Buying a van / Outstanding Finance

[Stevie GooGs]

Hi I've put a deposit down on a VW T28 camper van and sold our car we are now about to pay for the van and the company we are buying from has suggested we pay the finance company directly, I've never bought a vehicle with outstanding finance.

Anyone got any experience in this, should i pay the finance company directly, what if i pay the company and they don't pay the finance company and so on? Ive now been told that the V5 is away with the DVLA as the conversion company did not register it as a camper van after the conversion.

I am meant to be collecting and paying the balance on Friday.
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Current: 2019 Yamaha T7 -> 2015 KTM Superduke R | 2000 Yamaha R1 Past -> 2009 KTM 990 SM -> 2005 kawasaki ZX10r -> 2000 Honda CBR 600 FY -> 2002 Honda XLV 125 Varadero
Bike Pics! -> My Photography Website

[Minty]

Personally I would walk away. Why has the dealer not settled the Finance? Is the previous owner of the camper still paying the monthly instalments?

Then asking you to sort it out?

No thanks.
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My fingers smell of your mum.

[Minty]

https://www.parkers.co.uk/cars/advice/selling/archive/buying-a-used-car-with-outstanding-finance/
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My fingers smell of your mum.

[Stevie GooGs]

Its a hire company and he has been paying he has given me the option of paying them directly or i can pay the company directly, was not sure what i was best to do.

Thanks for the link, they have sent me over the settlement figure below and its pretty much below what they recommended to do.

[Minty]

I am guessing comms with the finance company will only be initiated by the hire company then as they 'own' the current agreement (if they are making the payments). Maybe go there and sew up the deal on collection day.

Hire company calls finance company, passes over to you, you pay balance and request a letter confirmimg this and give your name and address and GET THE NAME of the person who has just taken payment. Then pay balance to hire company, take keys and leave with the vehicle. CHASE THE CONFIRMATION LETTER if not received from the finance company.

Still makes me wonder if the hire company has cash flow issues if it can't pay the finance in full. Is it a long established company?
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My fingers smell of your mum.

[Ste]

I'd pay the company you're buying it from once they've cleared the finance.

And I'd want them to have the V5 back from the DVLA before paying them anything.

Or, just as another option to consider, you could buy a van that doesn't have outstanding finance and that does have a V5.

[Rogerborg]

Given that the rental outfit can't even show that they're the keeper, let alone the outright owner, I'd be wanting my deceptively obtained deposit back until they have a V5C showing the correct details.

That said, it's likely legit and will come out in the wash, but if you do go ahead, I'd absolutely want to pay off the finance company directly.
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[Rogerborg]

[t121anf]

Having cleared finance on my own vehicles I'd prefer to pay the finance company and know it's done rather than get them to pay and potentially not pay it.

I'd also want to see a letter/statement for the finance company that shows the telephone number which I would google to backup prior to giving my card details out.

If this is a company I'd say being scammed via finance is unlikely but still protect yourself.

The V5C issue is a different thing, I'd have expected them to be in possession of it.

[jowettdriver]

On the subject of the V5 I'd definitely want to see it before parting with any moneys.

"The company who converted it didn't register it as a campervan" would have my arse twitching, what competent conversion company does not get the log book changed before handing the vehicle over? As it stands what you have is an extensively modified vehicle, still seen by DVLA as a commercial vehicle and a van that may cost a fortune to insure.

DVLA may also decide it doesn't like the application to change vehicle type and decline it, this is something that has been happening more and more in the last few years. I converted my own van and when I applied to DVLA I sent them a 7 page document full of supporting evidence to best ensure there were no issues.

It would appear from what I read on the self build forums that without that kind of information they are likely to decline the application particularly as I assume the application is not from the conversion company themselves.

I'm not saying that whoever has made the application has not done this but personally I'd want to see it before I handed over a penny.

Cheers

Tim.
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[Jayy]

When I was waiting to sell my R1 to a dealer a few months back, I literally watched the guy in front of me sell his Daytona and the owner of the bike shop logged in to Black Horse on his computer and settled the £4k finance outstanding on it right in front of him. Said it would take a few days to come through via letter from Black Horse but that was it, settled and done.

I would ask for the same, make the dealer settle finance in front of you, whilst telling them as soon as that's done, you have the cash ready to pay them.

[neatbik]

I've just (very) recently had my T4 changed to a 'Motor caravan' on the V5. I sent a brief covering letter and photo's to prove i had done what they require, took a week to come back - So it's not much bother really.

I would be thinking about why the hire company didn't do this straight away..
There seems to be a lot of chancers, con men and idiots these days running camper conversion and hire companies, my advice would be if you have any doubts then tread carefully. There are loads out there for sale, especially this time of year, don't be in any rush.

[Stevie GooGs]

Thanks very much for the comments really appreciated. The story is we have been looking to change our 7 seater car for a long time and been looking at replacing with a VW Camper as we live in the highlands and there is so much on our doorstep im a studio photographer but enjoy landscapes etc.

I hired one for the Misses bday and really like it, kids loved and that pretty much confirmed we would sell the car and hunt for one. The company we hired from were good very nice and not that far away from us so got speak to them and they said they sell them after x amount of years. After hunting for ages on different models we decided to sell the car as most peoples trade in value was shocking bad.

I went back to that company and started speaking about the price of one of their vans as its really reasonable for the age and spec of the van, ive looked that much now i dont want to look anymore.

As we sold the car we came to agreement that the company would hire me one out FOC until his books until his year end and all hires finished and i got the modifications to the van done that i wanted.

I trust the company and im not the most trusting of people but i would be happy to pay the finance off and pay the difference to them.

You hear so many horror stories of companies not paying the finance off and them coming for the vehicle after it had been sold.
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Current: 2019 Yamaha T7 -> 2015 KTM Superduke R | 2000 Yamaha R1 Past -> 2009 KTM 990 SM -> 2005 kawasaki ZX10r -> 2000 Honda CBR 600 FY -> 2002 Honda XLV 125 Varadero
Bike Pics! -> My Photography Website

[neatbik]

[quote="Stevie GooGs"] ive looked that much now i dont want to look anymore.
/quote]

I know that feeling!! Took ages to find mine amongst all the over priced crap out there. It was half done when i got it (rock and roll bed and units fitted) but still took ages to complete it all. And quite a lot cash too...

Love it though, its great for going away in or even just days out, loads of room, plus you can get a brew on or cook up some grub wherever/whenever.

From what you've said it sounds like the one you have found is a good un, good luck with it!

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[Stevie GooGs]

And here she is, excuse the crappy smartphone pic just got her home and she is filthy what shit weather bring on the cold and snow.

https://cdn.bikechatforums.com/files/untitled-1_786.jpg
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Current: 2019 Yamaha T7 -> 2015 KTM Superduke R | 2000 Yamaha R1 Past -> 2009 KTM 990 SM -> 2005 kawasaki ZX10r -> 2000 Honda CBR 600 FY -> 2002 Honda XLV 125 Varadero
Bike Pics! -> My Photography Website

[Minty]

Chain is slack.
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My fingers smell of your mum.

[Rogerborg]

Roof is twisted.
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

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[Stevie GooGs]

It's RIB 2 seat but got a anchored lap belt to make it 3 well 3 kids as front is two captain seats. Has SCA roof with twist lock instead of straps. Will get some pics at weekend of interior.
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Current: 2019 Yamaha T7 -> 2015 KTM Superduke R | 2000 Yamaha R1 Past -> 2009 KTM 990 SM -> 2005 kawasaki ZX10r -> 2000 Honda CBR 600 FY -> 2002 Honda XLV 125 Varadero
Bike Pics! -> My Photography Website

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That's a good sign. If it's got a RIB bed, it wasn't built on the cheap.
Even the 112cm is around £1700.
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Jaguar S Type 3.0 V6 Sport R, VW Transporter T5 GP LWB Shuttle 140ps DSG.

[Stevie GooGs]

Sorry not had a chance to get some pictures of inside yet but we bought a bike carrier for the van which I'm pretty impressed with.

https://cdn.bikechatforums.com/files/1916652_10153103004571710_3370519537815784909_n.jpg

https://cdn.bikechatforums.com/files/10245426_10153103004476710_2747571954274367785_n.jpg
____________________
Current: 2019 Yamaha T7 -> 2015 KTM Superduke R | 2000 Yamaha R1 Past -> 2009 KTM 990 SM -> 2005 kawasaki ZX10r -> 2000 Honda CBR 600 FY -> 2002 Honda XLV 125 Varadero
Bike Pics! -> My Photography Website

[t121anf]

That looks impressive.