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sacimiddx
Member Since: 09 Mar 2007
Location: hants
Posts: 2144
  
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| Private purchase, paying off finance advice please |
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I am privately purchasing an XS for around 27k with roughly 20k of land rover finance outstanding
The seller is not paying off the finance in advance
which is the best way to proceed in protecting both buyer and seller ? Illegitimi Non Carborundum
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 27th Aug 2014 9:12 am |
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anjo14
Member Since: 27 Apr 2012
Location: Lanarkshire
Posts: 562
  
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Legally the vehicle still belongs to the finance company until original owners pays off the remainder of the finance. Be warned as many people have lost there vehicles from buying privately with finance not paid off.
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| 27th Aug 2014 9:35 am |
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JonM
Member Since: 24 May 2012
Location: North Yorkshire
Posts: 1244
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I would think that you should contact the finance company and they will probably insist that you pay them for the car then they would give the "change" to the seller.
Don't pay the seller the full amount. If he doesn't pay off the finance, the car is still owned by the finance company and they can take it away. MY2022 D5 HSE D300 - with extra nice bits added
MY2019 D5 HSE 3.0 SDV6 - sold to a dealer for a crazy price! - So good I bought another!
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| 27th Aug 2014 9:43 am |
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cheddarwards
Member Since: 07 Aug 2006
Location: Somerset
Posts: 169
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The person you are purchasing from should raise you an invoice for the vehicle for £27000 & on that invoice it should state please pay Land Rover Financial Services Ltd the sum of £20000 against agreement number XXXX in full & final settlement, and balance due of £7000 to Mr X. You should then be given a copy of the most recent settlement figure from Land Rover Finance & you personally pay the money into LR's account to clear their interest. The remaining 7k payed to the seller will then transfer title of the vehicle to you.
It is a little messy as Land Rover will not deal directly with you due to Data Protection (including confirming the settlement figure), they will however confirm that they have no further interest in the vehicle once the settlement figure has been paid.
This process is done all the time & you should not be put off - you do need to ensure that you follow the procedure above though.
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| 27th Aug 2014 11:22 am |
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dubbs
Member Since: 18 Apr 2012
Location: Gloucestershire
Posts: 3626
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I did this with my FFRR although I was the seller.
I authorised the buyer to speak with the finance company and it was all arranged so he did a CHAPS immediate payment to them, which, once I had confirmation on email and via phone that they had received funds he could then take the car. MY15 DIY Black Pack (Better than factory and half the price!)
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| 27th Aug 2014 11:58 am |
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Dave T
Member Since: 03 Jul 2009
Location: Glasgow
Posts: 6903
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When I sold a BMW I had the settlement figure and the buyer and I went to a bank and paid the money. Joined the BMWX5 45e group
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| 27th Aug 2014 12:17 pm |
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Grunders
Member Since: 30 Apr 2011
Location: Manchester
Posts: 2302
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dubbs wrote:I did this with my FFRR although I was the seller.
I authorised the buyer to speak with the finance company and it was all arranged so he did a CHAPS immediate payment to them, which, once I had confirmation on email and via phone that they had received funds he could then take the car.
This is what i did with my D3, we both went to the bank with all the detials and the finance company confirmed they'd recieved payment. One i had this i released the car, If it ain't broke... Take it apart anyway, how else you gonna find out how it works
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| 27th Aug 2014 5:08 pm |
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GLYNNE
Member Since: 06 Oct 2006
Location: KENT
Posts: 4666
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| Re: Private purchase, paying off finance advice please |
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sacimiddx wrote:I am privately purchasing an XS for around 27k with roughly 20k of land rover finance outstanding
The seller is not paying off the finance in advance
which is the best way to proceed in protecting both buyer and seller ?
 it's official Paul, you are worse than me 
You selling the GS on 
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| 27th Aug 2014 5:19 pm |
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sacimiddx
Member Since: 09 Mar 2007
Location: hants
Posts: 2144
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make me an offer Glynne
I know you love a buy back
its a 73k and its been one of my favourite Discos
thanks for the responses, it seems that the finance company will only accept money from the person with whom the agreement is with - money laundering apparently Illegitimi Non Carborundum
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| 27th Aug 2014 7:14 pm |
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Traindriverrob
Member Since: 27 May 2014
Location: Pencoed
Posts: 44
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I had this with a caravan I bought from
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| 27th Aug 2014 7:59 pm |
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GLYNNE
Member Since: 06 Oct 2006
Location: KENT
Posts: 4666
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Paul, it sounds as though it fitted the gap perfectly, which is what you intended it to do
My Nemo is not used anymore and hasn't been for a while now, so that will be going up for sale very soon 
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| 27th Aug 2014 8:34 pm |
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NoDo$h
Member Since: 02 May 2006
Location: Finding new and exciting ways to milk badgers.
Posts: 19689
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sacimiddx wrote:make me an offer Glynne
I know you love a buy back
its a 73k and its been one of my favourite Discos
thanks for the responses, it seems that the finance company will only accept money from the person with whom the agreement is with - money laundering apparently
That is utter horlicks - up there with "sorry, data protection" and "elf n safety". Ring them again and keep repeating until you speak with a grown-up. I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
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| 27th Aug 2014 9:07 pm |
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