Ian_C Posted March 15, 2007 Report Share Posted March 15, 2007 [ QUOTE ] I'd heard lots of issues around forged bankers drafts and the fact that they can actually be cancelled by banks after the've been drawn. Just concerned that if I decide to go ahead with this purchase using a draft, that the guy insists on waiting for a few days to be sure the banks are happy that the funds are real. I assume I'm potentially in a whole world of hurt if something happens to the car between payment and taking away if he's already go the money. [/ QUOTE ] Yes, people do forge bankers drafts, but a legit draft is failsafe: you have paid your bank 12k, and the bank is paying him 12k. If you don't want to take cash (wise imo) and he insists it clears, don't be afraid to ask to see his driving licence and passport to compare with the V5. You want to make sure Mr Smith on the V5 really is the man you are buying from. Don't just accept the fact you are having a cup of tea in 1 Station Street as proof. Obviously you'd need to make up a receipt saying you exchanged money but not the car. If 'know' he really does live there, he ain't going to do a runner in the space of a week. Ian PS. 12k - early VX220 na 2.2 then? Link to comment Share on other sites More sharing options...
techieboy Posted March 15, 2007 Author Report Share Posted March 15, 2007 [ QUOTE ] PS. 12k - early VX220 na 2.2 then? [/ QUOTE ] C'est possible! I don't know to be honest. Budget is anywhere between £10k - £15k. Looked at a couple of 06 plate turbo’s, but they were probably too much money to just have sat around for the occasional thrashing they'd get. So I'm thinking a 52/03 plate 2.2 or an early turbo might be a bit more sensible. I'm trying to avoid rushing headlong into buying the first one I see within 100 miles and avoiding trips to places like Cardiff or Edinburgh. But it's hard.... Link to comment Share on other sites More sharing options...
330dcoupe Posted March 15, 2007 Report Share Posted March 15, 2007 The safest bet for me has always been a bank loan. Payments are easily tracked and you have a clear indication at all time of how much you are paying. One day all this baloon/final payment, down payment blah fekin blah will make some proper sense to me - but in the meantime - i'll stick my bank loans. IMO - if you buy the right car at the right price (taking in consideration depreciation at all times) then there is no better way of buying a car than a PERSONAL bank loan. You could buy a slow depreciating car, use it for two years and then sell it to settle your loan. Yes you may well pay a couple of months worth of interest but it's better than all the bullsh*t you have to put up with car finance. Link to comment Share on other sites More sharing options...
Ian_C Posted March 15, 2007 Report Share Posted March 15, 2007 Why not visit Palmer Bedford Autodrome for a thrash in one of theirs? Have two 'techie' contacts there who might be able to get some information if needed. Palmers probably cannot 'tailor' a drive and you certainly won't be allowed onto the road, but just a thought? If anything, they'll be able to hint at what goes wrong - what to look for. A couple of hundred might be well spent considering a Turbo would be 15k. Send Bazza a pm if you want his view - or get yourself down to Virginia Water to meet him for tales over a mixed grille. Ian Link to comment Share on other sites More sharing options...
techieboy Posted March 15, 2007 Author Report Share Posted March 15, 2007 I've got the cash sat in a bank account, so even less of a problem My problem is just what the best way to physically pay for the car is. Pretty sure the current owner won't let me pay for it in installments (although I haven't asked him) Link to comment Share on other sites More sharing options...
techieboy Posted March 15, 2007 Author Report Share Posted March 15, 2007 [ QUOTE ] Why not visit Palmer Bedford Autodrome for a thrash in one of theirs? Have two 'techie' contacts there who might be able to get some information if needed. Palmers probably cannot 'tailor' a drive and you certainly won't be allowed onto the road, but just a thought? If anything, they'll be able to hint at what goes wrong - what to look for. A couple of hundred might be well spent considering a Turbo would be 15k. Send Bazza a pm if you want his view - or get yourself down to Virginia Water to meet him for tales over a mixed grille. Ian [/ QUOTE ] I had thought about the PalmerSport option but I'm not sure how much more I'd get from going there pre-purchase (can see lots of point going there post-purchase though ) Bazza gave me some information, as did another current 2.2 owner on here. I've signed up on the VX owners forum and have got some really good information on pros/cons and things to look out for. Some of the members there have also offered me some rides. It's just trying to fit it all in whilst trying to preempt the increasing market scarcity of them with the improving weather. Should have cracked on when I voiced the idea at the last MK meet instead of shoving it on the back burner. Procrastination - story of my life! Link to comment Share on other sites More sharing options...
Booster Posted March 16, 2007 Report Share Posted March 16, 2007 [ QUOTE ] [ QUOTE ] I think you'd need to be careful about buying a car with outstanding finance. I'm not certain of the legal position, but I believe that a car on finance remains the property of the finance company until the debt is paid, and the "owner" doesn't have the right to sell it on. If the finance company chose to, they could take the car and leave you with nothing. Best to steer clear of cars on finance until the company confirms that they have no interest in it. [/ QUOTE ] Sorry I totally disagree, I don't think there is any problem buying a car with finance on it, in fact in some ways I prefer it, you got to the bank and make a draft out to the finance company to settle the agreement, and if it has finance on it you know that vehicle is then hpi clear, where as an hpi check could miss finance if a private plate has been removed/added recently. If you buy a car with finance outstanding with say BMW, they have to chase the customer for the outstanding debt, I don't think they can get your car unless it was obtained by deception. I am sure someone who is a dealer will fill us in on that? I think there is a lot of unecessary worry regarding comapnies taking your car away cause someone else borrowed money on it. Unless, the V5 is in the finance comapanies name. [/ QUOTE ] Gizze is correct To use his example, if a car is on finance with BMW finance and I respond to an advert and turn up, pay the bloke and drive away, I am an innocent party and the car is rightfully mine. BMW Finance will have to seek their money direct from their client through the County Court is necessary. If a dealer takes a car in p/x he is duty bound to settle the finance. So if you buy a car from a dealer and the dealer hasn't settled the finance there is no problem, the finance company will have to get their money from the dealer. There is one exception to this: If I turn up to buy a car and the bloke selling it is a friend / relation of the guy that the finance is in the name of and he sells me the car, the finance company can come and take the car. Just because the V5 is in the name of the person you are paying the car for it doesn't mean that the finance is in their name. It is ALWAYS best to get a HPI check and if it is on finance pay the finance company direct and the balance to the keeper. Link to comment Share on other sites More sharing options...
pontyslapper Posted March 16, 2007 Report Share Posted March 16, 2007 Why not have a very good mate 'hold' the cash a few streets away in his car and then appear when you call on your phone?? Done this in the past - worked like a treat. Link to comment Share on other sites More sharing options...
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