Hi all,
Hoping some of you guys can impart your wisdom here. I went to see/test drive a car tonight, BMW 530d Sport. When it got to the price i managed to get him to knock £650 of the price and we were both happy. Then, he says most of the money was to pay off outstanding finance and he showed me the settlement figure from Northridge Finance. We discussed various scenarios, i.e., i pay it direct to make sure its paid and he gets the balance of the purchase price, or he was going to ask his in-laws to settle in advance and then i pay him. Its all very confusing. Does anybody know how quickly finance companies update the hpi registers, as i would be happy to buy when i know the hpi is settled.
Any thoughts?
Thanks,
Tags
Advice needed on buying a car that has outstanding finance.
Speak to and pay the finance company direct
Gazza.
Gazza.
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M CoupeThats one option Gaz, but then i have paid a large amount of cash to a finance company and dont yet have the car, so from the time i pay to the time i collect the car, what if he smashes it? he disappears? many other unthinkables?
For all I know, he could be a professional conman.
They always say"if you are not sure, walk away", but i like the damn thing.
Tags
For all I know, he could be a professional conman.
They always say"if you are not sure, walk away", but i like the damn thing.
Tags
Maybe get him to settle using his in-laws money then speak to the finance company to check
Gazza.
Gazza.
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M Coupe
When I bought my Zed, the lady owner had outstanding finance owing to BMW where she's bought the car new. I got confirmation of the amount from BMW and paid them directly which was most of the price we'd agreed, maybe £2K less, so when that cleared and I received confirmation, I then collected the car and paid the remainder to the lady. At the end of the day an element of trust and risk comes into thiss type of transaction and you have to use your own judgement about it - i.e. check all documents, go to their house, make sure that it's actually their house, see what kind of life they have/person they appear to be, etc!
The only safe bet would be to ask them to clear the finance before you pay for it - but if they can't then your options are:
a) walk away
b) pay them all the money and count on them to pay off the finance - risk here is if they don't, the finance company will chase you.
c) pay off the finance company and then collect the car - risk here as you mentioned is they may smash it, disappear, etc!
If you choose option C, one thing you can do is ensure between the time you put a deposit down and you pay off the finance company and return to pick up the car (which will take probably 7-10 days dependant on how you pay them off), that the car is not driven, i.e. ask them not to drive it and make a note of the mileage, etc and make sure its written in a deposit receipt, that if driven, you can knock further off the price or if damaged that deal is off and they pay you back. All's a bit risk, hence why you need to use your own judgement and make a decision based on what you see/know about the owner!
Good luck!
The only safe bet would be to ask them to clear the finance before you pay for it - but if they can't then your options are:
a) walk away
b) pay them all the money and count on them to pay off the finance - risk here is if they don't, the finance company will chase you.
c) pay off the finance company and then collect the car - risk here as you mentioned is they may smash it, disappear, etc!
If you choose option C, one thing you can do is ensure between the time you put a deposit down and you pay off the finance company and return to pick up the car (which will take probably 7-10 days dependant on how you pay them off), that the car is not driven, i.e. ask them not to drive it and make a note of the mileage, etc and make sure its written in a deposit receipt, that if driven, you can knock further off the price or if damaged that deal is off and they pay you back. All's a bit risk, hence why you need to use your own judgement and make a decision based on what you see/know about the owner!
Good luck!
You'd have to be mad to pay somebody elses finance off. Get him to settle his debt or walk away, there's plenty of fish in the sea as they say.
Use the Search button before posting newbie questions about hard tops and fitting kits, footwell speaker amps, water in the boot, hood maintainance and those horrific angel eyes. We get like 10 threads a week on the same subject, it's obvious that you haven't searched.
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Justin Time
- Joined: Thu 22 Jun, 2006 20:34
- Posts: 2183
- Location: Kent
could using the ability of credit card anti fraud policy, work? ie: if the remainder of the balance owed is payed off via credit card along with cash for the remainder (having been charged to the card), wouldn't the credit suppliers be liable if the seller doesnt hand over the goods? you refuse to pay the credit company as you didnt recieve the goods
BMW Z3 2.0L Velvet Blue Individual Edition
You have no contract with the financing company, so what he does with the money is not your concern.
Once you have possesion of the car and it is in your name, the financing company can not touch it, it is yours not theirs.
Pay him but not before you get the v5 slip!
But then again I am not a lawyer....
Once you have possesion of the car and it is in your name, the financing company can not touch it, it is yours not theirs.
Pay him but not before you get the v5 slip!
But then again I am not a lawyer....
I must be slightly mad then!estocks wrote:You'd have to be mad to pay somebody elses finance off. Get him to settle his debt or walk away, there's plenty of fish in the sea as they say.
but it worked! Like I said it's risky, hence why you need sound judgement! There's alot of these situations, because the seller can get more for the car selling it privately than returning it to the finance company and they obviously can't pay the remainder off, so they look to sell to clear the debt and also have a little bit of money left for themselves, doesn't mean it can't work!
Nope - AFAIK, Finance company can chase you then for the money and if you don't pay up, they can take the car away!bluejay wrote:You have no contract with the financing company, so what he does with the money is not your concern.
Once you have possesion of the car and it is in your name, the financing company can not touch it, it is yours not theirs.
Pay him but not before you get the v5 slip!
But then again I am not a lawyer....
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The Colonel
- Joined: Sat 16 Jun, 2007 17:53
- Posts: 166
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- Location: London
That's right. Until all outstanding monies are paid, it is their car. Title does not pass until all outstanding monies are paid, and even then it isn't an automatic transfer (remember, this is a financial institution we are talking about - they want the interest) and can take a few days or a week before the "borrower" actually owns the vehicle.BimBeema wrote:Nope - AFAIK, Finance company can chase you then for the money and if you don't pay up, they can take the car away!
Until he has a letter in his hands stating that the finanace company no longer holds any interest in the vehicle, I'd keep well away.
Defo get his in-laws to pay off he finance 1st...he will then get a letter of settlement from the finance company confirming the car is paid off this will overide any hpi until their records are updated...also check direct with the finance company that the car is paid up....would imagine 530's are not hard to come by tho' ???Might be worth looking for something a little less complicated?
I think i found a solution and if this is not acceptable to the seller then i think i will be walking away. I spoke to the finance company and they have legal title and rights to the car until the hp is settled. I dont want to give him the cash to settle it in case he doesnt settle it. I dont want to settle it for him in case he disappears with the car. Ideally, he should witness me write a cheque to the finance company and let me take the car, but from his point of view what if i stop the cheque. The solution i have come up with is to get a bankers draft for the settlement amount payable to the finance company and him witness me post it. Neither of us can stop that and he shouldnt have any problem with me taking the car. If that scenario isnt acceptable i will keep looking.
Thanks for your input guys.
Tags
Thanks for your input guys.
Tags
The one and only time I have bought a car privately I met the owner at my bank.
He had brought details of the outstanding finance etc.
We rang his Finance Company from the bank (having previously made them aware of the situation) and arranged for an electronic transfer of funds which he witnessed and then handed over the documents, keys and car.
If I remember correctly the bank charged me £9.00 for this service.
He had brought details of the outstanding finance etc.
We rang his Finance Company from the bank (having previously made them aware of the situation) and arranged for an electronic transfer of funds which he witnessed and then handed over the documents, keys and car.
If I remember correctly the bank charged me £9.00 for this service.
BMWCC Central Region Secretary
Space Grey E92 335d SE Coupe
Space Grey E92 335d SE Coupe
I can remember some years ago purchasing a Fiat X19 privately. The vendor told me that there was no outstanding finance on the car. After about a month's ownership I was involved in an accident and made a claim against my insurance.
The insurance company initially refused to settle as it transpired there was outstanding finance. I contacted the vendor and it seems thatt there was some mix up with the bank on the final payment. It all got sorted in the end and in fact the insurers paid more than I purchased the car for but for a while it was a bit scary.
The insurance company initially refused to settle as it transpired there was outstanding finance. I contacted the vendor and it seems thatt there was some mix up with the bank on the final payment. It all got sorted in the end and in fact the insurers paid more than I purchased the car for but for a while it was a bit scary.
tags wrote:I think i found a solution and if this is not acceptable to the seller then i think i will be walking away. I spoke to the finance company and they have legal title and rights to the car until the hp is settled. I dont want to give him the cash to settle it in case he doesnt settle it. I dont want to settle it for him in case he disappears with the car. Ideally, he should witness me write a cheque to the finance company and let me take the car, but from his point of view what if i stop the cheque. The solution i have come up with is to get a bankers draft for the settlement amount payable to the finance company and him witness me post it. Neither of us can stop that and he shouldnt have any problem with me taking the car. If that scenario isnt acceptable i will keep looking.
Thanks for your input guys.
Tags
Sorry, but I think you'll find that even Bankers Drafts can be stopped. If I remember correctly, there was a guy on the BMWCC website forum who told the tale of how he was conned with a Bankers Draft. It was stopped after his car was gone.
I would advise extreme caution.
Sapphire black/Imola red and black interior/ red roof/ S54 - the only RHD one made.
"The only time you have too much fuel is when you're on fire."
"The only time you have too much fuel is when you're on fire."
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The Colonel
- Joined: Sat 16 Jun, 2007 17:53
- Posts: 166
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- Location: London
Yes, of course, but that is a worry for the seller, not the buyer in this case...unless he is so criminally inclined.The Navigator wrote:Sorry, but I think you'll find that even Bankers Drafts can be stopped. If I remember correctly, there was a guy on the BMWCC website forum who told the tale of how he was conned with a Bankers Draft. It was stopped after his car was gone.
I would advise extreme caution.
Isn't it a shame that we live in a world where all trust seems to have evapourated away? We have here two people, probably completely trustworthy, yet a simple transaction is fraught due to "what might happen".
Shame.
Hes ringing me later. I think i am going to go with Gimlets suggestion, he can come to my bank with all the paperwork and car, i pay by chaps to his finance companies bank using his agreement number. Should take 3 or 4 days to become hpi clear, but then its all done and he has to do the legwork to get to me. Its been doing my head in all day now and thats my final thought. It will be up to him then.
Thanks for all your input.
Tags
Thanks for all your input.
Tags
The best solution I think and the safest. If he doesn't like the idea you can walk knowing the deal has a bad smell.
Gazza.
Gazza.
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M CoupeJust to bring closure to this episode. We have decided, i will be picking the car up tonight and giving him the cash difference. He is trusting me to make the Chaps payment on Monday. Of course I am going to make the payment but at least i have the peace of mind now.
Phew!!!
Was it worth it all?
2001 BMW 530d Sport
Tiptronic Auto
DSC
PDC f & r
Rain sensors
Xenons
Angel Eyes
Electric roof
electric memory seats
electric adjusting steering wheel
cruise control
auto dim mirrors
Dual climate control with Air-Con
sat nav
tv
background lighting
auxilary heating
Communications pack with Telephone
Full black leather interior
6 disc cd
On Board computer
12 months MOT
6 months Tax
Front discs and pads replaced beginning of the week
New Turbo last month
Dont worry, I am keeping the ///M, its my diesel Laguna that I am getting rid of.
Tags
Phew!!!
Was it worth it all?
2001 BMW 530d Sport
Tiptronic Auto
DSC
PDC f & r
Rain sensors
Xenons
Angel Eyes
Electric roof
electric memory seats
electric adjusting steering wheel
cruise control
auto dim mirrors
Dual climate control with Air-Con
sat nav
tv
background lighting
auxilary heating
Communications pack with Telephone
Full black leather interior
6 disc cd
On Board computer
12 months MOT
6 months Tax
Front discs and pads replaced beginning of the week
New Turbo last month
Dont worry, I am keeping the ///M, its my diesel Laguna that I am getting rid of.
Tags
You could have got one with some extras
When is it booked in for a remap?
Gazza.
When is it booked in for a remap?
Gazza.
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M Coupe I know Gaz, plenty of toys in there for me to play with. Standard its 193bhp but with a re-map it will be 225bhp. Don't know if i'll be getting any mods like that done for a while though. Its quick enough as it is, 0-60 in 8secs. Economy wise 40-ish to the gallon, but it'll drink like a petrol if your heavy with the right foot.I agree on the trust thing and the suggestion was his, so we're both happy.
All smiles from me
Tags
It sounds like a lovely car, enjoy.
What colour?
If I were to need a family saloon that is the car I'd be looking at or a 535d
What colour?
If I were to need a family saloon that is the car I'd be looking at or a 535d
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M Coupe
Budget didnt stretch to new shape Stu. I would have loved the new shape, but maybe next time. Just got home now so will be looking forward to playing in it tomorrow. I used the satnav to bring me home but the interface is very dated. Does anybody know if there are updates / newer versions. I am off to research it anyway.
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Straight_Six
- Joined: Mon 08 Jan, 2007 21:38
- Posts: 474
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Well Leigh, i think things through and then when the time comes for me to get what i want, and when something turns up I go for it. Its a big beast and can go from 0-60 in 8 secs compared to 5.3 in the ///M and the 5 is a diesel auto so its some good going.
I'll show it to you next time I am over stokey way.
Tags
I'll show it to you next time I am over stokey way.
Tags
Ask David M how 'slow' a 530d Auto is compared to a Z4M, after our champagne weekend
Tags, the chip is worth it's weight in gold. Better economy and much better performance. No brainer for me, so when I picked the 5 up (after having the 3 done some time ago), it went straight from the BMW dealer to the Superchips agent!
Tags, the chip is worth it's weight in gold. Better economy and much better performance. No brainer for me, so when I picked the 5 up (after having the 3 done some time ago), it went straight from the BMW dealer to the Superchips agent!
someone in a minority once wrote:I know I'm in a minority
I can testify to how quick Stu's 530d is, We were in convoy to a Gaydon meet and the thing flies 
Get it chipped Tags
Gazza.
Get it chipped Tags
Gazza.
Gazza
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster, BMW Z1, BMW M3 CSL, Z4M Coupe
"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"
Z3 S54 M roadster
, BMW Z1, BMW M3 CSL, Z4M Coupe
