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Paul77

Buying a car with outstanding finance

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I'm looking for a 1-2 years old Toyota and so far all the cars I've checked have outstanding finances. I've phoned two sellers to clarify that and one (Ford dealer) told me that since it's not a Ford they will need a few days to clear it, and the other (just a normal VAT registered trader) told me that they have their own "funding scheme" which is why it's being shown like that. Both assured me that it will be cleared if I buy the car.

Should I trust them? I feel a bit uncomfortable buying any of these... 

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Don't trust anything with outstanding finance. You might get a letter shortly after buying one (I have seen one recently) threatening to sue you, the finance company will have access to the new keeper's details from the DVLA.

What if the dealer goes bust during the process in which it is supposed to settle the finance?

 

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Look on Autotrader. When I was looking a few months ago, they seemed to ha e the most cars which were finance cleared. Good choice of make. I finally bought a RAV4 new with massive discount. 

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Dunno if auction houses would vet this sort of thing, check the BCA website and you might even get a decent deal too, especially if you are looking on dealer forecourts which will probably be quite pricey, relatively. Motorpoint also worth a look, depending on the model.

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