Bought a Mini

[simon]

Went and looked at a Mini today for Lorraine and ended up buying it
It's a 54 reg Cooper with chilli pack, half leather and aircon and has only done 8400 miles and has 15 months warranty left. It's a private sale so got it for £10700, which I thought was a pretty good price. Picking it up on Friday once I get the money sorted.
The only thing I'm unsure about is they quite openly told us it still has finance on it and that will be cleared once it's sold. I've never bought privately before so I'm not sure if that's normal and if there's any other way of doing it. Anyone got any advice?

[sliu82]

hey

I think the best way to do this is to phone up the finance company the day you collect the car when you are both there. you can clear the outstanding finance and pay the difference to the seller ie if the car had say £10000 left on finance, you can clear that and give the seller the £700. this is what my cousin did when he sold his car privately.

hope this helps

Simon

[alicrozier]

Sounds like a plan, either way I'd be 100% certain it was clear before completing the deal.

Guess it was in Dalgety Bay?

[simon]

Gonna be difficult as we won't be getting it until after 6pm
It was actually in Dunfermline a few streets away from my mate's house so I knew where I was going. Seems like a good buy tho

[renmure]

hey

I think the best way to do this is to phone up the finance company the day you collect the car when you are both there. you can clear the outstanding finance and pay the difference to the seller ie if the car had say £10000 left on finance, you can clear that and give the seller the £700. this is what my cousin did when he sold his car privately.

hope this helps

Simon

Yip. Wot he said!

Bear in mind that, depending on the type of finance agreement, the car wont belong to you till the finance is cleared.

Glad you took my advice about waving bundles of cash as a haggling method

Jim

[The_Rossatron]

Good stuff, I think the Mini is one of the few new hatches that don't feel bargey in any way.

[Cammy]

Went and looked at a Mini today for Lorraine and ended up buying it
It's a 54 reg Cooper with chilli pack, half leather and aircon and has only done 8400 miles and has 15 months warranty left. It's a private sale so got it for £10700, which I thought was a pretty good price. Picking it up on Friday once I get the money sorted.
The only thing I'm unsure about is they quite openly told us it still has finance on it and that will be cleared once it's sold. I've never bought privately before so I'm not sure if that's normal and if there's any other way of doing it. Anyone got any advice?

Simon,

Under no circumstances hand over the cash to this person on the assumption they will clear the finance. YOU clear the finance on the car and pay the difference to the seller. You MUST contact the finance company prior to purchasing the car and let them know the situation.
The other option is that the seller clears the finance BEFORE you hand over your hard earned and provides you with proof of settlement.
Remember the car will still be owned by the finance company and not you if the seller does not clear the finance.
I've had personal experience of badly burnt fingers on this subject

Cammy

[simon]

Cheers all.
We've been in touch with the seller and they are completely happy with us getting 2 bankers drafts made out. 1 will go to the finance company to settle the remaining finance, the other will be the remainder of the balance on the car and will go to them. They're going to find out the settlement figure tomorrow and get back to us. All sounds good to me

[mac]

or a nice red celica with no outstanding finance


Mac