Private buyer - buying a car on a lease purchase…
Discussion
I’m trying to work out how to do this, it just be possible…
I want to buy a car private sale, from someone that has a lease purchase agreement. They don’t have the funds for the balloon, but they can get £7k+ more than the balloon.
I’m willing to pay them the remaining equity and clear the finance. My issue is the finance company (VW Finance) can’t confirm the finance is settled for 24h minimum.
The car is miles away and I don’t want to pay off the finance, wait for it to clear and then pay the rest and take the car.
I want to show bank remittance (a transfer confirmation) that I have paid, I will do the transfer live with the keeper.
But I realise they can’t actually sell me the car if VW F haven’t confirmed they no longer have a financial interest in the car.
So how does one go about doing this?
Do I simply set out a contract laying out the terms which we then sign and I wait the 24h and go back pay the final fee and get the car. Or do I use the bank transfer proof that it will be cleared and take it then.
I’m not incentivised to not clear the finance as I want the vehicle.
I have spoken to a friend that works at a dealer and he confirmed the ‘proof of transfer to finance company’ is how they work, but they are a well known established business so I suppose people are less worried about something being off.
I understand other risks and will mitigate those (ID, proof of address, up to date settlement agreement etc) I’m just trying to navigate the dead time between paying the e finance company and them saying ‘yep all good’.
I get where to the keeper is coming from, the money could bounce or never make it then he has an issue ok his hands.
I’m hoping a contract does the job but maybe the keeper is t actually legally allowed to sign the contract as it would breach his contract with VW who will want money cleared.
Help!
I want to buy a car private sale, from someone that has a lease purchase agreement. They don’t have the funds for the balloon, but they can get £7k+ more than the balloon.
I’m willing to pay them the remaining equity and clear the finance. My issue is the finance company (VW Finance) can’t confirm the finance is settled for 24h minimum.
The car is miles away and I don’t want to pay off the finance, wait for it to clear and then pay the rest and take the car.
I want to show bank remittance (a transfer confirmation) that I have paid, I will do the transfer live with the keeper.
But I realise they can’t actually sell me the car if VW F haven’t confirmed they no longer have a financial interest in the car.
So how does one go about doing this?
Do I simply set out a contract laying out the terms which we then sign and I wait the 24h and go back pay the final fee and get the car. Or do I use the bank transfer proof that it will be cleared and take it then.
I’m not incentivised to not clear the finance as I want the vehicle.
I have spoken to a friend that works at a dealer and he confirmed the ‘proof of transfer to finance company’ is how they work, but they are a well known established business so I suppose people are less worried about something being off.
I understand other risks and will mitigate those (ID, proof of address, up to date settlement agreement etc) I’m just trying to navigate the dead time between paying the e finance company and them saying ‘yep all good’.
I get where to the keeper is coming from, the money could bounce or never make it then he has an issue ok his hands.
I’m hoping a contract does the job but maybe the keeper is t actually legally allowed to sign the contract as it would breach his contract with VW who will want money cleared.
Help!
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