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Author Selling Car, But Paying Off Finance?
Tiger
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Registered: 12th Jun 01
Location: Nuneaton Drives:Audi A4 2.0TDi
User status: Offline
5th Nov 08 at 19:19   View User's Profile U2U Member Reply With Quote

Ok, so how does this work...

My missus is going to sell her car, she doesnt have the money to pay off the finance out right because its just too much right now until its sold, but she will have a company car and her motor will not get used.

Its illegal to sell a motor with finance outstanding, but how can you do it legally? There must be a way of doing it somehow, some backdoor. She's not trying to get out of doing it right but can't afford to pay the finance THEN sell the car.

Cheers,

Ben.
ed
Member

Registered: 10th Sep 03
Location: Northampton Drives: Fiat 500/Porsche Boxster
User status: Offline
5th Nov 08 at 19:27   View User's Profile U2U Member Reply With Quote

Explain to the bank you need an overdraft for a few days for it once the sale is confirmed?
ash_corsa
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Registered: 15th Apr 04
Location: Shrewsbury
User status: Offline
5th Nov 08 at 20:17   View User's Profile U2U Member Reply With Quote

Its not illegal to sell a car with finance outstanding.
get the person buying the car to pay off the finance amount over the phone with credit/debit card before they drive off in the car.
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
5th Nov 08 at 20:23   View User's Profile U2U Member Reply With Quote

I don't know if this will be any help, but i saw a Fiesta on eBay that had finance outstanding. They said you pay the finance company, not the seller.

However, this is surely win win for the seller, because their finance is paid, which is probably more than the market value of the car.

When you say finance, is it actually finance, or a separate loan?

I would have also thought that if you were up front to the potential buyer, and said you wouldn't send the V5C slip off until you had paid your finance once you'd paid the cash in etc, then there isn't a problem
AndyKent
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Registered: 3rd Sep 05
User status: Offline
5th Nov 08 at 20:27   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by deano87
I don't know if this will be any help, but i saw a Fiesta on eBay that had finance outstanding. They said you pay the finance company, not the seller.

However, this is surely win win for the seller, because their finance is paid, which is probably more than the market value of the car.

When you say finance, is it actually finance, or a separate loan?

I would have also thought that if you were up front to the potential buyer, and said you wouldn't send the V5C slip off until you had paid your finance once you'd paid the cash in etc, then there isn't a problem


The buyer wouldn't ever pay over market value just because there is outstanding finance.

Say 5000 is outstanding and the car is worth 4000 - 4000 goes to the finance company from the buyer whilst the seller is still liable for the remaining 1000. The buyer wouldn't be expected to pay 5000.
Rab
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Registered: 10th Jun 07
Location: Alloa, Scotland Drives: Subaru Hawkeye STi
User status: Offline
5th Nov 08 at 20:28   View User's Profile U2U Member Reply With Quote

I just bought my Leon. It had finance left on it.

I paid the finance, and paid him the difference in cash.

We are going to phone the finance company togeather when I pick the car up and pay it via a bank transfer from my account. Then simply hand him the remainder in cash.

Depending on the contact, you cant part with the goods untill the finance is paid (usually) BUT a third party can settle the sum (me)

Hope this helps

Rab
deano87
Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
5th Nov 08 at 20:39   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by aPk
quote:
Originally posted by deano87
I don't know if this will be any help, but i saw a Fiesta on eBay that had finance outstanding. They said you pay the finance company, not the seller.

However, this is surely win win for the seller, because their finance is paid, which is probably more than the market value of the car.

When you say finance, is it actually finance, or a separate loan?

I would have also thought that if you were up front to the potential buyer, and said you wouldn't send the V5C slip off until you had paid your finance once you'd paid the cash in etc, then there isn't a problem


The buyer wouldn't ever pay over market value just because there is outstanding finance.

I'm not saying they would - but if some idiot did, then the seller is win win.
Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
5th Nov 08 at 20:40   View User's Profile U2U Member Reply With Quote

When I bought my car I paid the finance company and the rest cash.
Mobby
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Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
5th Nov 08 at 20:45   View User's Profile U2U Member Reply With Quote

no offence to tiger, but this is why people sho0uldnt buy new cars
deano87
Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
5th Nov 08 at 20:46   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by mobby
no offence to tiger, but this is why people sho0uldnt buy new cars

It's not she can't afford to pay the finance, it's because she is getting a company car.

I plan to get a new car this time next year, when I've finished Uni and hopefully got some money behind me working.

1 year after that I might get offered a company car - I probably wouldn't keep mine so would sell it - this is no different.
Ian W
Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
5th Nov 08 at 20:55   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by mobby
no offence to tiger, but this is why people sho0uldnt buy new cars


How do you suggest we have second hand cars to buy if no one buys new

 
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