It's me again, still on the hunt for a new caravan. So I've found a caravan I really like. It's a 2011 model but the owner has finance outstanding on it & was upfront about this. How can we go about doing a deal? I've told her I obviously won't hand over cash with finance outstanding. I mean she could keep the money & not pay the finance once I've taken the van. I'm expecting you all to say walk away but I really like it & it's a good price.
Yea I wouldn't be stupid enough to hand the cash over. I've told the seller I wouldn't do this & they said they wouldn't expect me to until the finance is paid. Why put a van up for sale before it's sorted though???
I've told the seller I wouldn't do this & they said they wouldn't expect me to until the finance is paid. Why put a van up for sale before it's sorted though???
reading between the lines they may need your money to pay it off.
------------- the only silly question is the one you do not ask.
I suppose it depends on what type of finance they have. If its a finance company then they own the van until paid, similar to car finance.. If its a Bank loan its possible they got the loan with no strings attached to the actual caravan???
My info might be out of date, been 20+ years since I required finance to buy car or caravan.
------------- It is a wise man who has something to say.
It is a fool who has to say something.
Hi thanks for replies. The lady said her partner was going to ring up the finance company tonight to find out how much they owe. They have been paying £160pm for 18 months & borrowed 5k so without the interest on top they would owe a bit over 2k still so not horrendous. I'm sure they could put that on a credit card (that's if they have a good credit rating)
I've told her I'm in no hurry & just seeing what end of season bargains are out there & am happy to wait a few wks for her to sort it. It's a 2011 sprite lifestyle fixed bed 6 berth. I've haggled her down to 10k. It has 2 awnings (full sized & porch) & comes with the aqua roll n waste. What do you think? Sound like a good deal?
P.s Michael I thought that too initially.
Its in that link, get it in writing from the finance co. how much is owed then write one cheque to finance co. one cheque to seller for the balance, write out a reciept for you both to sign to that effect, job done.
Agree with whats been said, all good advice. You will no doubt be aware that seller will not part with the caravan until cheque clears.
Just make sure the seller is 100% legit before you write that cheque as the seller will still have the van for a couple of days after that.
Not trying to spoil it for you,its just not your average straight forward sale, you are dealing with two different parties.
Am sure all will go well if you decide to go ahead.
------------- It is a wise man who has something to say.
It is a fool who has to say something.
I was just going to say, once they've got a settlement figure why can't you pay the finance off over the phone and then pay them the balance then you'll know it's been paid.
Yea we could do but they are 2.5hrs away from us so I'd rather they sort it out their end first, then we can go with the view to buy it there & then if all is ok. I know hubby will not make 2 trips to view it, pay the finance off & then have to go back again.
You go to their place during working hours for a finance company. You ring their finance company in front of them and explain what your trying to achieve. They will not speak to you due to client confidentiality but you then put the other people on the phone to clear this up. At that point the finance company will give you a final balance and ask them where this needs to be paid into. They will give you the account details so you can make a BACS transfer at a local bank. You go to the local bank with the other people and stand with them at the counter whilst they ask for the money to be transferred to the details that the credit company gave you..
You pay the BACS payment which will cost you any from £12 TO £30 AND THEY MUST AGREE TO DEDUCT this amount from the price of the van. The payment is instant and you keep the receipt. Pay them the balance after deducting the BACS costs and the payment costs.
I did similar when I bought my caravan. There was 9k outstanding which nearly matched the asking price. The seller rang the finance company with me present, handed the phone over to me and I paid on debit card. You will be confident there is no outstanding debt left on it.
Just one thing I thought of (there was a scam programme on today which made me think of it). Make sure that the company being phoned is really the loan company by perhaps Googling the company name and ringing the number listed. It would be all too easy for the owner to have a friend on the other end of the line. Being cynical obviously but you can't be too careful with a big purchase.
Quote: Originally posted by JaniceHope on 25/10/2013
Just one thing I thought of (there was a scam programme on today which made me think of it). Make sure that the company being phoned is really the loan company by perhaps Googling the company name and ringing the number listed. It would be all too easy for the owner to have a friend on the other end of the line. Being cynical obviously but you can't be too careful with a big purchase.
Totally agree, so many scammers out there who are experts at appearing normal honest people. Fortunately most folks are normal and honest but buyer beware.
There such no such thing as "Its can't go wrong"
------------- It is a wise man who has something to say.
It is a fool who has to say something.
Quote: Originally posted by bigbrood on 24/10/2013
It's me again, still on the hunt for a new caravan. So I've found a caravan I really like. It's a 2011 model but the owner has finance outstanding on it & was upfront about this. How can we go about doing a deal? I've told her I obviously won't hand over cash with finance outstanding. I mean she could keep the money & not pay the finance once I've taken the van. I'm expecting you all to say walk away but I really like it & it's a good price.
We have sold caravans with outstanding finance without any problems. We have notified the finance company that we intend to sell and that we are liable for all outstanding payments. We also ask for a letter to state that the finance company is agreeable to the arrangement. Buyer is advised of outstanding finance and they pay cash directly into the finance company's account and the balance to us. Every one happy!
As a seller never let the buyer pay the finance company by credit or debit card as the can recall the transaction and you are left out of pocket.