I have a car which has outstanding finance. BMW have given me a settlement figure of £15,000.
A buyer is interested in buying the car for £13,000. The buyer would like to pay BMW directly using my agreement number. I will then settle the remaining £2000.
On the day of payment, BMW can issue a "Subject to Clearance" letter to both myself and the buyer. However, I would have to wait several days for BMW to confirm that the finance has been fully settled.
If I hand over the keys on the day of payment, I'm concerned that the buyer could reverse the payment and run off with my car without the finance being fully settled. With the documentation in their name, it would be difficult to get the car back.
Is there a safer way to complete the transaction between myself and the buyer?