Buying a car with outstanding finance

Shooter1

Thanks all, I’ll ask him to send me copies of all o& the paperwork.

NinjaMonkeyUK

This has scam written all over it.  You're setting yourself up to lose £7,000.  Don't do it.

Shooter1

Not sure if I’m being dopey, but Where is the scam:

If in my company on my phone I phone the finance company, then on speakerphone, the seller confirms his details, the settlement amount and I pay £7000 and the seller pays £800.

I get a the seller to sign a receipt that states his name, address, car details and the amount I’ve paid.

Thanks all.

leamspaceman

Whenever anybody involved in a private purchase/sale says this... I'm immediately skeptical.

If and when problems arise they'll always be saying "I can't do anything until the weekend as I work away all week." So that's five days of every week they can't sort potential issues out whether their working away all week is genuine or not.

Greg Hook

That is one of the typical scammer excuses, sorry I work away all week.

Finance companies must have come across this sort of thing before, can't the seller phone them up and ask what needs to be done to be 100% correct?

Sloppy Bob

When you're on the phone to the finance company on his phone and they're telling it's fine, it's all free and clear.

How do you know who you're talking to?

Is the car registered at the address you're going to meet the seller?

safcalibur

You've got the very real potential of losing £7k here, I would walk away. As soon as you transfer the £7k into his account it's now his, if he decides not to pay the finance company off even in your presence what will you do? Also if you pay the finance company directly what's then to stop him selling the car?

I know both scenarios may seem a bit out there but remember you are the one who will be in unfamiliar territory and 4hrs from home. You have no idea what you are potentially walking into. There are all sorts of nasty situations that could crop up I'd be wary mate.

Just a little anecdote to share, something that happened to me and my dad a long while ago which sh*ts me up even today. We had a small newsagents and dad got an offer from someone to buy some cigarettes for cheap. We went along to a place we hadnt been before, as soon as we parked up two cars came and boxed our car in front and back. Immediately we knew something dodgy was up. Dad ended up paying can't remember how many thousands for the cigarettes but when we got home 95% of them were filled with foam. We were boxed in nowhere to go and I think at that point we realised something wasn't right, there were loads of these guys and they were big, very intimidating so my dad paid the money just to get of there alive.  

Please be careful mate.

ChuckMountain

What finance company is it?

The mainstream manufacturer ones are generally not open on a Sunday so not sure how you would ring them up and talk to them.

TheAdmiralCS

Just don't do it. Nothing else to say. Plenty more motors. Too many red flags here. Don't do it.

Did I mention: DON'T DO IT

xar

Mate of mine bought a BMW Z4 from a guy in a similar scenario. Great deal, last minute, at the weekend, paperwork always conveniently not ready. Had it 6 months and the real finance company appeared at the door to repossess the car. Turns out the 'finance company' he paid off at the time wasn't real. My mate also got cautioned by the police for buying stolen goods (as the seller effectively walked away from the real finance company).

I would avoid like the plague.