Can I sell my car on PCP?
Discussion
I'm a little confused and wondering if someone can help!
I am currently about 18 months into a PCP with BMW and would like to know what my options are. The car is an M140i, with £24,000 left to pay off. I've seen very similar cars online going for about £25,000/£26,000.
Am I able to just stick the car online, and when someone buys it, use that money to pay off the PCP? Or do I have to pay off the PCP before putting it online?
I've also seen people talking about having to wait until you're at least halfway through the agreement, but I don't understand why if I can sell the car for more than the settlement figure?
Thanks!
I am currently about 18 months into a PCP with BMW and would like to know what my options are. The car is an M140i, with £24,000 left to pay off. I've seen very similar cars online going for about £25,000/£26,000.
Am I able to just stick the car online, and when someone buys it, use that money to pay off the PCP? Or do I have to pay off the PCP before putting it online?
I've also seen people talking about having to wait until you're at least halfway through the agreement, but I don't understand why if I can sell the car for more than the settlement figure?
Thanks!
Speak to your finance company, get a settlement figure and get the buyer to pay them directly. Any surplus is yours. It's probably easier to sell to a dealer if you can get what you want for the car though.
The 50% rule is handing the car back via voluntary termination. You have to have paid off at least 50% of the total amount, including any balloon payment. You generally don't get to that point though until you are most of the way through a PCP, unless you put down a large deposit.
The 50% rule is handing the car back via voluntary termination. You have to have paid off at least 50% of the total amount, including any balloon payment. You generally don't get to that point though until you are most of the way through a PCP, unless you put down a large deposit.
You can sell the car whenever you like. Technically, the finance company own it, but you have no issues selling first and paying off what you owe afterwards.
The easiest way to do this would be have the buyer pay the finance settlement direct and any surplus to you. Don't let the car leave until the finance company confirm they have received the payment.
You can exit the agreement without penalty - voluntary termination - once you have paid half the total payable under the agreement. This figure will include any deposits paid up front.
Your first thing to do is request a settlement figure if you haven't already. The second thing to do is check we buy any car and the like for an accurate trade value. Just because Autotrader has them at £26k doesn't mean yours will sell for the same
The easiest way to do this would be have the buyer pay the finance settlement direct and any surplus to you. Don't let the car leave until the finance company confirm they have received the payment.
You can exit the agreement without penalty - voluntary termination - once you have paid half the total payable under the agreement. This figure will include any deposits paid up front.
Your first thing to do is request a settlement figure if you haven't already. The second thing to do is check we buy any car and the like for an accurate trade value. Just because Autotrader has them at £26k doesn't mean yours will sell for the same
Dimebars said:
The easiest way to do this would be have the buyer pay the finance settlement direct and any surplus to you. Don't let the car leave until the finance company confirm they have received the payment.
Do this, I did it when buying my M135i. Rang bmw finance together, paid over the phone and then paid surplus to seller.alistair1234 said:
Do this, I did it when buying my M135i. Rang bmw finance together, paid over the phone and then paid surplus to seller.
I did similar when buying a car with outstanding finance, we called the finance company and got a settlement figure which I paid, and the seller then handed me the keys. Theres always a risk, but I called the finance compass myself beforehand and arranged the call, and knew who to ask for to make the final payment.The other thing that helped was that I was twice the size of the seller, and much younger. Even if he had some special fighting skills, I was still confident
GregK2 said:
Just advertise it as having finance outstanding that will need to be cleared by the buyer. See it all the time.
Most cars are on some form of finance so no point advertising the fact as it will make people think they can pull your pants down on the price.As mentioned, get an up to date settlement figure and ask the buyer to make a faster bank payment for the outstanding, this protects both parties, just get the finance company to confirm they have received the funds.
Auto810graphy said:
GregK2 said:
Just advertise it as having finance outstanding that will need to be cleared by the buyer. See it all the time.
Most cars are on some form of finance so no point advertising the fact as it will make people think they can pull your pants down on the price.As mentioned, get an up to date settlement figure and ask the buyer to make a faster bank payment for the outstanding, this protects both parties, just get the finance company to confirm they have received the funds.
Hide the finance and you'll lose the confidence of some buyers once they find out.
Edited by Driver101 on Thursday 10th September 20:31
Driver101 said:
Auto810graphy said:
GregK2 said:
Just advertise it as having finance outstanding that will need to be cleared by the buyer. See it all the time.
Most cars are on some form of finance so no point advertising the fact as it will make people think they can pull your pants down on the price.As mentioned, get an up to date settlement figure and ask the buyer to make a faster bank payment for the outstanding, this protects both parties, just get the finance company to confirm they have received the funds.
Hide the finance and you'll lose the confidence of some buyers once they find out.
Edited by Driver101 on Thursday 10th September 20:31
Simpo Two said:
Might not be relevant but I once bought a Mercedes that had finance on it. The keeper and myself agreed the total sale price for the car; I paid the final balance to the finance company and the remainder to him. They obviously didn't mind where the money came from.
BMW Finance don't permit that. The account holder has to pay.Gassing Station | Finance | Top of Page | What's New | My Stuff