Finance on a cls

[MBDevotee]

Make sure if the seller covers the balance, that he pays in CLEARED FUNDS.

If his cheque bounces - you don't have title to the car.

 

[syncropaddy]

God there's some crap being spouted in this thread.


How it works is this.

You get a draft made out for the full amount to settle the outstanding finance.

You then give the seller or get the seller to give you the difference between finance settlement and purchase price.

It really is that simple.

You have left out one tiny little detail ....... you are assuming that the seller HAS money to pay the difference ......

 

[Gkinghorn]

@Gizze : no there is not a lot of crap being spouted in this thread...it's just a different view to what you express. I , for one , wouldn't do what you suggest . The onus is on the seller to have clear title to the goods ..there are numerous ways to do it but by far the simplest is he settles it and you hand over the necessary purchase price to him.

I would never dream of settling someone else's finance deal..that is theirs and theirs alone....

So not crap just a different way round the issue....

 

[st4]

This stinks of hassle this one. You could do as Gizze suggests, but asking someone to give you £2500 and a car and then clearing the title requires a co=operative seller.

I couldn't face the hassle.

 

[teddycatkin]

If you really want that particular car ? note the reg keep an eye on it in the new year as it will probably go to auction and be sold for even less ?

 

[Bolide]

God there's some crap being spouted in this thread

Very true. But it wouldn't be a thread on an MB forum if it wasn't full of crap

This situation probably arises 100 time a day across the country. The finance companies are very adept at dealing with it

When I bought my BMW I agreed the process with the vendor and the finance house. I put payment in cash on the table and he signed the V5 to put the car into my name. I called the finance company, handed him the phone and he paid the balance owing by debit card. He handed the phone back to me and they confirmed that the balance was paid. He picked up the envelope of cash, I picked up a letter stating no finance was owing, the documents and keys and drove away

Why so much drama?

Nick Froome

 

[gizze]

Very true. But it wouldn't be a thread on MBClub if it wasn't full of crap

Absolutely.

 

[gizze]

You have left out one tiny little detail ....... you are assuming that the seller HAS money to pay the difference ......

Not really.

I said that you should settle the finance and the buyer should give you the difference.

if he is not prepared to do that, walk away.


it really is that simple.

 

[gizze]

@Gizze : no there is not a lot of crap being spouted in this thread...it's just a different view to what you express. I , for one , wouldn't do what you suggest . The onus is on the seller to have clear title to the goods ..there are numerous ways to do it but by far the simplest is he settles it and you hand over the necessary purchase price to him.

I would never dream of settling someone else's finance deal..that is theirs and theirs alone....

So not crap just a different way round the issue....

What a croc of ****e.

I would not want the finance settled unless I knew the car was going.

Why would the seller clear the finance just for the buyer to change his mind.


This thread just stinks of ignorance.

 

[gizze]

90% of cars sold have some sort of finance on them, if we all wanted the seller to clear finance before the sale we would never buy anything.

 

[Gkinghorn]

90% of cars sold have some sort of finance on them, if we all wanted the seller to clear finance before the sale we would never buy anything.

So That's why out of the dozen or so cars I have bought along with another half dozen for my wife not to mention 4 for the kids there was NO outstanding finance on them??? .. Just illustrates how wrong your 'facts' are... Beginning to wonder if you are the seller tbh..

Sorry mate I didn't come here to insult you but you throwing incorrect facts about in such a rude manner isn't helpful not remotely friendly. If that's how you treat those who have a different view from yourself maybe you better go elsewhere because it aint just me who thinks you are wrong.

 

[Gkinghorn]

Very true. But it wouldn't be a thread on MBClub if it wasn't full of crap

This situation probably arises 100 time a day across the country. The finance companies are very adept at dealing with it

When I bought my BMW I agreed the process with the vendor and the finance house. I put payment in cash on the table and he signed the V5 to put the car into my name. I called the finance company, handed him the phone and he paid the balance owing by debit card. He handed the phone back to me and they confirmed that the balance was paid. He picked up the envelope of cash, I picked up a letter stating no finance was owing, the documents and keys and drove away

Why so much drama?

Nick Froome

Yep..so when you bought it there was no finance owing.... Like I said seller settles finance and buyer buys it from the person who has title to it...

 

[gizze]

So That's why out of the dozen or so cars I have bought along with another half dozen for my wife not to mention 4 for the kids there was NO outstanding finance on them??? .. Just illustrates how wrong your 'facts' are... Beginning to wonder if you are the seller tbh..

Sorry mate I didn't come here to insult you but you throwing incorrect facts about in such a rude manner isn't helpful not remotely friendly. If that's how you treat those who have a different view from yourself maybe you better go elsewhere because it aint just me who thinks you are wrong.

Most cars bought from a dealer are on a stocking plan.
And I would guess that the majority are bought from a dealer.

All I am saying is, just because a car is on finance, does not mean it is some sort of scam.

Be realistic about the way cars are funded these days, be sensible and it can be safer than buying private and handing over wads of cash to the individual.

 

[Gkinghorn]

I didn't say it was any sort of scam I simply said the current owner should clear the finance on it before the buyer hands over cash in whatever form you agree.

I think that's pretty obvious ..you suggested another way to do it ..I wouldn't do it that way but each to their own... I think the OP now has a number of views he can review , digest and work out which one he is most comfortable with.

 

[gizze]

Sorry mate I didn't come here to insult you but you throwing incorrect facts about in such a rude manner isn't helpful not remotely friendly. If that's how you treat those who have a different view from yourself maybe you better go elsewhere because it aint just me who thinks you are wrong.

I didn't mean to be rude, I was just being blunt.

Ignorance is bliss.

 

[Gkinghorn]

It's not ignorance it is a difference of view..

And despite the fact you didn't mean to be rude you were and now you appear to be patronising as well.. I will leave you to it....

 

[gizze]

I didn't say it was any sort of scam I simply said the current owner should clear the finance on it before the buyer hands over cash in whatever form you agree.

I think that's pretty obvious ..you suggested another way to do it ..I wouldn't do it that way but each to their own... I think the OP now has a number of views he can review , digest and work out which one he is most comfortable with.

No, sorry, that is just wrong.

I did brokering for 3 years and that is not the advice I would ever give.




I would always advise that, in a private sale, the buyer should settle the finance.

Basically the 'lender' owns the vehicle.
Therefore the buyer should pay the 'lender' with any difference being settled between the buyer and the seller.

It really is that simple.

 

[gizze]

It's not ignorance it is a difference of view..

And despite the fact you didn't mean to be rude you were and now you appear to be patronising as well.. I will leave you to it....

Ok then Gkinghorn.

Say you sell me a car for £20,000.

I agree to buy it from you and you agree to settle the finance.

You pay off the £20,000 and then I turn around and say "I have changed my mind. I am going to buy something else."

You happy now?

 

[syncropaddy]

Not really.

I said that you should settle the finance and the buyer should give you the difference.

if he is not prepared to do that, walk away.


it really is that simple.

You really are talking a lot of crap aren't you. You really should read the original post. The seller is selling for less than is owed to the finance house .....

 

[gizze]

By the way, I am ignorant to many things in life.

That is not meant as an insult.