Guys,
in market to buy a FFRR, so have been searching on autotrader. found one nearby.
So now need your help and advise on this situation. spoke to the guy selling FFRR but he has outstanding finance on the car. And he cant clear it on his own and this sale is supposed to clear the finance.

So whats the best way to go about this sale, no experience of buying a car with finance on it, so asking your opinions.
will be viewing the car tomorrow or day after.

Many thanks in advance

This is how I did it.

Agreed price and went to vendors local branch of bank with BMW finance account.

Paid money into that account. Pound notes.

Waited for email from BMW finance confirming that the finance was cleared. Took about an hour. A copy of the email was sent to vendor.

Took keys and drove away as I now owned the car. 2017 5.0 Autobiography Supercharged
2005 Merc SL350
2005 Disco HSE 2.7 oil burner

Firstly be careful. Speak to the finance company and explain what it is you are looking to do. They may ask that you pay them the outstanding payment before they relinquish their ownership of the car and any balance is paid the previous user, Timing is of the essence and I would suggest paying the balance by card over the phone if you can. They should be able to email you that the finance is clear. I would also have a contract written up explaining exactly what values you are agreeing to and get it signed by the vendor prior to the payment to the finance house. Best option is to find one without all this baggage to deal with.
Good luck with whatever you choose to do.
Huw

thanks V8noise,
That sounds reasonably safe to put money into finance company's account.
How did you know as to how much money is outstanding or just take seller's word for it.
Or can you speak to the finance company on your own regarding this.

thanks

thanks Huwrhys for the advise, yeah looks like a bit risky process.
Will speak to the seller to give me more info.

Bingo_123 wrote:

thanks V8noise,
That sounds reasonably safe to put money into finance company's account.
How did you know as to how much money is outstanding or just take seller's word for it.
Or can you speak to the finance company on your own regarding this.

thanks

There’s an unnecessary stigma on this but as mentioned above it can be easy and water tight. If the seller is open (and you’ll get a feeling for it) they’ll have the company name and account number etc, so it’s effectively a card transaction or cash via the bank to the Company, the seller won’t see a penny

Company should offer an email receipt and clearance confirmation and it’s yours.

Follow this and above and it should be an easy transaction, don’t let it put you off.

Steve.

thanks guys, yes the seller has been open about this.
Hopefully the finance company can confirm in writing and seller can sign off the V5, provided the car is good after the viewing tomorrow.
will update, how it goes after viewing