1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Finance on a cls

Discussion in 'General Mercedes-Benz Related Discussion' started by Neel, Dec 22, 2012.

  1. Neel

    Neel Member

    Messages:
    14
    Likes Received:
    0
    Joined:
    Nov 17, 2012
    Location:
    London
    Your Mercedes:
    BMW 330
    Hi

    As on my previous thread I was going to buy a cls tomorrow. But I have just done a hpi check on it and there is outstanding finance.

    Now the seller says he is going to pay for the outstanding amount once the car is sold. But I know that he doesn't own the car until that loan is paid off.

    So how do you go about sorting this out

    Any one know

    Thanks inadvance

    Neel
     
  2. OP
    Neel

    Neel Member

    Messages:
    14
    Likes Received:
    0
    Joined:
    Nov 17, 2012
    Location:
    London
    Your Mercedes:
    BMW 330
    As he may sell me the car and not pay the loan off.
     
  3. television

    television Always remembered RIP

    Messages:
    164,074
    Likes Received:
    310
    Joined:
    Mar 14, 2005
    Location:
    Daventry
    Your Mercedes:
    2002 SL500, 216 CL500, all fully loaded
    You pay the finance company your self,,,or a bankers order made out to the finance company for the balance outstanding, as you say you cannot pay the seller
     
  4. OP
    Neel

    Neel Member

    Messages:
    14
    Likes Received:
    0
    Joined:
    Nov 17, 2012
    Location:
    London
    Your Mercedes:
    BMW 330
    But the seller is saying the finance is for about 12k.. And I'm only pay 9.5k..
     
  5. Vigilant

    Vigilant Member

    Messages:
    18
    Likes Received:
    0
    Joined:
    Sep 29, 2012
    Location:
    Sutton Coldfield
    Your Mercedes:
    E320 cdi 2003
    Just walk away

    It's got disaster written all over it.

    Vig
     
    Last edited: Dec 22, 2012
  6. television

    television Always remembered RIP

    Messages:
    164,074
    Likes Received:
    310
    Joined:
    Mar 14, 2005
    Location:
    Daventry
    Your Mercedes:
    2002 SL500, 216 CL500, all fully loaded
    In that case you must both go to the finance company and both pay off what is owed
     
  7. Mcobinad

    Mcobinad Senior Member

    Messages:
    1,061
    Likes Received:
    0
    Joined:
    Jun 27, 2011
    Location:
    Milton Keynes
    Your Mercedes:
    W219 Designo Black paint
    Tough decision. But do you like the car and do you think it's a good deal@ 9.5? Does the person in question have the difference to add up to clear the payment? There should be a way out of this. Instead of simply walking away, just explore the possibilities around you before making your final decision.
     
  8. OP
    Neel

    Neel Member

    Messages:
    14
    Likes Received:
    0
    Joined:
    Nov 17, 2012
    Location:
    London
    Your Mercedes:
    BMW 330
    Well I have spoken to him..I have asked him to ring the finance company.. If they are willing.. I pay them the 9.5k and he pays the balance there infront of me. The finance company emails me the confirmation and the car is mine...does this sound like a normal thing to do....
     
  9. syncropaddy

    syncropaddy Senior Member

    Messages:
    1,676
    Likes Received:
    0
    Joined:
    May 6, 2007
    Location:
    Sunny south east
    Your Mercedes:
    .... too many cars!
    +1

    The way I see it is the guy you are buying the car from has no right to sell it - it isnt his to sell. Do a deal with the finance company or walk
     
  10. Mcobinad

    Mcobinad Senior Member

    Messages:
    1,061
    Likes Received:
    0
    Joined:
    Jun 27, 2011
    Location:
    Milton Keynes
    Your Mercedes:
    W219 Designo Black paint
    The option you suggested is not a bad one. If you really like the car, do everything you can to obtain it. If you see that the business is more than you can chew, then simply .... away!
     
  11. television

    television Always remembered RIP

    Messages:
    164,074
    Likes Received:
    310
    Joined:
    Mar 14, 2005
    Location:
    Daventry
    Your Mercedes:
    2002 SL500, 216 CL500, all fully loaded
    Many can get caught up in this kind of situation, he could have been trying to sell it when the price was higher, sure both go to the finance house and sort it.

    You would need more than Emails I feel, if the finance company is too far away, talk to them and they will advise, that would be safe, the snag is its Christmas and no one open probably till the new year
     
  12. SL55 Mark

    SL55 Mark Senior Member

    Messages:
    2,648
    Likes Received:
    354
    Joined:
    Oct 1, 2012
    Location:
    South
    Your Mercedes:
    2004 SL55 AMG
    Don't walk away, run. Fast.
     
  13. Gkinghorn

    Gkinghorn Senior Member

    Messages:
    2,808
    Likes Received:
    178
    Joined:
    Jul 25, 2009
    Location:
    Bournemouth
    Your Mercedes:
    E350 CDI Cabriolet - 2011
    Technically true BUT I sold mine that way .... Fortunately I was able to sell it thru a friend who vouched for me and it worked out perfectly however in this situation where you dont know the guy he really needs to clear the finance himself through a short temr loan or whatever but i would urge you not to part with cash until the HP is paid off....
     
  14. peterwhayward

    peterwhayward Senior Member

    Messages:
    865
    Likes Received:
    3
    Joined:
    Oct 4, 2011
    Location:
    grays essex
    Your Mercedes:
    E240 classic est 2000 2.4
    Dont consort with problems.......walk away from it. There is allways a better one out there.
     
  15. peterwhayward

    peterwhayward Senior Member

    Messages:
    865
    Likes Received:
    3
    Joined:
    Oct 4, 2011
    Location:
    grays essex
    Your Mercedes:
    E240 classic est 2000 2.4
    I think you will find that on the credit agreement that the OP signed, there was a line that would have stated "that the ownership of the car (in this case) would not be transferred untill all outstanding debts have been paid" . Its there for this exact reason.Dont go there, even if the finance compay agrees in some way, at the end of the day some trumped up office clerk could make it really difficult for you.
     
  16. OP
    Neel

    Neel Member

    Messages:
    14
    Likes Received:
    0
    Joined:
    Nov 17, 2012
    Location:
    London
    Your Mercedes:
    BMW 330
    Thanks guys

    I guess will contact Mercedes who own the car and see what they say. Other than that looks like I will be walking away.

    So much for a cls before Christmas.:(
     
  17. television

    television Always remembered RIP

    Messages:
    164,074
    Likes Received:
    310
    Joined:
    Mar 14, 2005
    Location:
    Daventry
    Your Mercedes:
    2002 SL500, 216 CL500, all fully loaded
    I know how you feel, lets be positive the car is going to get sold one way or another, you cannot do much this side of Christmas, in the new year it will be worth less and possibly sort it out then.
     
  18. gizze

    gizze Senior Member

    Messages:
    2,573
    Likes Received:
    21
    Joined:
    Sep 2, 2008
    Location:
    Norfolk
    Your Mercedes:
    E350 cgi Estate & Range Rover TDV8
    God there's some crap being spouted in this thread.

    Buying a car with finance is fine, I actually prefer it as you are not going to get Mercedes or a finance house involved in some sort of scam.
    Plus you can't finance a car that has been a write off etc. so that gives some reassurance.
    Going round someones house and giving them £10,000 in cash to me is madness and far more risky.





    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 know all finance has been settled and you walk away with the balance in your pocket.

    Now, you may not have a spare £2500 in your pocket this time of year, simply get him to take the cash out and then walk round to your bank put it in and get a draft made out to the finance house.
    They will send you all their details.
    Maybe easier to get the bank to do a chaps transfer this time of year.

    Just about every car I have bought, or sold, for that matter has had finance outsanding on it.


    Look it at this way, if you asked him to settle it and he did, and then you changed your mind how would that leave him??

    When you buy a car from a dealer this is finance on it 9 times out of 10, they may call it a stocking plan, but it is just the same.

    If the car is good then go for it. Just cover yourself, you settle the finance yourself, don't rely on someone else doing it, or part of it.

    The only time I would walk is if he wasn't prepared to pay you the difference.
     
    Last edited: Dec 23, 2012
  19. gizze

    gizze Senior Member

    Messages:
    2,573
    Likes Received:
    21
    Joined:
    Sep 2, 2008
    Location:
    Norfolk
    Your Mercedes:
    E350 cgi Estate & Range Rover TDV8
    Get him to get the finance house to fax or email you a settlement figure, usually runs for up to 14 days.
     
  20. Ricardo_e220

    Ricardo_e220 Senior Member

    Messages:
    1,259
    Likes Received:
    93
    Joined:
    Sep 16, 2012
    Location:
    Newcastle upon Tyne
    Your Mercedes:
    R170 SLK230k 1999
    Ok so this is sensible but not what was being talked about earlier which was that the buyer gives the seller the amount to settle the finance...recipe for disaster

    The buyer/seller gets settlement confirmation from finance place and this is confirmed, seller gives car + cash ( as this is in negative equity) to the buyer who settles up...or buyer risks the seller doing off with the cash and the car gets repo'd
     

Share This Page