Want to change a car on finance - best way
Want to change a car on finance - best way
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M5 Russ

Original Poster:

2,245 posts

208 months

Thursday 28th April 2011
quotequote all
I purchased an Abarth 500 last year on finance but am seriously thinking of switching to a Renaultsport Megane 250. Now I owe less on the Abarth than what it's worth so what's the most cost effective way of selling it ?

The way I see it I have 3 options.

1. Sell private but get buyer to settle finance and pay me the difference in cash.
2. Sell the car back to The Abarth dealer.
3. Part ex the Abarth at the Renault dealer.

How shall I go about this ?

Eric Mc

124,034 posts

281 months

Thursday 28th April 2011
quotequote all
Is it your car to sell?

M5 Russ

Original Poster:

2,245 posts

208 months

Thursday 28th April 2011
quotequote all
Yes it's my car but there is outstanding finance. Car is worth around 11k and amount owed is 8.5k. That why I thought if I sell privately the buyer can pay the finance company via debit card and give me the res in cash then drive off with a full and legal ownership.

B16JUS

2,386 posts

253 months

Thursday 28th April 2011
quotequote all
yes thats basically it.

Get a settlement figure ready.

make sure you call the finance company and then pass phone to the buyer and then back to you to confirm clearance of the car, the buyer can then give you the remainder in cash etc.

Sometimes its easier than taking cash or bank transfer trust etc

J

Eric Mc

124,034 posts

281 months

Thursday 28th April 2011
quotequote all
M5 Russ said:
Yes it's my car but there is outstanding finance. Car is worth around 11k and amount owed is 8.5k. That why I thought if I sell privately the buyer can pay the finance company via debit card and give me the res in cash then drive off with a full and legal ownership.
Are you sure it's your car?

Is the finance a lease, an HP or a bank loan?