Selling a car with outstanding finance

[GingerWizard]

I have a need to sell my car now but I have about 2.5k of finance outstanding on it. What or indeed how is the best way to sell it?
My concerns are if I sell it privately how will the buyer know I am actually going to clear the debt?

I have never done this before or even looked into it so I am asking the wisdom that is PH.

Many thanks,

Gwiz

[smokey145]

Make sure you tell the prospective buyer. The buyer (if happy with he car on viewing) will have to pay a portion of the sale price of the car to the finance company and the remainder to yourself. You'll want to do that whilst your In there company and don't let the car to anywhere until the finance is settled.

[RevHappy]

Buyer pays finance company direct, pays you the balance, job done

[Wacky Racer]

Have you asked for a final settlement figure from the finance company?...



If it is a personal loan you don't need to do anything...

[GingerWizard]

Cheers guys, that seems to make sense.

Gwiz

[rocketdogbert]

I have bought many cars and bikes this way, never an issue, but be open about everything and be in the room with the buyer at all times, you shouldn't have a problem.

I would not declare the issue in any advert, just be honest before a prospective purchaser turns up

John

[EV11NED]

I did this a few months ago with my Fabia. Got a settlement figure from VW finance, agreed price with buyer. On collection day, buyer phoned VWFS while I was there, paid with debit card, gave me balance in cash. As we were sorting out paperwork, email from VWFS confirming finance settled and that I could release the car. And all on a Saturday afternoon too! Was very easy - much more so than I'd anticipated.

[Terminator X]

OT but you'd be amazed how many dealer cars still have finance owing when on the forecourt sale pending!

TX.

[pikeyboy]

EV11NED said:

I did this a few months ago with my Fabia. Got a settlement figure from VW finance, agreed price with buyer. On collection day, buyer phoned VWFS while I was there, paid with debit card, gave me balance in cash. As we were sorting out paperwork, email from VWFS confirming finance settled and that I could release the car. And all on a Saturday afternoon too! Was very easy - much more so than I'd anticipated.

This is the best approach, best to be upfront with the buyer about it as it will show up on HPI and then the buyer may think you're being devious. Never done this myself but hpi'd a nissan pathfinder only to find it had a huge chunck of cash outstanding on it which the seller never told me about

[Donatello]

I did this in Nov 2011. It is incredibly easy once you find an interested buyer. I was upfront and explained the situation in my advert. I got a settlement figure from the finance company, the buyer agreed to pay the money in cash into my bank and then I phoned the finance company to pay the settlement figure.

He didn't even wait around dispite me insisting he did so he had peace of mind. He just wanted to take the car home and I obviously came across as a trustworthy person rather than the I am.