If I have a car in the autotrader, and a dealer rings me, not far in distance away.
he says he has someone interested in my car.
he will valet the car (for free, if its not sold)
wants us to take it down there and leave for the day the person is coming to see the car.
but a few Q's...
how do I stand on legal ground?
is this legal?
what happens if he bumps it.
best way to get my money.
he says he is going to make the money from finance sold to other person
(my car will sell at 16K)
and he will make a really good amount of cash from their PX.
Im happy with doing this as long as we get cash in bank.
what else do i need to know?
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I can't see that there is anything illegal in what is being proposed but, is your car insured while on the dealer's premises and if anybody is going to test drive it who will be insuring it? It won't be the dealer as he doesn't own the car, I guess. Do a lot of checking before handing it over for 24 hours!
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who do I check with ?
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Is your car a rare model or something, because I can't see how the dealer has someone interested in it in theory, otherwise.
If it's not rare the punter can get one anywhere or look in Autotrader himself.
If the dealer has been around for a while and you don't hand over any docs until the deal goes through (as in any other deal) it sounds ok.
I'd be intrigued to hear how it goes.
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its not rare,but there are only 4 in the whole country being sold on autotrader at the moment.
and mine is the cheapest.
I thought 2nd hand market was crazy at the moment?
the punter I guess hasn't got a clue, and wants a car finance deal.
not a loan from bank.
thanks for the advice about not handing V5 or service docs over - good plan.
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Ask the dealer what the insurance cover is when the car in on his premises and check with your insurance if it is covered for a 3rd party to drive (it won't be!). It might be covered by dealers insurance if he puts trade plates on for a test drive, I think. This all sounds very dodgy!
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I'd be intrested to know what H J's advice would be. Has the "dealership" been around long? Are there premises, or just a "pitch" I think i'd pay a visit unannounced and "eyeball" the dealer and his premises.
Edited by maltrap on 18/04/2009 at 13:18
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It does sound like it could all be legitimate, if the guy who wants to buy the car needs finance and wants motor dealer back-up/warranty too, then he is unlikely to be checking the AutoTrader for a private deal. Especially given that there are only 4 advertised for sale in the country at the minute.
What about this dealer though? Have you heard of them, are they reputable?
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My guts say beware, because it doesn't sound like normal 'dealer' behaviour to me. But I suppose in the peculiar market we have just now, it may have a rationale. When we hear so many complaints about dealer apathy, what is this one up to? He won't do it unless it is well worth his while. Aren't you in effect just selling it to the dealer for cash? If not, why not?
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If he wants it he can buy it off you. That's how car sales work!
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ok, i have been on
web.archive.org
and it looks like they have been around since 2004.
they have always dealt with ferrari's, Maserati's, Lamborghini's, Aston Martin, Porsche.
so plenty of cash exchanging hands :-)
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A lot of the 'stock' at a garage dealing in this sort of stuff will be on sale or return, just left there by the owner to see if there's any interest, and other arrangements you won't usually find at a mainstream dealer.
The proposed arrangement for the OP's car is fairly routine for them.
As regards the buyer not dealing direct, sometimes very wealthy people want a cheaper car.
When I worked for the Renault garage, we once lent an R5 automatic to a Rolls Royce dealer.
Their customer wanted something small to leave at his London pad and had heard of Renault 5s.
But he wasn't the type of guy to deal directly with grubby car dealers, so he asked the Rolls agent to sort it for him.
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this used to be quite common amongst suzuki dealers in the early 90's
i had a 89 suzuki swift gti from new (oh the memories) and found out there was quite a demand for these but pre internet days the dealers had most of the buyers lined up, and they shifted a lot this kind of way
however i was offered enough just selling it direct to a dealer not make it not worth the hassle
so depends i guess
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Did it a couple of years back with a smart. Worked well as I got somewhere between trade and retail plus dealer got car to retail without tying up cash
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The only risk (assuming there is no scam going on) is that he may be slow giving you your money - and he may be bankrupt by then so you don't get the money.
How is he going to give you the money? I'd be standing there as the V5 is signed over, demanding CASH.
Actually, how is this going to work? Presumably you have to sign the V5 as well. So, perhaps the garage will get him to put down his deposit/pay for the car (as it is on finance, I can see this working), dealer will then buy car from you, and transfer it in the usual way.
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The V5 is a meaningless bit of paper - you can sign both parts as Mickey Mouse (I have tried!) and the DVLA are quite happy.
The dealer can sign it for the seller.
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