Buying a Car privately that is still under finance
Hi, I'm wanting to buy a car that is still under vehicle finance. I wil be paying cash. Can someone who has done this before tell me how you go about doing this?
OK I'm sure this question has been asked before but the webpage with all the car's questions won't let me access it and answers i've found have been vague.
I have found a car I want to buy that is being sold privately. I have a letter of no objection from my employer and sufficient cash in hand to make the purchase so I don't need finance. The Car is currently under vehicle finance and my understanding is that to buy this car the owner and I need to go to a used car showroom and they will act as a mediator between Me, the Owner and his Finance Provider to transfer ownership of the car. Would I also be corrrect in assuming this will also require a trip to the traffic division after the car showroom has done his thing?
Can someone who has done this before please provide some additional information?
Thanks. :o)
When I bought my car, the guy paid my money to the bank to clear the loan, then the bank issues some sort of no-objection letter. then u need to take it to the traffic dept to transfer the ownership.
BUT, be VERY CAREFUL. Some ppl will take u on a ride after the money is paid to clear the loan. In my case, I had to run after & keep calling the guy for a week before he found time to do the ownership transfer. You MUST ensure that he allows you to take the car after u pay the money to clear the loan. The bank takes a day or two to clear. then only can u go to the traffic dept for change of ownership.
check classifieds regularly........