buying a car with finance

[tommy060289]

hey, as some of you will know ive been looking at swapping to a zs td lately and thought I had found a perfect one!

Anyway, I found one at a car super market called car shop megastore which is a pretty big firm, 4 stores, 1000's of cars.

Was gna o down at the weekend to look but have just HPI checked the car and found out it has out standing finance so basically what should I do now The person I spoke to at the car company claims that the money that is used for buying the car would be used to pay off any outstanding finance but what garuntee would I have of this and is there any way to find out how much is owed.

Also, can someone explain this to me because im a little confused. The car is 7500 so would the company basically use that money to pay off the finance and keep the rest in profit as the person said something about selling on behalf of other people but wasn't really sure what he meant.

anyone got any experiance with these people?

Cheers,

Tom

[al_roverMG]

Well if the car has finance registered against it then it remains the finance companies property until all finance is settled. Unlike a personal loan where by the company has no claim against the car with finance they have every right to claim the car even if it is sold on. By purchasing the car you also purchase the finance unless you have a contract to say they will take full responsibility for the finance repayment. You also need to check with the finance company that this is acceptable. Personally unless you get the ok from the finance company then i would steer well clear.

you could play them with this to get a better deal get the finance company number and phone them
pay them the excesss or take over the finance option and pay the excess to the compny selling the car . you are sure the car has know finance then and try and cut cut the profit down a bit......
might work and save a few pennys