Relocting, car on finance, what are my options
Discussion
Hi All.
im potentially relocating to the other side of the world in the next few months, doubt I can take the car with me so need to find out what my options are.
i only bought the car in March and have it on 3 years finance.
Can I hand it back to BMM or do i try and sell it and pay off the finance and i guess take a loss.
Anyone done this before?
im potentially relocating to the other side of the world in the next few months, doubt I can take the car with me so need to find out what my options are.
i only bought the car in March and have it on 3 years finance.
Can I hand it back to BMM or do i try and sell it and pay off the finance and i guess take a loss.
Anyone done this before?
Hi mate,
Speak to bmw, they could offer you an early settlement and retail the car on one of there forecourts, speak to the dealer you purchased from and they could offer to buy the car obviously at a lower price than what you paid for it and then you would have to make up the shortfall of negative equity to ensure the finance is paid off,
E,g you paid 20k purchase price / bmw offer you 15k / you pay 5k to finance company and bmw pay the finance company 15k to clear the finance.
Alternatively advertise privately or speak to local dealers selling similar cars, either way you will be taking a hit with the price so you will need to make up for a shortfall in what is owed to the finance company, most private buyers / dealers are most comfortable if the finance payment goes directly to the finance company -
Should there be a shortfall the best way to work it would be
Lets say 20k outstanding finance
You agree to sell for 17k
Buyer would transfer the 17k payment directly to the finance company, both parties present and done via a chaps payment at a bank (speak to finance company to get banking details and payment ref)
3k shortfall you would pay at the same time and that would effictively clear the finance in full and the buyer can drive away in his new car once the transfer is complete (Chaps transfer guaranteed and same day)
Hope that makes sense !
Speak to bmw, they could offer you an early settlement and retail the car on one of there forecourts, speak to the dealer you purchased from and they could offer to buy the car obviously at a lower price than what you paid for it and then you would have to make up the shortfall of negative equity to ensure the finance is paid off,
E,g you paid 20k purchase price / bmw offer you 15k / you pay 5k to finance company and bmw pay the finance company 15k to clear the finance.
Alternatively advertise privately or speak to local dealers selling similar cars, either way you will be taking a hit with the price so you will need to make up for a shortfall in what is owed to the finance company, most private buyers / dealers are most comfortable if the finance payment goes directly to the finance company -
Should there be a shortfall the best way to work it would be
Lets say 20k outstanding finance
You agree to sell for 17k
Buyer would transfer the 17k payment directly to the finance company, both parties present and done via a chaps payment at a bank (speak to finance company to get banking details and payment ref)
3k shortfall you would pay at the same time and that would effictively clear the finance in full and the buyer can drive away in his new car once the transfer is complete (Chaps transfer guaranteed and same day)
Hope that makes sense !
Bing o said:
Speak to your company's relocation contact - they should be giving you a package that covers these types of losses, or should make up the difference on your car.
intresting, we have a relocation team and I need to meet with them asap so will bring this up with them.Thanks
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