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Forum LockedBuying a car with finance owing?
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Hopes View Drop Down
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Joined: 06 August 2008
Location: Waikato
Points: 4495 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Hopes Quote  Post ReplyReply Direct Link To This Post Topic: Buying a car with finance owing?
    Posted: 02 November 2011 at 8:13pm
My brother wants to buy a car - the chap he's buying it off had finance owing on it. He knows he's liable if he just hands the money over to the seller, and the seller never pays the finance off, so he's obviously not going to do that. However - he still wants to buy the car; anyone know the safe way to do it? I figure there must be one, it's very common to owe money on a car you want to sell, and not many people have the cash just to pay off the finance without actually selling the car first...

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clover View Drop Down
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Joined: 21 July 2008
Points: 2090 		Post Options Post Options   Thanks (0) Thanks(0)   Quote clover Quote  Post ReplyReply Direct Link To This Post Posted: 02 November 2011 at 8:26pm
Could he contact the finance company that the money is owed to and find out what would be acceptable to them?
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AandCsmum View Drop Down
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Joined: 13 May 2008
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Points: 8432 		Post Options Post Options   Thanks (0) Thanks(0)   Quote AandCsmum Quote  Post ReplyReply Direct Link To This Post Posted: 02 November 2011 at 9:32pm
Private sale???

I'd contact the finance company as well.
Kel


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emz View Drop Down
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Points: 5321 		Post Options Post Options   Thanks (0) Thanks(0)   Quote emz Quote  Post ReplyReply Direct Link To This Post Posted: 03 November 2011 at 6:28pm
Get a letter from the finance company stating how much is owing. Pay the remainder in a bank cheque made out to said finance company with the seller's reference number somehow attached (or you can do internet banking easily), and the rest in cash to the seller.
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