that has the vehicle on PCP.

 

The seller says the PCP ends in March but is selling it now private.

 

If I pay cash say tomorrow, I still don't own the car until the PCP contract is clear which could take much longer.

 

thanks

 

 

Don,  is the seller allowed to SELL the car yet?

Depending on the wording of the PCP contract, things could be iffy.

As you state, you are paying cash BUT, you don't own the car.

Tell him to settle the finance then you will buy it.

Don't do what he's asking.

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Don,  is the seller allowed to SELL the car yet?

Depending on the wording of the PCP contract, things could be iffy.

As you state, you are paying cash BUT, you don't own the car.

Thanks, I have asked the seller and await answer.

The seller might be the Registered Keeper now but does not own the car if Finance is outstanding, so can not sell it.

They do not own it!

So if they do pay off and are flipping it for the profit fair enough, but only once they own it.

Edited 24 January, 201610 yr by GoneOffskiroottoot

The seller says he can settle it on demand with 1 days notice and would take a small deposit to ensure the buyer is genuine following which he will settle PCP before remaining funds are paid over. The PCP is through the vehicles original supplying VW garage. It is just approaching 3 years old.

How small a deposit is "small"? Hopefully the seller is genuine but I would say don't hand over more than you are prepared to lose if it all goes wrong. As a gesture of good faith I would say no more than £100 - if you lose £100 it would be annoying but not worth having to think about tracking the seller down, courts etc. and from the seller's perspective £100 tax-free isn't bad recompense for the time spent on a deal that didn't work out.

 

But if the seller isn't happy with that and wants a lot more as the deposit on a car he doesn't yet own - think very carefully.

 

If I pay cash say tomorrow

 

By "cash" do you mean a cheque or folding money? If the seller doesn't own the car yet and wants folding money rather than a cheque then I'm afraid I'd start to get a bit concerned and walk away. Just a thought, if you could pay the balance by bank transfer to the seller's account it's possible your bank could do a check to make sure it is a genuine account rather than one set up to just to take your money and forward it on to another. You can only ask. Sorry, I'm sounding a bit paranoid but when its several thousand pounds and the fact you've posted here suggests you already have some concerns of your own it's better to be safe than sorry. Hope it all works out OK.

All good comments and thanks. I am viewing it later so eye to eye contact. 

Strong smell of haddock in the air....

He will  have 2 payments plus the balloon payment to pay or any arrears  then the car will be his. He can phone vwfs and ask for a final figure then pay there and then 

Edited 24 January, 201610 yr by skoda1982

Get him to phone the finance company on loud speaker while you are there and pay it off over the phone or if he pays it, then pay him.

It's not his to sell, He has to apply to the finance co who then work out how much is left to pay and how much interest they would lose for paying it off early. They issue a Certificate when its all settled up. Wait till he has paid it! If he defaults then you will lose.    

You can just go to a Public Car Auction and buy very similar cars at End of Lease,

or

maybe ex Motability Ones that have had Full Dealer Services, Warranty Work carried out before Motability Finance received them back at a Main Dealer, and have a MOT done before they are 3 years old.

(some less than 3 year old, and low mileage if returned early.)

BCA will have them.

You might be bidding against traders but still get a car less cash money than you might be paying for the Private Purchase.

http://www.british-car-auctions.co.uk/buy/Useful-information/Types-of-auction/Motability

Edited 24 January, 201610 yr by TeflonTom
post move, op request.

Or you can pay VWFS directly if you want.

Or you can pay VWFS directly if you want.

Oh yes,  from a PCP Expert.

 

You can sell the car but will need to settle the outstanding finance. If you are selling the car to a dealer, the dealer will settle the finance; if you are selling it privately, then the finance company may want your buyer to pay them directly rather than you settling with them.

 

I will, of course, be discussing/haggling the price so I am not sure how this would pan out.

 

It matters not because I would be seeking HARD, paper, proof of its payment.

 

If I can be totally honest here, I was going to buy a new or at least fairly new S/H Octavia BUT following a week or more of very poor response (approaching underhand) or attitude from various dealers I am going it alone hopefully with a private VW purchase. I prefer the stay within the VAG group after 16 years with an A4 and find more choice (value for money) in the VW Passat field.

Edited 24 January, 201610 yr by DonjSZ5

Or you can pay VWFS directly if you want.

 

I've done it this way before. You pay the outstanding balance and that way you know its settled. Really very simple.

It can all work if someone wants out of a Contract and that is just a good deal for you.

Known vehicle, cared for and never raced, rallied or used by a driving instructor.

 

Where the person at end of lease wants to pay the remainder to own the car getting it cheap and then get a quick profit selling on it all works.

Down to how good the deal really is for the person buying the ex lease vehicle.

Also obviously not getting stung along the way.

Update: Following payment of a small deposit after viewing, the seller emailed me the PCP termination notice from VWFS. I transferred the remaining funds by BACS, caught the train to the sellers local rail station, he picked me up, we sorted the paperwork and I drove home.

 

As the car has 2 months VW warranty remaining I contacted the VW servicing centre to inform them I am the new owner.

 

While I have the comprehensive information pack provided by the owner (it has £5K of optional extras fitted) I asked the service centre for a full production line specification, as built. Within an hour I had a 4 page FULL spec on the vehicle...you can't beat that for service.

 

Had my local Octavia dealers been honerable to an existing Skoda x 2 owner and more flexible on prices I would have had a new Octavia Estate.

 

So, instead of spending £15 to £20k on that I now have a lovely in almost new condition, full VW service history, 2013 VW Passat Bluemotion Estate whose full as built spec with all the options was £33k...for £12k

 

Edited 28 January, 201610 yr by DonjSZ5

Super.

So was it never about buying a Yeti, just posted in the Yeti Section.

Super.

So was it never about buying a Yeti, just posted in the Yeti Section.

I started out looking at a S/H Yeti, then moved to Octavia Estate and ended up VW because of the lack of availability for the Octy spec I wanted and responses to enquiries. Plus this VW was local and immediately available, was cheaper and with all I wanted + more.

 

...Just a thought, if you could pay the balance by bank transfer to the seller's account it's possible your bank could do a check to make sure it is a genuine account rather than one set up to just to take your money and forward it on to another. You can only ask....

 

 

 

 

Just a couple of points on the position of bank accounts:

 

Any account will be "genuine", the banks have to jump through a lot of hoops before opening accounts. But that doesn't mean an account can't or won't be opened and used by crooks.

 

These days almost all the banks won't/don't offer to do credit checks/financial references for personal customers. The branches just don't have the staff or procedures these days to do it.

 

From the other side of the transaction, a seller shouldn't let a car go on the strength of a "Building Society" cheque. They can be cancelled/stopped just like an ordinary cheque.

^^^^^ in Australia transfer amounts $A10,000 or more are 'reported' to someone such as tax office/social security/internal bank security.

Definitely don't touch it until you have proof the finance has been settled and even then I'd run a check on the car. I once spent a day with an internet warrior who was armed with his copy of What Car and it's recommended 'price to buy'. He tried to part ex a Fiesta (or some such) and wanted crazy money for it. After several hours we came to a deal and he went off with a look of the conqueror of a small nation. I then ran an HPI on his car and found out that the part ex was a write-off! - it had been sunk by the previous lady owner, but more importantly, there was still outstanding HP on the car (PCP is an HP agreement too). We called him and his superior attitude back in and explained that we couldn't go through with the deal. Turns out he didn't know of the write-off or the outstanding finance and obviously looked panicked as it dawned on him that his current car didn't even belong to him. We felt sorry for him by the time he left.