Finance
- Thread starter jimpy9
- Start date
You have to pay it off first plus no one will buy a car still on finance.
You can alway explain the car is on finance but you will pay it off with the money the buyer supplys and will phone the finance company up while they are there.
if its on finance its not yours to sell technically.....
you pay off the finance then its yours to sell on - so you will need to get the buyer to pay the finance company first and pay you the remaining if anythings left :thumbup1:
if you settle up early you will save on interest :thumbup1:
you pay off the finance then its yours to sell on - so you will need to get the buyer to pay the finance company first and pay you the remaining if anythings left :thumbup1:
if you settle up early you will save on interest :thumbup1:
Usual practice would be to settle first, or sell and have the purchaser settle the finance with you present. It is common to trade in a car at a dealer and just have them settle the finance. You can't sell the car with finance outstanding as you do not have good title to it, and therefore cannot pass title. Also it means that the purchaser won't be able to take finance on it, and the finance would show up on a HPI check.
We bought my sisters car trade from a well known car supermarket and the car still showed up on HPI, but this is usual as it can take a week or so for the finance co's charge to be cleared. As it was a reputable dealer we weren't worried. Had it been a private seller we wouldn't have bought the car without written and verified proof that the finance co's interest had been discharged.
We bought my sisters car trade from a well known car supermarket and the car still showed up on HPI, but this is usual as it can take a week or so for the finance co's charge to be cleared. As it was a reputable dealer we weren't worried. Had it been a private seller we wouldn't have bought the car without written and verified proof that the finance co's interest had been discharged.
depends on the finance, HP, conditional sale or PCP you WOULD need to clear it first before selling. If its a Personal Loan you can sell the car and just keep making the paymets. Or clear it off when you have the cash.
Check your finance docs to make sure what you have.
Check your finance docs to make sure what you have.
I've sold 2 cars that have been on finance.
Both times the buyer settled the finance them self with the finance people.
Both times the buyer settled the finance them self with the finance people.
what, why, how come?!
I may have to do the same come next year when I buy a house (the extra capital I have in the car i might add to my savings as i bought it outright). Renting with the gf is fine at the mo. I want to keep it though and run it into the ground. 172/182 are very good value at the mo though, i'd just miss the build, thats what happened when i had my 172 Cup last year.
I may have to do the same come next year when I buy a house (the extra capital I have in the car i might add to my savings as i bought it outright). Renting with the gf is fine at the mo. I want to keep it though and run it into the ground. 172/182 are very good value at the mo though, i'd just miss the build, thats what happened when i had my 172 Cup last year.
Ive sold cars on finance before, and if the right buyer comes along, they have no problem sorting the finance out first. Last time i sold a car on finance, we put the money in my account. Phoned up the company and paid off the finance. Then the guy took the car.
In theory, we should have waited for the finance company to have sorted the paperwork, but he was ok taking the car and i sent a copy of the statement from the finance company to him once the they had sorted it out.
In theory, we should have waited for the finance company to have sorted the paperwork, but he was ok taking the car and i sent a copy of the statement from the finance company to him once the they had sorted it out.
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