Car with outstanding finance - how to find out settlement figure

deputyjk

Registered User
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Considering buying a car with outstanding finance. Does anyone know if the bank would give out a settlement figure to a stranger ringing out of the blue?

Would this information be confidential?
 
When I was buying a 2nd car I used cartell.ie, cost of €30 and it showed there wasn't any finance outstanding on it, seller had told me they took out a personal loan to clear the finance but that check may tell you how much was outstanding.

You could email them first and ask if they can tell you how much is owed or if they can just see if there is an outstaning finance agreement in place. I mailed them with a question before I got my paid check done and they came back fairly quick with an answer. I've just checked their website and it was the 3Star report I got which is now €35

No connecion, just a happy customer.
 
Hi there, unfortunately the only information available to you is whether the vehicle is still subject to a finance agreement. The actual amount outstanding will only be disclosed to the person named on the loan.

Our advice would be only to proceed with a purchase once you have received confirmation from the bank in question that all finance has been settled.

Sometimes the seller will require that you buy the car first so they can settle the finance. In this case, the seller may be prepared to share the outstanding amount with you so you can make a payment directly to the bank. Only consider this if title to the vehicle has already been handed over and if the seller is willing to accompany you to the bank to confirm that the payment has been made.

If you need to check the status of the finance agreement feel free to use our finance check at motorcheck.ie. It costs 12 Euro and we will check the official register for you and contact the bank on your behalf to confirm the agreement is still in place.
 
what you do is ask the seller to get a settlement letter from loan bank.
then double check that the loan details on the letter are related to the actual car you want to buy.

then on the day of the sale, you get two drafts, one in the amount of the finance and you lodge it into the bank yourself in the company of the owner (that way you know 100% the HP is being cleared), then give the balance of the sale price (the other draft) to the seller.

now the cars yours and your 100% happy that the finance is cleared.
hope that helps, i dont the same thing in Dec 09.
 
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