Settling finance & selling sense check

[Stew-]

Hi all,

Just want to run this past the hive mind incase I'm missing something.

I entered into a 4 year PCP on an M340i in Nov '20 and put down a £10k deposit. Due to a change in circumstances I'm thinking about getting rid. The settlement figure on the finance is £25k. If I stick the reg into Motorway.com I get an estimated sale price of £36k.

Seems simple enough but am I correct in thinking that, if I was able to cover the settlement, my best option would be to do that and then sell the car?

Cheers!

[bitchstewie]

Depending who you sell to they may sort the finance directly as part of the sale.

I did this with WBAC and they just paid the finance company directly and I got the difference.

[Stew-]

Makes sense, thanks!

[nick1871]

You don’t need to settle first then sell, whoever you sell to can settle the finance directly and give you the balance, even a private buyer can do this.

[mcflurry]

nick1871 said:

You don’t need to settle first then sell, whoever you sell to can settle the finance directly and give you the balance, even a private buyer can do this.

True, although some private buyers may look elsewhere, as can't be bothered when the next car is clear of finance..

[J1990]

mcflurry said:

nick1871 said:

You don’t need to settle first then sell, whoever you sell to can settle the finance directly and give you the balance, even a private buyer can do this.

True, although some private buyers may look elsewhere, as can't be bothered when the next car is clear of finance..

True, however given how quick it is to sort these things nowadays it hasn't put me off previously. If the car is the right spec/condition then outstanding finance wouldn't bother me in the slightest, so long as I'm at the registered address ready to take the car away with me when I'm on the phone settling that finance - Just the same as doing the bank transfer online whilst there in person buying a car that isn't on finance. I don't care who I'm paying so long as the price doesn't change and I'm leaving with the vehicle.