Clearing car finance on sellers car

D

dustymeg

Guest
I am buying a used car which the seller has finance on.
What is the best method to clear this.If I make out a cheque payable to him for the car does he pay the finance company to clear debt ,the cheque would take 5 days to clear,how can I be sure he pays off the debt and that I wont be left with the car and also the finance on it which I will now be liable.Anyone with experience of this
and solution found to satisfy both parties
 
I believe that there is a new web service which will be able to tell a buyer if the finance has been cleared. Basically if there is any finance on the vehicle. However I do not know what it is called. Google it and it will come up.
As a matter of point it is not up to the buyer to clear the finance - it is the sellers problem. And without the finance been cleared I would steer well clear of it (excuse the Pun).
 
Thanks Mercman
Its the practical thing of handing over a cheque,and not knowing as I drive away if all ok.Other people must have done this in the past hopefully they have a practical solution
 
mercman said:
I believe that there is a new web service which will be able to tell a buyer if the finance has been cleared.
Click to expand...
I assume this is www.cartell.ie, unless there's another website also providing this service.

Fully agree with the other posters re buying a car with outstanding finance. Although, I'd also have issues accepting a cheque as payment for a car so that might also be an issue.
 
I bought a car with finance on it before.
I paid the full price to the bank who financed the car for the seller and they took their share to pay off the loan and gave the seller the remainder.

Worked out grand for me.

Mik
 
mik_da_man said:
I bought a car with finance on it before.
I paid the full price to the bank who financed the car for the seller and they took their share to pay off the loan and gave the seller the remainder.

Worked out grand for me.

Mik
Click to expand...

Not a bad idea. 2 drafts work fine also. 1 for finance co and balance for owner.
 
Thanks mik-da-man
That sounds like the way to go,
Thanks all for your help
 
For God's sake - don't give any money directly to the "seller". It's not his/her car to sell!!!

If it was bought on a Hire Purchase agreement, it's effectively rented until the final payment is made. The finance company still owns the car and it is from them that it must be purchased.
 
Arrange to complete the sale in the public office of the finance company involved. Both go to the cashier together and lodge the draft/cheque.

Pay the balance to the seller. Deal done.


Murt
 
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