Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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has anybody ever done this, they said i can give it back and they will sell it on the open market, and i will have to pay any outstanding finance, what are they likely to sell it for, fuck all?
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corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
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If you look at your agreement, there should be a section about termination. On HP you should be able to voluntarily terminate the agreement once you have paid up half of the total amount payable(i.e. you're 18months into a 36month agreement).
Or are you on about having a PCP and your options at the end of the term?
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Cupra Steve
Banned
Registered: 7th Nov 06
User status: Offline
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why not sell the car privately then settle the outstanding balance! I'm sure your finance co. aren't going to give you top whack for it!
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by Cupra Steve
why not sell the car privately then settle the outstanding balance! I'm sure your finance co. aren't going to give you top whack for it!
It's finding a buyer who wont care that the car still has outstanding finance on it tho. Can't say i'd buy a car with finance on it still, no matter how honest the seller appeared to be.
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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quote:
Originally posted by loafofbrett
quote:
Originally posted by Cupra Steve
why not sell the car privately then settle the outstanding balance! I'm sure your finance co. aren't going to give you top whack for it!
It's finding a buyer who wont care that the car still has outstanding finance on it tho. Can't say i'd buy a car with finance on it still, no matter how honest the seller appeared to be.
Get the new buyer to write a cheque for the outstanding balance to the finance house, and any other money above the finance is the sellers. easy.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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quote:
Originally posted by BYRON
Get the new buyer to write a cheque for the outstanding balance to the finance house, and any other money above the finance is the sellers. easy.
I know how "easy" it is.
I still wouldn't want a car with outstanding finance.
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Rachel H
Member
Registered: 12th Nov 03
Location: Berks
User status: Offline
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antscorsa
Member
Registered: 11th Aug 02
Location: london
User status: Offline
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or just take a loan out for the amount of which is left to pay, then sell tehc ar and pay the loan back asap!!!
prob sell the car for more than whats left on the finance, what my dad does is every 3 years the outstanding money on the finance gets paid by swoping the car at the dealers for a new model! then thefinance starts all over again untill he decides to keep that car then he jsut takes a loan out to cover the finance
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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quote:
Originally posted by loafofbrett
quote:
Originally posted by BYRON
Get the new buyer to write a cheque for the outstanding balance to the finance house, and any other money above the finance is the sellers. easy.
I know how "easy" it is.
I still wouldn't want a car with outstanding finance.
Thats your call, but I wouldnt disregard buying a car because it had outstanding finance. 
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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fair enough 
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MarkM
Member
Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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Im with Warbutons on this one
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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The o/s finance can be sorted via a simple donwloadable agreement that the buyer and seller can sign, its what i did when i sold my corsa... basically it says that (by law as the form is fully legal) the buyer can return the vehicle if a letter is not received from the financiers confirming a zero balance within 30 days...
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corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
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how far are you into the agreement? what is the loan period? rather than be out of pocket you may be able to just terminate the agreement, i reiterate my post from this morning
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Cupra Steve
Banned
Registered: 7th Nov 06
User status: Offline
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quote:
Originally posted by loafofbrett
quote:
Originally posted by Cupra Steve
why not sell the car privately then settle the outstanding balance! I'm sure your finance co. aren't going to give you top whack for it!
It's finding a buyer who wont care that the car still has outstanding finance on it tho. Can't say i'd buy a car with finance on it still, no matter how honest the seller appeared to be.
Oh ok, never even thought about that! I now see the point!
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Little Vik
Member
Registered: 30th Jun 03
Location: Herts
User status: Offline
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quote:
Originally posted by corb
how far are you into the agreement? what is the loan period? rather than be out of pocket you may be able to just terminate the agreement, i reiterate my post from this morning
^ what he said!! If your half way through an HP agreement you can hand it back in what ever state its in. If its a PCP its slightly different as the car needs to be in reasonable condition. but you can still hand it back half way through without paying a penalty.
I wouldnt buy a car privately with outstanding finance
and equally do you trust the buyer not to cancel the cheque once theyve gone home?!
Its you they will chase for the money.
The finance companies tend to offer the car back to the supplying dealership, or they will send it off to auction and they get what they get for it.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by corb
once you have paid up half of the total amount payable(i.e. you're 18months into a 36month agreement).
Half the amount, not half the term. Can be less than half way in time if you put a deposit down or more if you have a final payment.
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corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
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If you put a deposit down on the car, it doesnt come off the amount borrowed, just reduces the amount you're borrowing.
eg. a £15000 car and you put down a £5k deposit means you'll borrow £10k, 18months into the agreement you'll have paid half that 10k back, interest is a factor but even still, 18months into it, you'd still have paid back half of the total amount payable on the 10k advance.
Also, Ian(as i hate to look like i was wrong!) you quoted half my sentance, that was if they have it on HP(Hire Purchase).
As I also said in the reply, if he's on about a PCP(Personal Contract Plan), ford call it Options, SEAT call it New Solutions, Peugeot call it Passport, but theyre all just a renamed PCP at the end of the day. It would be different if that were the case :smug:
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ed
Member
Registered: 10th Sep 03
User status: Offline
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My dad did it with his old Audi. Ended up paying far more than the car was worth so stopped paying the finance on it. Bailifs came, made twats out of themselves trying to take the numberplates off for some reason, then had issues trying to turn the car on, put the handbrake on and tried to pull away for some reason and then finally managed to drive off in it
Then my dad got another Audi from Audi Finance so they obviously weren't too pissed off...
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