Is buying a car with finance on it dodgy?

I want to buy a car through a private sale, but the car still has finance on it. The seller says he will pay the balance of finance as soon he gets the money from the car sale? If he didn't though, would I be liable for the finance payments as the new car owner?

Is buying a car with finance on it dodgy?
I agree with what has been Stated above from all ....





But ...


If the price seems real good and you decide to do the deal...


Be aware ...





NEVER give the cash over to the person ! Tell them you want to pay the Note holder (lender) yourself and you want the Title work all signed the same day you PAY for the Car or Truck...





Never take over payments, Never except someone else's Word that all they need to do is Pay someone and get back to you...





Check the car over .... And have someone check it out with you , if you don't know cars.





Good Luck....
Reply:It's not a problem, but you must do things correctly to cover yourself.


The seller should get a settlement figure from the finance company, and if you want to complete the purchase, I suggest that you meet the seller, look over the settlement figure in writing, then you send a cheque to the finance company %26amp; pay the balance to the seller. You'll then be certain that the money has been paid %26amp; the car's legally yours.


Just make sure that the cheque is yours %26amp; you physically post it yourself - preferably by recorded delivery.
Reply:Now don't just take my word for this, double check it out yourself.


I bought a car cash from a feller that was asking £2000, I got him down to £1K and smelled a rat. His first asking price was reasonable, when he dropped 50% it looked a bit weird.


I double checked his paper work, his ID etc, handed him the cash , he wanted cash, I got a receipt and had his car and paperwork , I re registered it in my name.


About a month later I had a call at the door , repo men! I confirmed I had bought the car and showed them the receipt.


They asked if I had bought the car, they told me their was no problem for me, but there was HP outstanding and they would get it back from the feller that owed it, they couldnt touch the car, I had bought it.


This has been quite some time ago, the law may have changed, double check!!
Reply:If the car has finance on it, it is owned by the finance company until the debt is cleared. In the eyes of the law, the 'seller' does not own the car.





It is illegal for them to sell the car, without paying back the finance FIRST.





Don't touch it with a bargepole - you will get burned...
Reply:The finance has to be clear before he can sell it to you. You will never get the amount of money from the sale of a car to pay the finance off because of the deprecation off the value of the said car. the person that take out the finance is responsible for paying it of.
Reply:You won't be liable for they payments, you will be liable to lose the car. It belongs in law to the finance company, no matter what is on the registration document, and they are quite within their rights to repossess it.
Reply:More likely, the buyer will scarper with your money, and the finance company will repossess your car. Let him pay off the finance first, before even considering parting with your hard earned cash.
Reply:i wouldn't bother, when you have this feeling of what you are feeling when you wrote this question, just move on, its safer