Buying a car with outstanding finance?
31 October 2010, 06:26 PM
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Buying a car with outstanding finance?
I've seen a BMW i am interested in which i have to travel too, the seller has let me know that outstanding finance remains on the car.
I've heard all the horror stories that come with outstanding finance but he agreed that i could call BMW financial services to settle the bill and also pay the extra to him, the outstanding is 14k to the finance.
Does this sound too risky? Or is there a better way to go about doing this?
I've heard all the horror stories that come with outstanding finance but he agreed that i could call BMW financial services to settle the bill and also pay the extra to him, the outstanding is 14k to the finance.
Does this sound too risky? Or is there a better way to go about doing this?
31 October 2010, 07:13 PM
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The buyer simply phones the finance company and pays the finance off and then the balance to you. I did this earlier on in the year when I sold my Disco.
Make sure you get the finance company to email both parties straight away to confirm there can be no comebacks and the finance in paid. Don't take the car until you have the email.
Make sure you get the finance company to email both parties straight away to confirm there can be no comebacks and the finance in paid. Don't take the car until you have the email.
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