i am looking to buy a car but the lady has $6k owing on it. she said she wants cash and will pay the dealer she owes it to straight away then do ownership. what is the "done way to do this" and am I protected! or should I look for cars without finance owing on them to avoid stress!
jandr12,
Jul 25, 1:33am
i would be paying bank deposit rather than giving her cash.
paulap,
Jul 25, 1:36am
Get the name of the finance company and ask them the best way to handle it.
monaro17,
Jul 25, 1:37am
I would write up a contract stipulating what the money is to be used for and get her to sign it.
gunhand,
Jul 25, 1:37am
If you were to do this make sure you arrange a day and time to meet at the place where she paying it off. If she is unwilling, walk away. Nothing wrong with this kind of deal but witness the payment and your not going to get any surprises.
mugenb20b,
Jul 25, 1:45am
That's what I would do.
cowlover,
Jul 25, 1:46am
This the best answer.Fin coy will want the payment amde to them.
jandr12,
Jul 25, 2:27am
Thank you she seems trustworthy, my only concern is I need to pay her overnight so the money could not be retrieved. When cars are paid for by bank deposit is the ownership usually transferred the same day, or when the money is in the account! how can I trust the ownership change will happen! Thx
paulap,
Jul 25, 2:31am
she seems trustworthy.famous last words perhaps.don't do it.
kecal,
Jul 25, 2:33am
rule of thumbdont trustnobody just cause they seem trustworthy. why dont you pay the $$$ direct to finace company onher behalf. but get it all sussed with the company first.
jandr12,
Jul 25, 2:37am
yes I can definitely be too trusting. I will call her finance company tomorrow :)
coolnzmum,
Jul 25, 2:39am
You should get her to give you a statement of what is owing on the car from the finance company and you pay them.
This is what the finance company will tell you to do.
gtf,
Jul 25, 2:40am
She should be able to get a printout or statement of the final amount owing on the car, meet at the Finance company, pay direct with a bank cheque, get the keys, get a change of ownership form from the AA or Postshop, get all signatures done when the payments made or better if you have a smartphone do it online!
gunhand,
Jul 25, 2:40am
And you think they will give that info!
jandr12,
Jul 25, 2:41am
well I assume they will give me the best advice without revealing anything confidential on how I can purchase the vehicle and if I can pay them directly!
scoobeey,
Jul 25, 2:42am
good on u for asking:))))))))) thumbs up . PROTECT yourself ok . what others have said , do it all to protect YOU :))) gd luk
gunhand,
Jul 25, 2:46am
They should yes. give you correct advice. Ive done this before and its no hassle. Just do as I said above and its all good. But never trust anyone as said. You pay the finace company.
jandr12,
Jul 25, 2:46am
I will do, thank you :). Hopefully it all works out.
kazbanz,
Jul 25, 5:31am
do not under any circumstances pay the seller the 6k. pay the finance company what is owing and ensure the security has been released. dont take anybodys word for anythingyou?????
jandr12,
Jul 25, 5:38am
I've asked her and she wants to do the bank transfer to her account, and then both of us go to the finance place to pay off the total amount. I can't see how what you have suggested will affect her in any way so I guess if she doesn't want to do that, no deal :(
smac,
Jul 25, 3:16pm
If she doesn't want to you to settle her debt, she's suss.
rovercitroen,
Jul 25, 4:01pm
Be aware that even if you go with her to the finance company and pay off the debt the security over the vehicle will not be released immediately. I was in exactly your situation with a car I bought and it took two weeks for the security to be released. I went with the seller to the finance company with two bank cheques - one for the finance company and one for the seller.
tigra,
Jul 25, 4:11pm
NOPE! Dont go there. Pay the Finance coy. directly. If she wont do that, walk away!
splinter67,
Jul 25, 4:52pm
Find another car will be less hassle in the end if you transfer into her bank you will never see her again seen it done before repoed the cars and heard every story in the book sorry to be cynical but she sounds dodgy to me
illusion_,
Jul 25, 5:00pm
Alarm bells right there. Time to walk away.
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