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11th June 2008, 12:50
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#1
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Saxperience Hardcore!
Join Date: Feb 2005
Posts: 29,674
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Finance....
Helleow.
Guy from work wants to buy my car. We have come to a deal but hes worried.....
Hes currently got an MG with outstanding finance. He seems to think finance is to his name and not the car. is this true? He said the law changed recently meaning the money is owed by him not the car?
That correct?
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11th June 2008, 12:57
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#2
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Saxperience Addict
Join Date: Nov 2006
Location: Blackburn
Posts: 12,035
Car(s): GTI/VTS/VXR/S-line
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my finance is in my name not the car. if he wants rid he will need to get a settlement figure.
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2007 A3 / Phantom black / TDI / Sline / 170 BHP and 256 Torques
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11th June 2008, 12:57
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#3
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Saxperience Hardcore!
Join Date: Mar 2006
Location: Gym
Posts: 15,228
Car(s): 172 Cup
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Hire purchase is on the car
Finance is to the person
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11th June 2008, 12:59
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#4
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Saxperience Post Whore
Join Date: Jun 2006
Location: Wank
Posts: 6,039
Car(s): Golf
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You thinkin of buying a MG?
Sure its on the car mate.
Do Rover / MG have a helpline or something you could ring? I'd say nip down the dealers but since they went bang.......
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Ruddy.........
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11th June 2008, 13:00
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#5
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Saxperience Hardcore!
Join Date: Mar 2006
Location: Gym
Posts: 15,228
Car(s): 172 Cup
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Most things rover/mg go bang ruddy... especially headgaskets
I want a TF 
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11th June 2008, 13:00
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#6
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Saxperience Addict
Join Date: Nov 2006
Location: Blackburn
Posts: 12,035
Car(s): GTI/VTS/VXR/S-line
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when you buy a car on finance the finance isnt with rover/MG its with a finance company who buy the car from them, then you pay them back
__________________
2007 A3 / Phantom black / TDI / Sline / 170 BHP and 256 Torques
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11th June 2008, 13:01
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#7
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Saxperience Hardcore!
Join Date: Feb 2005
Posts: 29,674
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No i aint buying the MG.
He wanting to know if he can sell the car ok then buy mine.
I will be carless for a month or so till i save upski.
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11th June 2008, 13:02
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#8
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Saxperience Post Whore
Join Date: Mar 2003
Location: United Kingdom (England)
Posts: 7,064
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My advice would be for the other person to look at his finance agreement to see exact what it entails!
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Stu QIf in doubt, just repeat the answer to the question....
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11th June 2008, 13:02
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#9
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Saxperience Addict
Join Date: Nov 2006
Location: Blackburn
Posts: 12,035
Car(s): GTI/VTS/VXR/S-line
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he can sell the car. but he will have to settle the finance straight away.
__________________
2007 A3 / Phantom black / TDI / Sline / 170 BHP and 256 Torques
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11th June 2008, 13:07
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#10
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Saxperience Hardcore!
Join Date: Feb 2005
Posts: 29,674
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Hes finally digged out the number. Hes ringing them now.
Hope its a small settlement figure so he can buy it lol
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11th June 2008, 13:08
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#11
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Central South
Join Date: Feb 2005
Location: Haywards Heath
Posts: 9,844
Car(s): Fiesta STripes
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If his finance is from his bank it will be a loan, so not in his name.
If it is hire purchase or automotive finance it is secured on the car
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Peugeot 106 | Fiat Punto | Saxo VTS | Zetec S | Clio 197 | Clio 182 | Saxo VTR 1| Fiesta ST | Saxo VTR 2| Saxo VTR 3| Mk 6 Fiesta ST | Mk 7 Fiesta ST3 1 | Mk 7 Fiesta ST3 2 | Mk 8 Fiesta ST PE with a Mk 6 Fiesta ST500 and a Mk 6 Fiesta ST150 "Nemo, Bessie and Stripes" Insta: @nemo_mk8_st
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11th June 2008, 13:10
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#12
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Established Member
Join Date: Apr 2008
Location: Northampton
Posts: 1,386
Car(s): MK4Golf1.6SE,BMWE30Sport,
KDX125,FZR400RRSP1
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Quote:
Originally Posted by Mikey
when you buy a car on finance the finance isnt with rover/MG its with a finance company who buy the car from them, then you pay them back
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So, in other words if he doesn't keep up the payments then the finance company will want the car to sell on and make back their money. If your not having the car off him and it's just the money you'll be fine, but don't have the car off him cos you might get stung!!
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11th June 2008, 13:10
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#13
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Established Member
Join Date: Jul 2006
Location: Gloucester
Posts: 1,232
Car(s): Black Ibiza fR
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hes suposed to sort out all the money with the finance company, however if he sold the car... chances are the finance company would claim the car back from the new owner to get the money they are owed... (if the finance isnt paid off)
If someone does a check on the car it will show outstanding finance and will put off buyers anyway, unless he sells it to a unlucky sole  .
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11th June 2008, 13:10
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#14
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Saxperience Hardcore!
Join Date: Mar 2006
Location: Gym
Posts: 15,228
Car(s): 172 Cup
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Quote:
Originally Posted by MikeCracknell
If his finance is from his bank it will be a loan, so not in his name.
If it is hire purchase or automotive finance it is secured on the car
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What Tupps said imo
What's the replacement then Leck?
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11th June 2008, 13:12
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#15
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Saxperience Post Whore
Join Date: Jan 2006
Posts: 9,363
Car(s): Focus ST
& 206 GTI180
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Quote:
Originally Posted by Mikey
he can sell the car. but he will have to settle the finance straight away.
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yep ^ 
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11th June 2008, 13:15
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#16
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Saxperience Hardcore!
Join Date: Apr 2006
Location: Ashford
Posts: 25,611
Car(s): LY R26
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...still buying a Clio Leck?
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11th June 2008, 13:18
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#17
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Saxperience Hardcore!
Join Date: Mar 2006
Location: Gym
Posts: 15,228
Car(s): 172 Cup
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Told me he wanted a Kia
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11th June 2008, 13:18
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#18
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Saxperience Hardcore!
Join Date: Feb 2005
Posts: 29,674
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I was going to PM you Karl...lol
Turns out his settlement figure is a little high. Hes got a shit credit rating so doesnt think he can get a loan.
Fucked off. My hard pushy sales hasnt worked. Well it has but...meh
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11th June 2008, 13:21
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#19
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Saxperience Hardcore!
Join Date: Apr 2006
Location: Ashford
Posts: 25,611
Car(s): LY R26
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Here we have lovely Saxo VTR,
never driven hard everywhere in 2nd...
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11th June 2008, 13:22
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#20
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Saxperience Hardcore!
Join Date: Mar 2006
Location: Gym
Posts: 15,228
Car(s): 172 Cup
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Whack it on pistonheads mate, no harm in seeing what interest you get
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