Can anyone provide any guidance on buying a used car with outstanding finance? I’m looking to buy a used Y from a private seller but the car is still on a PCP. The seller seems totally genuine and I have no concerns that I’ll be ripped off, but I’m unsure of the process.
He's proposing that once he has my payment he’ll immediately clear the finance by an on line payment to the finance Co with me observing.
But what happens next? I’m assuming that the car is currently technically owned by the finance company and that they have the V5. So if the seller clears the balance they’ll presumably then issue the V5 in his name, which then means he’ll need to then transfer it to me. I’m guessing all this could take weeks.
Does that sound right? And how do I insure the vehicle while all this happens?
Or have I got it all wrong?
He's proposing that once he has my payment he’ll immediately clear the finance by an on line payment to the finance Co with me observing.
But what happens next? I’m assuming that the car is currently technically owned by the finance company and that they have the V5. So if the seller clears the balance they’ll presumably then issue the V5 in his name, which then means he’ll need to then transfer it to me. I’m guessing all this could take weeks.
Does that sound right? And how do I insure the vehicle while all this happens?
Or have I got it all wrong?