Hello,
A friend of mine has seen and agreed a price on a BMW 3 series Touring.
There are two issues (possibly not but neither or my friend have had to settle finance before)
1) The car is 150 miles away
2) There is outstanding finace... this was known from the start
We understand that whatever price is agreed the buyer pays the finance and gives any balance to the PO.
We are trying to find a balancxe between convenience and security. I'm interested in how (if any of you have) people have dealt withg it before.
Currently his opitions are...
Transfer the money, jump on a train, meet bloke and hope the money ahs gone through. (Should be ok if timing is correct)
Transfer the money on afriday, meet the bloke Sat Am
Option A) involves a day off work.
Option B) Involves the bloke potentially getting teh finace cleared long before we're anywhere near him.
We are both suree that the adress for the PO is cosher because we spent about an hour and half inside chatting with him and his wife, so in that respect we're reasonbly sure the guy is above board.
We've also spoken to BMW finance and have seen the paperwork.
The HPI check is fine also.
What would the various FM'er do/suggest?
TIA, and sorry for the long post :)
JaB
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I had a similar situation once and I got the seller to get a settlement figure from the fiance company. I then went to collect the car, phoned the finance company and paid them off with my debit card over the phone and gave the remaming cash to the seller.
He was happy as he got the cash, I was happy as I knew finance had been paid off.
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Ta,
I dunno if this is an option, I'll get my mate to ask the question.
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Depending on the exact nature of the finance the car may not even be his to sell, until the finance is cleared. Watch out!
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Yes, we've checked all that out.
That's why we've been talking to BMW finance. They'll issue us a certificate when they get the money.
Debit card idea was good but they can't take a debit card from punters only sales agents at dealerships....
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Debit card idea was good but they can't take a debit card from punters only sales agents at dealerships....
That's balmy. I've twice recently cleared the finance by calling them directly and paying on a debit card (not BMW though).
Will they accept a cheque in the post - probably will.
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BMW won't take system, a debit card from a punter apparently.
Anyway.. the money will be transfered via chaps takes about 2 hours, they'll have to make small talk for a couple of hours....
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But a cheque takes time to clear. And he'll wait for the car. In the meantime when finance settled seller could "do something else" with the car. Sure this seller is honest but you have to be careful.
Why bother with this car with the complexities? There must be many more out there. It's a common BMW at the end of the day. It's not as if it's a more rare Mondeo ;-)
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If the seller is with you in a local bank when you do a chaps transfer to BMW finance then he can hand over the keys and documents. There's no way, once it's sent that it can be retracted.
--
I read often, only post occasionally
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