Buying a car with finance on it

[JohnH]

I looked at a pretty tasty car tonight and have put in an offer subject to getting it checked out.

Anyway the car has finance owing on it, the owner was straight up and had no problem telling me. I am wondering what do I need to make sure the owner does so I'm 100% in the clear and don't have to worry about his outstanding finance etc?

Thanks
John

[DoktorB]

I looked at a pretty tasty car tonight and have put in an offer subject to getting it checked out.

Anyway the car has finance owing on it, the owner was straight up and had no problem telling me. I am wondering what do I need to make sure the owner does so I'm 100% in the clear and don't have to worry about his outstanding finance etc?

Thanks
John

Get them to get the settlement figure from the finance company and then you deal directly with them to clear whats owed on the finance afaik.

If the car is worth more than what is owed then you pay the seller the difference directly on top of clearing the finance.

AFIAK the deal is done between you and the finance company.

[JohnH]

Thanks John, he owes about half the value of the car.
I'll get onto him tomorrow so.

[kceire]

On a previous car I bought which finance was owed I done the following.
Got seller to get a settlement figure in writing.
In my case it was through PTSB.
I went to my local PTSB with the seller and paid the finance off, holding onto the receipt.
Gave the seller the balance.
Drove home in shiney new car

I think I may have had to call the finance house just before going the bank to get their AC and NSC details and simply put the loan ref. number in the subject field when doing the transfer.