Outstanding Finance.... Help

[s5aif]

Hi All, I am looking to purchase a e320 and have been in touch with the seller on a few occasions and he sounds like an honest bloke. He told me that the car has some outstanding finance and that he will pay it off once sold but as honest as he might sound i dont want to risk losing the car if things go bad ie. he doesn't pay up. What should i do about this and how can i make the purchase knowing that everything will be OK?

 

[jibcl500]

I'd walk away.

jib

 

[Richard Moakes]

Find out who the finance company is and pay them directly, deducting that amount from what you pay the seller.

I have done this in the past with no problems, if the seller is honest, he will have no problem with you doing this.

Good Luck,

Richard

 

[moneyman]

I agree with Richard.

I work in Finance and the only way to be sure is to have the vendor produce an up to date settlement letter from the finance provider and you either issue cheques / bank drafts to each party.

Regards

Steve

 

[s5aif]

Thanks for that. So what i need to do is get a settlement letter from the current owner and then pay the amount owed directly to the finance company, Correct?
Would i receive any invoice for the payment made and something that states the car no longer has finance outstanding?

 

[jberks]

The finance company will issue a letter to the owner (with whom they have the contract) that states they no longer have any interest in the car. You will want this.

 

[s5aif]

Thanks for the info everyone. I phoned the finance company and contacted the current owner. He has no problem with me paying the finance company direct and the remainder of the balance to him. Does anyone else here have an e320 petrol? i know most have the cdi version but have not seen any info on the petrol.

 

[jberks]

Thanks for the info everyone. I phoned the finance company and contacted the current owner. He has no problem with me paying the finance company direct and the remainder of the balance to him. Does anyone else here have an e320 petrol? i know most have the cdi version but have not seen any info on the petrol.

Nice car and nice sweet engine. More popular in the clk than the E where as you say, the cdi reigns supreme. The 320 is reasonably quick and no less economical than the 240.
Its a v6 twin spark, and no known issues really - fairly bullet proof.

 

[television]

When buying privately I think that it is worth pay HPI for a full report of the car, that includes accidents and finance outstanding

 

[s5aif]

Just booked an RAC inspection which includes a full HPI report. The owner actually asked if i would like to do this for peace of mind. Will get the results tomorrow. The car just had a service done about 500 miles ago so everything should be fine. New tires also fitted at the time.

 

[s5aif]

Just received the RAC inspection report and they done about 150+ checks and everything was in tip top working order. Have paid a £500 deposit and will make a payment to the finance company sometime next week followed by the remainder of the payment to the owner. I am really looking forward to getting this car and will be a jump from my current 54 c180k classic.

 

[zsadiq1]

I was in a similar position 3 years ago. I bought a petrol e320 with outstanding finance and paid the HPI company direct. No-one has knocked on my door yet to ask for the car back. The petrol is fast and quiet. The best car I have driven so far. I am very pleased with it and will probably keep it until it's ready for the scrap yard. It is a 2003 model, however, which was a bad year for mercedes cars but I've not had much go wrong with it since I bought it. I have taken out service plus to cover faults/wear and tear. Happy driving.

 

[television]

Just received the RAC inspection report and they done about 150+ checks and everything was in tip top working order. Have paid a £500 deposit and will make a payment to the finance company sometime next week followed by the remainder of the payment to the owner. I am really looking forward to getting this car and will be a jump from my current 54 c180k classic.

Good luck and keep us informed

 

[s5aif]

Hello Everyone...I have just this today got my e320 and it is amazing. My first automatic and first fully loaded car with almost every extra. took me 7.30 hours to get to get the car from Newcastle on a train but was well worth it. Finding the automatic a bit weird as my left leg just wants to press on the clutch which i then realise is not there. Will take a few hours of driving to get used to this but its much more relaxing than a manual for sure.One thing i was under the impression that the cd changer would be able to play mp3 cds but i get an error message. Only works when i put the mp3 cd into the dvd slot at the top of the comand. Is this normal?

 

[philharve]

Hello Everyone...I have just this today got my e320 and it is amazing. My first automatic and first fully loaded car with almost every extra. took me 7.30 hours to get to get the car from Newcastle on a train but was well worth it. Finding the automatic a bit weird as my left leg just wants to press on the clutch which i then realise is not there. Will take a few hours of driving to get used to this but its much more relaxing than a manual for sure.One thing i was under the impression that the cd changer would be able to play mp3 cds but i get an error message. Only works when i put the mp3 cd into the dvd slot at the top of the comand. Is this normal?

Hi s5aif

It will take a little while getting used to driving an automatic and you do eventually lose the instinctive response to use the left foot to depress the non-existent clutch. However, when I was working I used to drive hire cars which were invariably manuals. It can take a conscious effort to remind oneself that the left leg has a role to play again. I've stalled a few manuals thinking they were automatics but you do learn, eventually.

What I have found is that it is easier to revert to driving an automatic after driving a manual than it is reverting to a manual after driving an automatic. I drove manuals for 37 years before switching to an automatic. The transition presented few problems other than what to do with the left leg. Switching back to a manual can lead to some embarrassing moments though.

An even more embarrassing experience was switching between a Japanese car and a European car which have their lighting and wiper stalk controls on different sides of the steering wheel. But that's another story.


REGARDS

Phil