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TENKAN

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#245247 25-Jan-2019 16:48
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Hi there, I have a question that I'd like answered from anyone in the know,
I'm in the process of selling my vehicle and for the very first time I've come across something that makes me a little bit suspicious, you see I have a person you has shown a great deal of interest ( ha don't they all ) and has made an offer that I have accepted, now normally this would be a cash sale or overnight bank transfer, however the buyer has informed me that they are doing finance, which is fine by me I don't care how they get the money together, however the buyer says he needs a copy of my bank statement on the banks letter head and a copy of both sides of my driver's licence to give to their finance company and the finance company will then pay me directly and when cleared will come pick the vehicle up. So my question is this normal practice for when you borrow money from a finance company? I would have thought that the finance company would pay you( the buyer ) directly and the buyer would then pay me, any thoughts? I'm really not keen on giving my account number and licence number to someone I don't know, (you can do lot with these details I'm sure)

Thanks

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Dratsab
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  #2167680 26-Jan-2019 05:20
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Stu: No finance company should need YOUR driver's licence. You're not the one after a loan.

 

No, but he's with one who'll end up with the loan if he gives those details over. Nothing like getting a hefty loan to have your car taken away :-)

 

The finance company can make all the checks on the vehicle it needs without any information about the seller. Once that's done, if they need to verify the identity of the seller (proof of ownership), they can do the legwork in a nice legal manner - proper forms/letterheads and all as befitting a company setting up a legal contract.


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