Selling A Car Thats Financed (Or buying one)

[DSLiverpool]

I haven't done this in ages and was quite surprised how the process has changed.
Last time I sold a car that had finance on it the buyer paid the finance company directly and a small amount to myself - both happy.
This time VWFS wont accept more than £3k over the phone and want a transfer that they may not be able to confirm receipt of for hours (!) scenario is buyer seeing car, making transfer to VWFS and waiting and waiting.
Only answer is that I pay off the finance and the buyer pays me which I can do but didn't want to.
What a faff, is it just VWFS or are they all like this now?

[rfoster]

VWFS are pretty tedious to deal with I'm afraid - best way to deal with this is to get a settlement figure in writing - arrange for your buyer to make payment by CHAPS transfer directly to them and pay any difference to you. With any luck someone in customer services will be able to logon to the VW account and confirm that the funds are received - but it doesn't mean they'll give an immediate finance clearance (some of their systems only update overnight).

If your buyer is patient then I'd ask him to make the payment and you'll hand over the keys as soon as VWFS give you the clearance.

[DSLiverpool]

rfoster said:

VWFS are pretty tedious to deal with I'm afraid - best way to deal with this is to get a settlement figure in writing - arrange for your buyer to make payment by CHAPS transfer directly to them and pay any difference to you. With any luck someone in customer services will be able to logon to the VW account and confirm that the funds are received - but it doesn't mean they'll give an immediate finance clearance (some of their systems only update overnight).

If your buyer is patient then I'd ask him to make the payment and you'll hand over the keys as soon as VWFS give you the clearance.

That's the problem - who would pay and then wait or go home ? pain in the bum.

[rfoster]

In fairness, if you can see the chap sending the CHAPS payment to VWFS, and you call VWFS who confirm funds are there, even if they can't give you the immediate clearance, you should be safe to release the car.

[akadk]

I sold my vwfs financed RS 5 in April last year and debit card payment taken over the phone....have they changed this?

[DSLiverpool]

akadk said:

I sold my vwfs financed RS 5 in April last year and debit card payment taken over the phone....have they changed this?

Max £3k