Dealer selling car with outstanding finance...

[CrippsCorner]

Hi all, looking at a potential new project. I've confirmed a couple of things with the seller and my local specialist, but... I've just ran a Vcheck on the car and it's failed on outstanding finance.

I've not been in this situation before. Had a little Google and in most situations the opinion seems to be to walk away! However, the thing that I don't really understand is that it says:

Date
2018-12-04

Term
60

So surely if the finance term was 5 years, and it's now been over 5 years, it should have ended?

Is your advice to walk away as per above or is worth finding out some more information (from the seller or perhaps finance company)

It isn't a unique car, but it is a unique purchase opportunity (car is half price due to failed turbo and high mileage, neither of which bother me in the slightest as that's actually how I bought my current car funnily enough, 4 years ago and still going strong)

[skeeterm5]

Ask the seller to explain.

It is not risky to buy a car with outstanding finance if you speak to finance company and pay the balance off directly with them, giving any excess to the seller.

[Bemmer]

It could simply be on a Dealer Stock Loan.,but why not just question the Dealer about it?

[simon_harris]

you can phone the finance co and ask if they have any outstanding interest in the vehicle.

[Actual]

Purchasing from a small dealer and the HPI flagged up outstanding finance so we contacted the lender and it had been paid off recently and the systems were still updating.

[Mark V GTD]

Date format? Maybe it’s 4 December 2018. Less than 60 months ago.

Or could be settled and not updated as suggested above.

[123DWA]

CrippsCorner said:

Hi all, looking at a potential new project. I've confirmed a couple of things with the seller and my local specialist, but... I've just ran a Vcheck on the car and it's failed on outstanding finance.

I've not been in this situation before. Had a little Google and in most situations the opinion seems to be to walk away! However, the thing that I don't really understand is that it says:

Date
2018-12-04

Term
60

So surely if the finance term was 5 years, and it's now been over 5 years, it should have ended?

Is your advice to walk away as per above or is worth finding out some more information (from the seller or perhaps finance company)

It isn't a unique car, but it is a unique purchase opportunity (car is half price due to failed turbo and high mileage, neither of which bother me in the slightest as that's actually how I bought my current car funnily enough, 4 years ago and still going strong)

Your check should show the name of the lender as well as a reference number. Call the lender, give them the reference and ask them do you still hold an interest in this vehicle as I am looking to purchase it.

[CrippsCorner]

Thanks for advice so far! So... called the garage at lunch. Chap was really nice actually and he even said if you're not prepared to take this on as a project, please don't buy it! Rest of the car is apparently good. He said what happened was they bought it from another dealership and their elderly driver drove it 90 miles back to their garage and handed over the keys and said that's a good car, nothing wrong with it. However, the owner (who I was speaking to) then took it for a little blast, put his foot down, load of smoke and no power. Sounds pretty much identical to my Astra.

Regarding the finance he said he called the company, which checks out with my Vcheck, and that it's been cleared, but they're awaiting certification, which can take 'hours or days'

Meanwhile I tried chipping a few hundred of the price and he said he'll get back to me with the certificate, price and service history photographs.

From here, I guess we let fate take it place.

[CrippsCorner]

Always worth updating these threads. So, finance cleared, all good... had a few conversations with the seller.

However, the deal has ended.

He sent over photos of the service history, if you can call it that. Not been serviced in over 6 years that's a bit of a stretch even for me. Oh well onwards and upwards.