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 ☺️
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What is the best way to buy a caravan which has outstanding finance on it ?
- Thread starter Bard Rooney
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- outstanding finance
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.
😁
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.
😁
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.
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.
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!
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 for this advice, I particularly like the email receipt idea. Looks like we can get the caravan after all ☺️ Thanks again, Bernarde.
You’re absolutely right John, thanks for helping 😊 Bernarde
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.
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Thanks Buckman, we are going to go down the route similar to your second suggestion so hopefully everyone will be happy. Thanks again, Bernarde.
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.
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
Moderator
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 😁
Lovely !! ☺️
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.
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.
