I'm no expert on cars, but we're looking for a runaround, and there's an interesting vehicle that still has outstanding finance.

- Finance company has the green (or blue) book.

- We'd be clearing the finance in cash, and paying the current 'owner' some cash.

Any gotchas I need to be concerned about here? My assumption is if the finance company still has the green book, the 'owner' cannot have used it as collateral for a loan - is that correct?

Anything else I nee to be checking?

Help much appreciated!
 

green = motorbike, blue = car

Make sure that the car never had a serious crash where frames/chassis are often not repaired. Happened to me, so no hearsay.

 

   He could have gotten a "private loan". you never know. Be careful. 

 

     

8 minutes ago, jenny2017 said:

Make sure that the car never had a serious crash where frames/chassis are often not repaired. Happened to me, so no hearsay.

 

   He could have gotten a "private loan". you never know. Be careful. 

 

     

Private loan would not be an issue for the buyer.

Watch for cars that have been flooded. 

Buyer beware. The protections and legal recourse that you may enjoy back home, may not be available here. I bought a used car and regretted it. I saved up and bought a new Toyota at a great dealership south of Jomtien. Good luck my friend 

Advice from my wife is:-

The finance company could make you wait upto 4 weeks for you to receive the blue book.

They may want to transfer your name (or partner's name) into the blue book themselves for which they will charge you.

The seller may have an inflated figure in mind based on what they have repaid to the finance company.

Add that to the finance company's figure to decide whether the car is worth it.

 

 

 

 

IMHO I would walk away. Plenty of vehicles out there. Dealing with finance companies is like swimming in a pool of piranhas. It depends on how hungry they are.

If the deal sounds too good to be true, it probably is.

Remember also, most finance will come with a penalty, if you paid off early. So make sure you figure that into the equation..

Personally, I'd go buy something without finance on it..

If it's just a runaround, plenty of options out there...

Quite simple really, no doubt done every day

 

So you agreed on a price

 

I was just in a similar situation where a car dealer bought mine with Finance on it

 

He gave me a certain amount & wrote out a bill of buying & he went down to the Finance company & paid it off

 

You need a bill of sale, owner should also have a copy of Blue book 

17 minutes ago, cornishcarlos said:

Remember also, most finance will come with a penalty, if you paid off early. So make sure you figure that into the equation..

Personally, I'd go buy something without finance on it..

If it's just a runaround, plenty of options out there...

No penalty at all. Worst case scenario is all interest has to be p[aid, so no discount for early repayment.

2 minutes ago, stevenl said:

No penalty at all. Worst case scenario is all interest has to be p[aid, so no discount for early repayment.

 

Ok, you have to pay a % of the interest that would have been paid over the full term..

Call that a penalty, call it interest, call it what you like..

Either way, the Op will have to pay over what is still owed on the car...

6 minutes ago, stevenl said:

No penalty at all. Worst case scenario is all interest has to be p[aid, so no discount for early repayment.

Infact it is 50% of the remaining interest if with car company ie; toyota

& all of the interest if with finance company (maybe loan shark companies - not know about other big end institutions )

 

But at the end of the day a figure is agreed on & buyer needs to check with finance company on the pay out figure quoted as part of the deal

 

He obviously isn't going to pay a fortune for the car

 

So if the car is worth 500,000 & payout figure is 300,000, the owner gets 200,000 

He isn't going to pay 600,000 due to any interest

My interest rate on Isuzu is 1/2 percent

First you get the guy to get a settlement figure printout from the bank as the norm is a minimum of 50% of the TOTAL interest for the loan period is payable.

 

Must admit I would not get involved with the ride..

As many have wrote already, a very simple procedure. I sold a car that was still under finance few years ago. The buyer and I agreed on a price. We went together to the finance company (kbank), they calculated the amount still owed to them. The buyer paid them their part and gave me the balance of the amount we agreed on. As it is always the seller's duty to transfer ownership, kbank got the buyer documents and signature and that was it