Customer paying via finance company - potential issues

[anonuk]

I am selling one of my machines and to cut a long story short, the buyer has opted to buy through a finance company (not related to myself, I have no relationship with any finance provider).

Is there anything I should be wary of? I’ve heard of car buyers being able to reject cars after years of ownership by going to their finance company but is there anything similar for b2b transactions via finance companies?

 

[Mark T Jones]

There is no cooling off period for b2b transactions, either direct or via a finance company

 

[anonuk]

There is no cooling off period for b2b transactions, either direct or via a finance company

Thanks, I just don’t want to caught by the finance company rewinding the deal months down the line because the customer has changed their mind (and therefore made up some fictitious issue). Even more so because they say I need to invoice the finance company rather than the customer actually buying the machine.

 

[Paul Kelly ICHYB]

If you have not managed/organised the finance, you have no relationship with them, outside of taking their money, do you?

Do you have a contract with them or something?

 

[anonuk]

If you have not managed/organised the finance, you have no relationship with them, outside of taking their money, do you?

Do you have a contract with them or something?

Nope, nothing at all. All been arranged by the buyer.

 

[Newchodge]

Thanks, I just don’t want to caught by the finance company rewinding the deal months down the line because the customer has changed their mind (and therefore made up some fictitious issue). Even more so because they say I need to invoice the finance company rather than the customer actually buying the machine.

You should invoice the purchaser. To invoice the finance company you need a relationship with them - they are buying your property,

 

[Mark T Jones]

You should invoice the purchaser. To invoice the finance company you need a relationship with them - they are buying your property,

Absolutely not.

You need to invoice the finance company as requested. Some are more flexible, but all will be clear in invoicing.

The finance company has no interest or engagement in ongoing relations - they will pay for the goods (subject to signed documentation) and move on.

 

[Newchodge]

Absolutely not.

You need to invoice the finance company as requested. Some are more flexible, but all will be clear in invoicing.

The finance company has no interest or engagement in ongoing relations - they will pay for the goods (subject to signed documentation) and move on.

So the new owner of he goods cannot raise a breach o contract claim?

 

[Mark T Jones]

So the new owner of he goods cannot raise a breach o contract claim?

Breach of what contract?

The customer signs a certificate of acceptance - confirmation that they have seen, inspected and are satisfied with the goods.

All further quality/purpose discussions are between the customer and supplier.

As a business owner, possibly the most foolish thing you csn do us put barriers in the way of customers looking to pay by established, legitimate means.