What's the deal with buying a used car privately, that is on finance?

For example, private owner selling for 100k down and 10k p/m for 36 months.

1) Upon agreeing to buy it do all of you go to the finance company, pay the down in cash to the owner and they sign over everything there with the finance company, so upon completion of the payments the finance company give it and the blue book etc. to the new owner?

2) Also do the finance company require the financial investigation of the new owner the same as they would if they were buying a new car and applied for finance with them?

Thanks.

#2 of course!

#2 of course!

Is that from personal experience?

#2 of course!

Is that from personal experience?

yes - think about it from the finance company point of you. If the original owner is no longer going to be financial responsible for the vehicle payments, the new owner to be will have to be approved by them.

That's Western logic.

Not automatically transferable to here.

That's Western logic.

Not automatically transferable to here.

Ok mate, all I can do is say what I know having gone through it.

If you don't believe please do go try for yourself and report back. Better yet, just call the finance company holding the finance on the vehicle you hope to transfer the finance from and ask the question directly. Perhaps you will get the answer you seek.

... double post

Edited March 10, 201412 yr by bkkjames