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Thread: Buying a car on finance

  1. #1
    Join Date
    Apr 2012
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    Default Buying a car on finance

    Hi I'm purchasing a car off some one and paying the remainder of the finance value in mid may when I go to collect the car tomorrow will the current owner have the v5 document or will the finance company have the form? Is there anything else I need to do as for the finance? Thanks Ben

  2. #2
    Join Date
    Jul 2011
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    962

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    If it's on straightforward hire purchase, the guy you're buying it from will probably be the registered keeper and have the V5 but he is not the owner - the finance company is. His HP agreement will almost certainly forbid him from 'selling' the vehicle.

    If it's on a lease or some other plan then he may not have the V5.

  3. #3
    Join Date
    Sep 2007
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    Scotland
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    Welcome to the site Benji23, might be a good idea to have a HPI check on the car before you buy it. They cost around 3 but a small amount to give you peace of mind, knowing your car is legit.

  4. #4
    Join Date
    Apr 2012
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    3,062

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    This would certainly make me wary. If the seller isn't the owner then he can't transfer ownership to you. If subsequently, someone like a finance company claim ownership, then they can take the car away, and all you can do is go through the civil courts to try to get your money back from the guy you gave it to - good luck with that.

    I have a direct aquaintance with this: A driver who worked for me turned up one day in a new (2nd hand) car that he was very proud of and told us all what a bargain it was. A month later a finance company towed it away and he was left paying off a 3 year bank loan for a car he no longer had. The guy he bought it off did a runner with his money and the police said sorry - civil matter.

  5. #5
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    Sep 2007
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    Quote..."The guy he bought it off did a runner with his money and the police said sorry - civil matter."

    If that bloke had sold the car, knowing there was finance on it, that would be fraud surely?

  6. #6
    Join Date
    Apr 2012
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    2

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    Hi all, thanks for your advice I did a HPI check and phoned finance company, I got the car transfered free to my name and have to pay the remainder of the lease by mid may,

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