Buying Process?

[Reffio]

Can anyone help me out on how the process of buying a second hand car (from a private seller) should work out here, when the seller has finance tied to the car? Cheers.

[oilydan]

If you are with the same bank you can transfer the loan to your name, then transfer the car.

If you use different banks the seller has to pay off the loan before he can then get a release certificate to be able to transfer the car to you.

A very dodgy system because there is nothing to stop the seller running off with your money, either way.

[Reffio]

Yeah it's different banks. Seller saying we go to the bank together and he'll pay the loan off and give me copies of the paperwork (along with a cheque made out in my name as "security" and copies of his passport and visa) but it's a few days wait to get the certificate that the car is clear of finance so we go do the transfer at RTA soon as it comes through. I'll keep the car from the moment he gets the cash. Sound ok or am I asking for trouble?! Given i'll have the car, i'm thinking the issue will be if he decides he's going to be awkward about transferring the car?