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Corsa Sport » Message Board » General Chat » Whats the craic with selling cars which are still on finance? » Post Reply
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BigSte |
posted on 9th Dec 04 at 09:39 |
I doubt anybody will buy a car which still has finance outstanding on it. | |
Ojc |
posted on 9th Dec 04 at 09:34 |
How about getting a loan paying the finance off then selling the car? | |
Ian |
posted on 8th Dec 04 at 23:05 |
I've done it and they didn't inspect. | |
Martin CUK |
posted on 8th Dec 04 at 23:04 |
It's called 'Voluntary Termination', and comes under Sales of Goods Act. :) | |
Ian |
posted on 8th Dec 04 at 20:38 |
If its repossessed you're still liable for the outstanding equity and you get a bad record. You must have paid more than half of what you borrowed. | |
ed |
posted on 8th Dec 04 at 20:35 |
Yea, my old man decided that his old Audi was getting too expensive as he was paying more than it was worth, canceled the direct debit and some people came to pick it up a few weeks later... Was funny watching them - they were like the chuckle brothers :lol: | |
ainsley_brader |
posted on 8th Dec 04 at 20:34 |
quote: You just give them the car back! | |
Ian |
posted on 8th Dec 04 at 20:33 |
You can also walk away from finance if you've paid more than half. Depends how much deposit you put down etc. but sometimes the car is worth less than you owe and this clause is useful. | |
ainsley_brader |
posted on 8th Dec 04 at 20:11 |
Strictly speaking the car isnt yours to sell but realistically so long as you pay the finance off its not a problem. | |
Ian |
posted on 8th Dec 04 at 18:17 |
Yes, as above, settlement is the amount of money required to, well, settle! | |
Colin |
posted on 7th Dec 04 at 17:44 |
As long as the new user knows theres finance outstanding which you intend to pay using cash from the sale there is nothing illegal about selling. | |
Ally |
posted on 7th Dec 04 at 17:40 |
How much it would cost to pay off whatevers outstanding for the car | |
liamC |
posted on 7th Dec 04 at 17:25 |
Ian, what do you mean by a settlement? Like how much the APR will go down by if I pay all of the remaining off in one go? | |
Ian |
posted on 7th Dec 04 at 17:19 |
Phone the finance company first, get a settlement, ask them if that figure includes discount for early settlement (ie. the portion of interest which you're not using because you're stopping the borrowing), then work out how much the car is worth and compare the two. | |
Ally |
posted on 7th Dec 04 at 17:09 |
You sell the car, pay it off with money you get from selling the car then if theres any left to pay, you carry on with your monthly instalments obviously at a lower rate | |
liamC |
posted on 7th Dec 04 at 17:07 |
Also, APR will go down if I paid the remaining money which I owed them straight off wouldnt it? | |
liamC |
posted on 7th Dec 04 at 17:07 |
Does this mean I can only sell the car back to the place I got it from? |