Finance & Selling Your Car

[V8 EOL]

What’s the story with regard to selling your car privately when you have outstanding finance on it?

Obviously I intend to pay off said finance once I have the cash but when the prospective purchaser does a HPI check it will come up trumps.

How do you overcome this? Or do I need to get fleeced by a dealer again?

[BigNige]

Have the buyer deal direct with the finance co and give the finance co permission for them to do so.

Shouldn't be an issue, I've done it before with no probs at all.

[bennno]

V8 EOL said:

What’s the story with regard to selling your car privately when you have outstanding finance on it?

Obviously I intend to pay off said finance once I have the cash but when the prospective purchaser does a HPI check it will come up trumps.

How do you overcome this? Or do I need to get fleeced by a dealer again?

Whats the story is the VXR going??

Bennno

[V8 EOL]

Hi Ben, hope you and family are doing well.

bennno said:

Whats the story is the VXR going??

I am probably going to sell it to start up my own business.

I can’t really have the payments hit the account (with the mortgage, bills etc etc) with nothing coming in! I basically need to be cash positive within 6 months without the Monaro and 4 with.

I haven’t definitely made my mind up though, just going through all the options.

[bennno]

V8 EOL said:

Hi Ben, hope you and family are doing well.

bennno said:

Whats the story is the VXR going??

I am probably going to sell it to start up my own business.

I can’t really have the payments hit the account (with the mortgage, bills etc etc) with nothing coming in! I basically need to be cash positive within 6 months without the Monaro and 4 with.

I haven’t definitely made my mind up though, just going through all the options.

hi, yes all well. did you go back to the ring last weekend?

good luck with the start up.

in response to the original question, you get a settlement figure, agree a private sale on the car and just tell the buyer upfront about the finance, show him the settlement letter and ask that he transfers the settlement balance directly and pays you the surplus. I have sold 8/9 cars this way and its basically all a dealer does when you part ex a car with finance

bennno

[V8 EOL]

bennno said:

did you go back to the ring last weekend?

Yes, went Fri night, spent Saturday with family and 'ringed it' on Sunday.

It was pissing it down with rain Sunday morning so I went out for a couple of laps to see what it is like. I took it pretty easy and only went sideways out of a couple of slow corners. I did end up drifting at one point near Flugplatz thinking the green bit is coming up pretty fast! Managed to keep it on the grey bit in the end and make it around in one piece.

It dried up about 11:00 and I got some cracking laps in. I am just about going around these days knowing what corner is coming up next and crucially how fast to take it. Managed to top 130 up to Schwedenkreuz before nearly losing it going over the hill with the adverse camber.

Still an awsome experiance on all accounts.

One interesting thing I saw (not quite as interesting as your view though!) was a VW Sorocco completely lost it just before the mini Karrussell at the double right-hander. If you remember you drive over a blind crest and you are immediately on to the bend. He didn’t start breaking until he realised he was in the sh*t but kept his head, had the good sense to come off the brakes when he turned in, went in to the cat litter and stuck his foot down. He ended up just missing the barrier and powering out the other side. Brilliant!