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Author Selling a car with finance still on it...
psycho sport
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Registered: 27th Mar 03
Location: Guildford Surrey Drives: Vauxhall Monaro
User status: Offline
18th Apr 08 at 11:27   View User's Profile U2U Member Reply With Quote
Has any one got experience of doing this?

Want to sell up and with the money from the sale pay the rest of the finance.
What kind of guarentee can i give the buyer that it will be sold off?

Could i get the finance company to take payment from him directly and take the rest of the balane in cash?

Cheers
MarkM
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Registered: 11th Apr 01
Location: Liverpool
User status: Offline
18th Apr 08 at 11:32   View User's Profile U2U Member Reply With Quote
Get him to call the finance company from your house...pay the balance with his card...then give him the keys...
Jay
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Registered: 26th Sep 04
Location: Liverpool
User status: Offline
18th Apr 08 at 11:37   View User's Profile U2U Member Reply With Quote
Surely hes not going to pay what you owe tho, cause chances are you owe well more than the cars worth in a private sale?
Brett
Premium Member

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Registered: 16th Dec 02
Location: Manchester
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18th Apr 08 at 11:39   View Garage View User's Profile U2U Member Reply With Quote
quote:
Originally posted by JayM
Surely hes not going to pay what you owe tho, cause chances are you owe well more than the cars worth in a private sale?

Not really true that tbh. I've got rid of cars with finance still on before. Just get the new buyer to write 2 cheques. One to you and one to the finance company.
psycho sport
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Registered: 27th Mar 03
Location: Guildford Surrey Drives: Vauxhall Monaro
User status: Offline
18th Apr 08 at 11:43   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by JayM
Surely hes not going to pay what you owe tho, cause chances are you owe well more than the cars worth in a private sale?


Cars worth £7500 ish....
There's £4500 outstanding on it...
Brett
Premium Member

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Registered: 16th Dec 02
Location: Manchester
User status: Offline
18th Apr 08 at 11:45   View Garage View User's Profile U2U Member Reply With Quote
Have you got in touch with the finance company and got a settlement figure? You can present that letter with the figures to the new buyer.
MarkM
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Registered: 11th Apr 01
Location: Liverpool
User status: Offline
18th Apr 08 at 11:49   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by JayM
Surely hes not going to pay what you owe tho, cause chances are you owe well more than the cars worth in a private sale?


All depends on how much deposit you put down...and what you set your monthly payments at!

[Edited on 18-04-2008 by MarkM]
psycho sport
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Registered: 27th Mar 03
Location: Guildford Surrey Drives: Vauxhall Monaro
User status: Offline
18th Apr 08 at 11:50   View User's Profile U2U Member Reply With Quote
I ll speak to them at the end of the month after my next repayment and get them to send a letter through to me.
Cheers for the help!
Jay
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Registered: 26th Sep 04
Location: Liverpool
User status: Offline
18th Apr 08 at 12:09   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by psycho sport
quote:
Originally posted by JayM
Surely hes not going to pay what you owe tho, cause chances are you owe well more than the cars worth in a private sale?


Cars worth £7500 ish....
There's £4500 outstanding on it...


Fair enough, ive only ever known it where the cars worth less than the outstanding finance
John
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Registered: 30th Jun 03
User status: Offline
18th Apr 08 at 12:14   View User's Profile U2U Member Reply With Quote
Surely that's only true if you either picked a car with really bad depreciation or didn't put any money down to start with.
Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
18th Apr 08 at 12:22   View User's Profile U2U Member Reply With Quote
I did it when I sold my Corsa got a contract document off t'interweb and both signed was all good

 
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