buying a van

Discussion in 'Motorhome Chat' started by walburga, Nov 5, 2009.

  1. walburga

    walburga Funster

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    Going to look at a Hymer this w/e. If it's as described we'll make an offer. The owner has told me that he owes finance on the van. He said if I agree to buy it he will get a settlement figure from the finance company. I split the sale price between settling his loan, and the remainder going to him. How would that work ?
    It's a lot of money, and I don't want anything to go wrong. Has anyone been here before, done that, etc. ?
    What should I be doing ?
    Would an HPI check give me any more detail other than a finance co has money owing on it, for instance how much and by who ?

    thanks

    Allen
     
  2. pappajohn

    pappajohn Funster Life Member

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    be interesting to read the replies as mine may soon have to go and it also is on finance.
     
  3. hilldweller

    hilldweller Funster Life Member

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    Very well I would think. A finance company must have good title to the vehicle so you aren't guessing and hoping HPI are right. I can't see a finance company making the mistake of financing one already on finance.

    If you see a statement from the finance company and even contact them then it's only a matter of being sure you can agree on how to pay and take possession. That's not trivial, he needs to see your cheques don't bounce and you need to be sure he doesn't do a runner with your vehicle.
     
  4. davejen

    davejen Funster

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    Hi, Allen I think the hpi check will tell you that there is a finance agreement but not what is owing, ask the seller to get a settlement figure from the finance co in writing and go from there. If necessary make yor cheque out to the finance company for the amount and send it yourself after drawing up details of the transaction signed by BOTH parties.
    Good luck, Dave.
    ps let me know if you get it so we can come for a nosey!
     
  5. ourcampersbeentrashed

    ourcampersbeentrashed Funster

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    Be very careful.

    If you decide to purchase, contact the finance company yourself and YOU pay them what is outstanding then give him the balance. You can do this by going to the bank with the seller but ensure you get the details of what account etc to pay it into from the Finance Company yourself.

    Good luck
     
  6. Johns_Cross_Motorhomes

    Johns_Cross_Motorhomes Trader - Motorhome & Accessory Sales

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    Keep a copy of the Finance settlement letter and get the finance companies Bank details.

    Pay the seller an amount less settlement and then go to the Bank and pay the balance into the Finance companies account.

    Do not the seller settle the outstanding amount.

    Peter
     
  7. haganap

    haganap Funster Life Member

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    It would not bother me one bit,
    After all dealers have to do this all the time.
     
  8. Blisters

    Blisters Read Only Funster

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    Sounds like you've set your heart on having this van, don,t think the finance thing would put me off buying it. but as most of the others have said deal direct with the fiance company,

    Having never had any dealing,s with a finance company, I wouldn't have a clue how it all works, but this sort of thing must crop up all the time

    my concern would be if you settle the finance, and then he doesn't sell you the van, I assume you buy the van first for the agreed fee less the outstanding finance, and only after you have the title docs and the keys, do you settle the finance

    I of course have the other problem, as a seller I have to be sure the funds are good before releasing the van

    Good luck
     
  9. wasp

    wasp Funster

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    Usually if you are looking at a vehicle with outstanding finance you pay the full asking price of the said vehicle to the finance company and they deduct the outstanding amount and pass on the surplus to the seller. you need to be absolutely sure and contact the finance company.:thumb::thumb::thumb::thumb:
     
  10. lorger

    lorger Funster

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    Hi Allen

    When we bought ours the seller was up front and told us from the start that he owed money on it so we agree a price he then phoned his finance company and told them i would be calling he gave them a password to use and also gave it to finance company when i picked up mh i paid him the difference in cash and paid the finance company the rest just make sure you dont pay off the finance company before you get van as you may have just paid off his van and doesnt hand it over before i went i went to my bank and informed them what i was going to do and when i was at sellers house i phoned my bank who then did a transfer to the finance company (cant remember but think they charged me about £20) seller then phoned finance company who confirmed payment. i also did a hpi check as this doesnt just tell you if it owes finance but if its had any insureance claims made against it so when you go to have a look as to see the log book and check all the numbers on it to the numbers on the van i wouldnt let it put me off just make sure you do it right and if you have any doubt walk away.
    Good luck
    Gerry
    P.S
    If it helps his finance company was blackhorse so if thats your sellers then they were really helpful with me.
     
  11. gixermark

    gixermark Read Only Funster

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    Don't worry Allen .........:Rofl1:!

    I sold my Kia Sorento to a guy in the Isle of White in 07, my wife sold her Citroen C2 to a couple from Cornwall in 08 and July just gone I sold my GSX-R 1000 to a lad from Wrexham ......... all were purchased via HP finance.:Blush:

    On each occasion the buyer was present when I contacted the finance company, monies were either paid via Visa Debit or for the Sorento, the gent paid on his credit card !!!! They were each given a reference code ( same as the one I was given ) and assured 100% the finance was paid off by the said company involved. Previous to all visits by buyers, I had contacted the various finance companies and asked for a written settlement figure which arrived a few days later, this was then shown upfront to the buyer.

    As long as the seller is upfront and honest with you, can show you settlement figures etc and allow you to speak to the finance company in their presence, there won't be any problems.:thumb:

    Lets be honest, unless you are buying from a dealer ( and even then a purchase can go t**s up ) few people owning newer M/Homes will have been fortunate enough to have paid cash up front and will have part purchased via finance ......... :Eeek: :shout: :BigGrin:
     
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