.
We pick it up on saturday finance clear and all docs in place, and 1.5k cheaper
, well worth the wait.Mark
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