Warning! Forsale Elise T23 with finance owing

[francelise]

I nearly bought a Lotus Elise Type 23 with Finance still owing. It has done 22,000 and has been serviced in Birmingham and Scotland.

If I am allowed I will supply full details of the car.

Just make sure, whenever you want to buy a car do a finance investigation first!!!


francelise

[rfoster]

francelise - this isn't unusual, lots of cars are sold with finance still owning. The seller / dealer must provide an up to date settlement letter from the finance company if the finance is not cleared and you can pay the funds straight to them to clear this off. Bearing in mind that 80% of all new cars are financed in one way or another, this happens quite a lot!

[francelise]

Ok. Well, this has been totally hidden from me by the seller. I could buy it and then the finance company would just take it back, or ask for the outstanding balance.


francelise

[rfoster]

Yup, understand. If you really want that particular car then ask the dealer / seller to provide proof that the vehicle finance has been settled in full - or if you have a copy of the HPI report it'll tell you who it's on finance with and give you the agreement number & phone number. You can then ring the finacne company and ask if the finance has been cleared, or if funds have been sent but not yet cleared etc. Or email a copy to me & I'll check for you (I work for a vehicle finance company, we do this every day!)

[bob_defly]

I think the key here is whether the vendor tries to hide the fact that there is finance owing.

I would have no problems buying or selling a car in this situation as long as everyone is honest about it, just make sure you get an HPI check first. Then pay the vendor the difference, collect the car, pay off the finance company, done...

[francelise]

(rfoster) -email sent to your website.


Thanks
francelise

[rfoster]

Replied - hope it helps!

[ninjadave]

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