Selling a car with finance on it...question
Discussion
Basically, my wife's car is the first car we've ever got finance on so I've not done this before.
Come January, we want to get something a bit bigger and I'm happy to sell privately.
By then, there will be about £2500 remaining on the finance but the car is worth at least double that from a dealer or a private sale going on similar spec/history/ mileage etc.
I simply have no idea around the legalities around this.
Can I sell a car with finance on it assuming i pay it off as soon as the money is in the bank?
I need the wedge from the sale to pay it off so is it a catch 22? Or chicken and egg etc?
Am I obliged to tell the prospective buyer that it has some money left on it?
Any pointers would be much appreciated
Come January, we want to get something a bit bigger and I'm happy to sell privately.
By then, there will be about £2500 remaining on the finance but the car is worth at least double that from a dealer or a private sale going on similar spec/history/ mileage etc.
I simply have no idea around the legalities around this.
Can I sell a car with finance on it assuming i pay it off as soon as the money is in the bank?
I need the wedge from the sale to pay it off so is it a catch 22? Or chicken and egg etc?
Am I obliged to tell the prospective buyer that it has some money left on it?
Any pointers would be much appreciated
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