What is the best way to buy a caravan which has outstanding finance on it ?

[Bard Rooney]

Hello all and I hope you can help me with this one. We agreed yesterday to buy a caravan from a private seller. When the deal was struck the guy told us that there was finance still on it and that he would clear it when we gave him the balance ( we paid a very small deposit of £200 ). Can anyone offer advice how to do this, for example do we ask for a settlement figure from the HP company and issue a bank draft payable to them and then give the residual balance directly to the seller ? Any help would be greatly appreciated because we don’t want to miss out on the caravan. Thanks ☺️

 

[Fraseb01]

Hi,
I previously done this with a car, what i did was,got the seller and he phoned up the finance company and got a settlement figure and i paid that over the phone , finance company sent an email to me confirming my payment and all was clear on the vehicle.

I then gave the seller the difference for the sale in cash . All very quick and everyone happy.

Hope this helps.

😁

 

[Jcloughie]

Welcome Bard. FraseB01‘s plan seems a good one to me. If the seller does not want to play ball perhaps that’s when alarm bells might ring.

John

 

[ProfJohnL]

Normally the advice is to steer clear of goods with any outstanding finance on them, becasue with most finance deals the property owned by the finance company until the finance has been fully settled.

At least in this case the keeper has told you of the finance situation, and if you deal with the finance house and clear the debt then you have a very clear view of the situation.

As others have said, if the keeper starts to object to you doing it this way then that's an alarm bell - get your deposit back and walk away.

 

[Buckman]

When we sold our Lunar in 2010 it had outstanding finance on it. We contacted the finance house, told them we were selling privately and confirmed that we would be liable for any outstanding amounts. We requested their acceptance in writing.
The buyer was shown the letter and they did not have an issue and paid us in full which was over £10k in cash. We paid it into our account and paid off the balance of about £2500.
Everyone happy.
Another suggestion is that the seller contacts the finance house in your presence, gets the settlement figure, you pay it with a debit card to finance house and the pay balance to seller. Everyone happy!

 

[Bard Rooney]

Hi,
I previously done this with a car, what i did was,got the seller and he phoned up the finance company and got a settlement figure and i paid that over the phone , finance company sent an email to me confirming my payment and all was clear on the vehicle.

I then gave the seller the difference for the sale in cash . All very quick and everyone happy.

Hope this helps.

😁

Thanks for this advice, I particularly like the email receipt idea. Looks like we can get the caravan after all ☺️ Thanks again, Bernarde.

 

[Bard Rooney]

Welcome Bard. FraseB01‘s plan seems a good one to me. If the seller does not want to play ball perhaps that’s when alarm bells might ring.

John

You’re absolutely right John, thanks for helping 😊 Bernarde

 

[JezzerB]

F you pay the finance a all fine otherwise walk away. V dodgy. Do not leave with the caravan and outstanding finance else you could end up paying twice. We sols a car to webuyanycar that we owed on. They paid it in front of my eyes and gave me the difference.

 

[Bard Rooney]

Normally the advice is to steer clear of goods with any outstanding finance on them, becasue with most finance deals the property owned by the finance company until the finance has been fully settled.

At least in this case the keeper has told you of the finance situation, and if you deal with the finance house and clear the debt then you have a very clear view of the situation.

As others have said, if the keeper starts to object to you doing it this way then that's an alarm bell - get your deposit back and walk away.

Exactly. We’ve now been in touch with the vendor and have agreed do a 3rd party settlement directly over the phone with Black Horse when we go to pick it up. Thanks for helping me out, Bernarde.

 

[Bard Rooney]

I

When we sold our Lunar in 2010 it had outstanding finance on it. We contacted the finance house, told them we were selling privately and confirmed that we would be liable for any outstanding amounts. We requested their acceptance in writing.
The buyer was shown the letter and they did not have an issue and paid us in full which was over £10k in cash. We paid it into our account and paid off the balance of about £2500.
Everyone happy.
Another suggestion is that the seller contacts the finance house in your presence, gets the settlement figure, you pay it with a debit card to finance house and the pay balance to seller. Everyone happy!

Thanks Buckman, we are going to go down the route similar to your second suggestion so hopefully everyone will be happy. Thanks again, Bernarde.

 

[Bard Rooney]

F you pay the finance a all fine otherwise walk away. V dodgy. Do not leave with the caravan and outstanding finance else you could end up paying twice. We sols a car to webuyanycar that we owed on. They paid it in front of my eyes and gave me the difference.

We have now spoken to the vendor and we’re going to do a 3rd party settlement with the finance company over the phone with us all present so all good. Thanks for the advice, Bernarde.

 

[JezzerB]

Good move-sounds genuine-hope it all goes well and you love your van like we love ours. Sat here in it listening to the rain as i type!

 

[Bard Rooney]

Good move-sounds genuine-hope it all goes well and you love your van like we love ours. Sat here in it listening to the rain as i type!

Cheers JezzerB, hopefully we’re going to pick it up tomorrow afternoon 🤞🏻 I’m so jealous 😆 I love the sound of rain on the caravan roof !! Bernarde

 

[otherclive]

Cheers JezzerB, hopefully we’re going to pick it up tomorrow afternoon 🤞🏻 I’m so jealous 😆 I love the sound of rain on the caravan roof !! Bernarde

Its also nice when the wind against the awning rocks you to sleep.

 

[Parksy]

Cheers JezzerB, hopefully we’re going to pick it up tomorrow afternoon 🤞🏻 I’m so jealous 😆 I love the sound of rain on the caravan roof !! Bernarde

Please let us know how you get on with your new caravan.
When are you going on your first outing?
We're off on Saturday for a week in Somerset.
We also like the sound of rain on the caravan roof, but we are happy to do without it next week 😁

 

[Bard Rooney]

Its also nice when the wind against the awning rocks you to sleep.

Lovely !! ☺️

 

[Bard Rooney]

Please let us know how you get on with your new caravan.
When are you going on your first outing?
We're off on Saturday for a week in Somerset.
We also like the sound of rain on the caravan roof, but we are happy to do without it next week 😁

I will of course. We are not booked to go away until August so fingers crossed everything goes ok. I hope you have a fabulous time away, Bernarde.

 

[Beehpee]

I like the sound of the rain but only after 10pm

 

[Bard Rooney]

I like the sound of the rain but only after 10pm

😂

 

[Bard Rooney]

Please let us know how you get on with your new caravan.
When are you going on your first outing?
We're off on Saturday for a week in Somerset.
We also like the sound of rain on the caravan roof, but we are happy to do without it next week 😁

Just to let you know we picked up our new caravan today ( well, new to us 😆 ) and it all went brilliantly. So thanks to everyone for all your help and advice and we even managed a glass of vino collapso 🍷to celebrate and a few games of cards with the children in her. Thanks again, Bernarde.

 

[Parksy]

That's what we like to see, start as you mean to go on.
Cheers! 🥂🍾

 

[Fraseb01]

Glad to hear, let the fun begin 👍👍👍👍

 

[Buckman]

Thanks for updating us and hope you have many happy holidays away in your new caravan.

 

[Beachball]

I hope you enjoy your new caravan and plenty of hols lined up this where the funs start

 

[Dustydog]

Enjoy your first trip away Bernarde.
Any plans yet?
In the unlikely event something goes wrong or you are unsure, please ask on here. Plenty of clever people who know most of the answers. Trust you found a good insurer too for your new baby😃😃