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  • Help with sale please...

    Hiya,

    As some of you know the time has come to sell the burg. I have a couple of buyers lined up but for a few of the interested parties (and one in particular)there are some 300+ miles between us, in fact, they couldn't be too much further away (Scotland to Bristol!)!

    I have been upfront with them and they know there is some finance outstanding on the car (over half the amount I am selling at) which I have already stated will be settled on sale. The problem is, after speaking to GMAC this afternoon, even if by paying by debit card, the payment will take 3 days to clear which presents a problem... I can't sell the car without it being all settled and finalised, I can't pay for it until the car is sold either.

    As I said, my prospective buyer lives some 300+ miles away and cannot pay two visits (one to check the car over and another to collect once paid for) due to this distance.... and obviously I wouldn't expect him to pay for the car until he's seen it and is happy with it.

    Any suggestions for a suitable solution? We both obviously want to protect our own interests...


  • #2
    Originally posted by pxx View Post
    Hiya,

    As some of you know the time has come to sell the burg. I have a couple of buyers lined up but for a few of the interested parties (and one in particular)there are some 300+ miles between us, in fact, they couldn't be too much further away (Scotland to Bristol!)!

    I have been upfront with them and they know there is some finance outstanding on the car (over half the amount I am selling at) which I have already stated will be settled on sale. The problem is, after speaking to GMAC this afternoon, even if by paying by debit card, the payment will take 3 days to clear which presents a problem... I can't sell the car without it being all settled and finalised, I can't pay for it until the car is sold either.

    As I said, my prospective buyer lives some 300+ miles away and cannot pay two visits (one to check the car over and another to collect once paid for) due to this distance.... and obviously I wouldn't expect him to pay for the car until he's seen it and is happy with it.

    Any suggestions for a suitable solution? We both obviously want to protect our own interests...

    FIRSTLY really and truly you cant really sell the car because until the final payment has been made it still belongs to the finance company.

    suggestion...get the geezer to leave you a holding deposit...or get him to pay in full on a cheque, give him an invoice and photocopy of log book...and clearly write a reciept for him (fully explaining the terms and conditions)
    then use one of them transporter firms that deliver the cars around the UK for auction houses........(THEY only charge about a £100)..or borrow the money off a mate, pay the balance to hp firm and get them to email you confirmation of ownership ..then draw the new owners money and hey presto!! all done

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    • #3
      Very difficult situation to be honest. trust might be the big factor in terms or doing the deal. I do agree with the above comment that you can't realy sell the car till its paid off.

      Rabbid Tuned - WG Motorworks
      www.wgmotorworks.co.uk

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      • #4
        i had the same problem when i sold my type r 3 years ago but he paid cash i gave him all the details to the finance company when he had given me the money it had to be put in the bank so i could write a cheque to then pay off the finance which took two weeks in total i then rang the buyer of my car to let him know the finance had been cleared he then called the finance company to confirm this which they did as long as there is a bit of trust between you both you shouldnt have any problems and odviously keep in touch with the finance company to let them know whats happening
        sigpic

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        • #5
          Originally posted by James_VXR View Post
          Very difficult situation to be honest. trust might be the big factor in terms or doing the deal. I do agree with the above comment that you can't realy sell the car till its paid off.
          you can sell the car as long as the finance is settled it should be in the small print but finance companys do differ so best to give them a ring
          sigpic

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          • #6
            I spoke to GMAC today to ensure I wasn't doing the wrong thing and they have told me that the finance needs to be paid and then the car can go... unfortunately I don't know any rich people to lend it me for a few days whilst it's changed over!! Of course, I know I am trustworth but for a stranger to know that, I understand the concerns and vice versa...

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            • #7
              i had the same problem when buying my arden astra before i bought my burg he owed £6000 on it and wanted me to pay in full before he settled the finance which was never going to happen so i left a £500 deposit he paid the finance of by credit card and then i paid once the finance was settled but if you cant do that you can get him to come veiw the car and if he is happy with it you can then get him to settle the finance there and then over the phone and give you the amount owing to you after paying the finance of this way he and you know it has been paid and there will be no probs
              sigpic
              ASTRA nurburgring mods; itg panel filter, white samco hoses, cruise control, remus

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