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Old 02-02-15, 10:57
CUMBRIA LAD's Avatar
CUMBRIA LAD CUMBRIA LAD is offline
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T4 Post Icon Finance advice please

looking at buying a car for the daughter from a large well known national supplier
they have taken the vehicle in as part-exchange but say it has finance on it & they will pay that off pre us buying it.
is that normal & straightforward? we will pay cash for the car
everything else on their HPI check is clear
just haven't been involved in it before
thanks
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  #2  
Old 02-02-15, 11:05
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kevnicvw12 kevnicvw12 is offline
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Default Re: Finance advice please

Sounds quite normal just make sure you get proof from the finance company that it has been payed off before parting with your cash
If not it will still belong to the finance company and want it back
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Old 02-02-15, 11:06
ladymarmalade ladymarmalade is offline
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Default Re: Finance advice please

I have read about similar cases on Moneysavingexpert where finance has been existing. The advice was given to speak to the finance company direct before paying for the car or receive written confirmation from the dealer that all finance will be paid up.

If it is a large garage I would not be too concerned. I remember having a car on finance when I was younger and when I came to selling it was problematic due to HPI checks and I was informed it could take upto a month for the records to be updated after paying it off. I was kindly given the money by a relative to pay it off and then I sold it a month later and paid them back as when somebody did a check they backed out of the sale due to the finance.

I would cover all bases by contacting the finance company and getting it in writing too.

Hope that helps.

xx
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  #4  
Old 02-02-15, 18:24
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CUMBRIA LAD CUMBRIA LAD is offline
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Default Re: Finance advice please

thankyou both, appreciated
but the deal fell through .................
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