Selling a car with finance
Discussion
Evening gents, wonder if any of you can shed some light on a little dilemma im currently faced with.
After 7years with a company, i've eventually moved to a position with a company car, which for me is great news.
Only problem is that i have an Alfa 147GTA which still has 2 years worth of finance to be paid (taken out over 4years).
I have no real desire to keep the car as i have my ZX6R for fun, and dont really need two cars (how very un-pistonheads of me).
How would i go about selling a car privately with 2 years finance remaining on it?
Any help/advice greatly appreciated,
Cheers,
Stephen.
After 7years with a company, i've eventually moved to a position with a company car, which for me is great news.
Only problem is that i have an Alfa 147GTA which still has 2 years worth of finance to be paid (taken out over 4years).
I have no real desire to keep the car as i have my ZX6R for fun, and dont really need two cars (how very un-pistonheads of me).
How would i go about selling a car privately with 2 years finance remaining on it?
Any help/advice greatly appreciated,
Cheers,
Stephen.
You may have to ask permission from the finance company to sell it as well as finding out the settlement figure (which may be higher than you think). I once sold a car under finance (25 years ago though) and they got really shirty with me when I walked in with the cash to pay it off, though I had checked the settlement figure first so that wasn't such a surprise.
If you're intending to leave the finance and just keep paying it off for the remainder then you might have problems shifting it when buyers do a HPI check.
If you're intending to leave the finance and just keep paying it off for the remainder then you might have problems shifting it when buyers do a HPI check.
Is the car worth more than you need to pay to cover the finance?
If yes then you may find a buyer willing to pay the finance company directly and the remainder to yourself.
If no then your best option would be to check your finance agreement and look at voluntary termination. This will work if you have paid 50% of the total amount owed (not 50% of the payments) and will free you of any obligation to pay any more provided the car is in reasonable condition.
If yes then you may find a buyer willing to pay the finance company directly and the remainder to yourself.
If no then your best option would be to check your finance agreement and look at voluntary termination. This will work if you have paid 50% of the total amount owed (not 50% of the payments) and will free you of any obligation to pay any more provided the car is in reasonable condition.
you need to contact your financier and get a 'settlement figure' (prepare to possibly be shocked though!!!!)
this is what you owe.
Any buyer SHOULD be made aware of this, though it is THEIR responsibility to check for any outstanding finance....
Ask Finance co how they would like to get paid, then sort out between you and the buyer.
Good luck though, mate of mine has had his minter GTA (and it IS stunning condition) up for sale for a good few months!
this is what you owe.
Any buyer SHOULD be made aware of this, though it is THEIR responsibility to check for any outstanding finance....
Ask Finance co how they would like to get paid, then sort out between you and the buyer.
Good luck though, mate of mine has had his minter GTA (and it IS stunning condition) up for sale for a good few months!
As said previously, speak to finane company, get the settlement figure.
I'd be tempted to whack the rest on a 0% credit card. I think there's a couple offering 6 month 0% on purchases. so that gives you 6 months to sell it and pay it off before you get stitched on interest.
That way you'll be able to sell the car trouble free with a clean hpi.
I'd be tempted to whack the rest on a 0% credit card. I think there's a couple offering 6 month 0% on purchases. so that gives you 6 months to sell it and pay it off before you get stitched on interest.
That way you'll be able to sell the car trouble free with a clean hpi.
As said previously, speak to finane company, get the settlement figure.
I'd be tempted to whack the rest on a 0% credit card. I think there's a couple offering 6 month 0% on purchases. so that gives you 6 months to sell it and pay it off before you get stitched on interest.
That way you'll be able to sell the car trouble free with a clean hpi.
I'd be tempted to whack the rest on a 0% credit card. I think there's a couple offering 6 month 0% on purchases. so that gives you 6 months to sell it and pay it off before you get stitched on interest.
That way you'll be able to sell the car trouble free with a clean hpi.
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