Selling a car with outstanding finance
Selling a car with outstanding finance
Author
Discussion

Trixman

Original Poster:

524 posts

230 months

Friday 11th January 2008
quotequote all
I bought a mini for the misses last year, quite stupidly I might add as we've just had a baby (well, she did, I just kind of watched). Bought it on finance through BMW and paid the monthly installments as normal. Finally realized she was becoming a cripple after getting in and out the back of it and went on the lookout for a bigger car for her. Ended up buying a range rover sport on finance (again, stupid... recurring theme here...) completely forgetting about the poor ol' mini.

Now I've got this outstanding finance on this car that I want to sell, not enough money to pay it off and the garage is telling me I would have to pay THEM over a grand to give it back.

I'm not even in the same country as most of you so please don't think this is an attempt at selling it. Friend tells me to sell it and advertise it with outstanding finance which I've done... but tell the truth, I wouldn't touch a car like that so cant expect anyone else to do the same... what do you guys think?

stigmundfreud

22,454 posts

240 months

Friday 11th January 2008
quotequote all
I'm sorry but what is your question? This is surely some piss poor troll exercise as surely no one would be so thick.

tybo

2,284 posts

247 months

Friday 11th January 2008
quotequote all
We sold one with outstanding finance a couple of years back.

Just got the finance company on the phone, put the buyer on to them, he paid the asking price off and we paid the remainder...zero finance owing...job done thumbup

It's all very straight forward.

wiggy001

7,382 posts

301 months

Friday 11th January 2008
quotequote all
Get loan
Pay off finance
Sell car
Pay off load

H_Kan

4,942 posts

229 months

Friday 11th January 2008
quotequote all
It is pretty simple, as most people have said, just clear the loan with another one so the car is clear of finance and then sell it on. Use the money to pay of the loan as much as it does and then pay the rest of.

Reason the dealer wants a grand is because the amount on the loan will be greater then the value of the car. I would probably do this as it is the least hassle and you'll probably only be marginally out of pocket compared to the method described above.

Tbh I have difficulty believing that somebody who has bought a Rangie Sport, all be it on HP has difficulty in taking a 1k hit. Buying cars on HP or finance is fine, but you've got to keep the car for the finance period otherwise you end up the worst of in financial terms.

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
stigmundfreud said:
I'm sorry but what is your question? This is surely some piss poor troll exercise as surely no one would be so thick.
Whats a troll exercise?

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
H_Kan said:
It is pretty simple, as most people have said, just clear the loan with another one so the car is clear of finance and then sell it on. Use the money to pay of the loan as much as it does and then pay the rest of.

Reason the dealer wants a grand is because the amount on the loan will be greater then the value of the car. I would probably do this as it is the least hassle and you'll probably only be marginally out of pocket compared to the method described above.

Tbh I have difficulty believing that somebody who has bought a Rangie Sport, all be it on HP has difficulty in taking a 1k hit. Buying cars on HP or finance is fine, but you've got to keep the car for the finance period otherwise you end up the worst of in financial terms.
Suppose your right, I just got it in my head in principle that I just want rid of a car and have to pay someone to take it.

Also Im already all loaned out so cant take the obvious loan route. Rangie was 45k, mini 12k... ouch.

I suppose the question was along the lines of.. is it common practice, would/do people do it etc.Can guess by the responses its a 50/50 and depends on the buyer. Im best off finding someone at work that I know already so the trust is there. Thanks for your help fellas

T_Pot

2,542 posts

227 months

Saturday 12th January 2008
quotequote all
why didnt you part ex the mini for the RR?

your screwed dude

nig-gtv

518 posts

265 months

Saturday 12th January 2008
quotequote all
Advertise the car. When the buyer comes to pay for the car you then phone the loan company....the buyer speaks to them and clears the finance using his debit card (they often don accept credit cards). Gives you the remaining balance in cash and drives off in his noddy car.

So - you sell the car, and the buyer is happy that the finance has been cleared. Easy - really no big deal! If anyone asks about finance, you just say yes - and that it'll be cleared before he takes the car away. If you want to be doubly comfortable then phone the loan company to confirm this is ok.

Hope this helps.

eldar

25,297 posts

226 months

Saturday 12th January 2008
quotequote all
Finance 45k for a car and forget about the other one? Careless.....

Kermit power

29,622 posts

243 months

Saturday 12th January 2008
quotequote all
Err... Given that you're in Spain, you might want to try asking someone Spanish? It's a bit of a jump to assume everything will work the same way there as it does in the UK.

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
T_Pot said:
why didnt you part ex the mini for the RR?

your screwed dude
Different company, they didnt want it

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
nig-gtv said:
Advertise the car. When the buyer comes to pay for the car you then phone the loan company....the buyer speaks to them and clears the finance using his debit card (they often don accept credit cards). Gives you the remaining balance in cash and drives off in his noddy car.

So - you sell the car, and the buyer is happy that the finance has been cleared. Easy - really no big deal! If anyone asks about finance, you just say yes - and that it'll be cleared before he takes the car away. If you want to be doubly comfortable then phone the loan company to confirm this is ok.

Hope this helps.
Cheers, thats exactly what ill be doing

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
eldar said:
Finance 45k for a car and forget about the other one? Careless.....
Ok, so i exaggerated a bit. You cant forget about the car but it was easier than the long drawn out version involved finance companies, guarantees, the Spanish banking systems etc etc. Not quite the same as the UK when financing a car, and being a foreigner working in a British company doesnt help.

tybo

2,284 posts

247 months

Saturday 12th January 2008
quotequote all
Trixman said:
nig-gtv said:
Advertise the car. When the buyer comes to pay for the car you then phone the loan company....the buyer speaks to them and clears the finance using his debit card (they often don accept credit cards). Gives you the remaining balance in cash and drives off in his noddy car.

So - you sell the car, and the buyer is happy that the finance has been cleared. Easy - really no big deal! If anyone asks about finance, you just say yes - and that it'll be cleared before he takes the car away. If you want to be doubly comfortable then phone the loan company to confirm this is ok.

Hope this helps.
Cheers, thats exactly what ill be doing
That's what i said yesterday tongue out

Trixman

Original Poster:

524 posts

230 months

Saturday 12th January 2008
quotequote all
tybo said:
Trixman said:
nig-gtv said:
Advertise the car. When the buyer comes to pay for the car you then phone the loan company....the buyer speaks to them and clears the finance using his debit card (they often don accept credit cards). Gives you the remaining balance in cash and drives off in his noddy car.

So - you sell the car, and the buyer is happy that the finance has been cleared. Easy - really no big deal! If anyone asks about finance, you just say yes - and that it'll be cleared before he takes the car away. If you want to be doubly comfortable then phone the loan company to confirm this is ok.

Hope this helps.
Cheers, thats exactly what ill be doing
That's what i said yesterday tongue out
Lol, yes you did, thank you both wink

shaekrahman

1 posts

203 months

Tuesday 24th November 2009
quotequote all
is it not possible if i can take over your finance for you?

eldar

25,297 posts

226 months

Tuesday 24th November 2009
quotequote all
shaekrahman said:
is it not possible if i can take over your finance for you?
I suspect 10 months down the line its sorted.

You can take over the finance on my washing machine. I'd be grateful.

Jonny671

29,904 posts

219 months

Tuesday 24th November 2009
quotequote all
I bought my car now privatly, but it still had £2500 finance IIRC.. I was only paying £3400 for the car anyhow.

I HPI'd the car, all fine minus the finance.. Paid for the car, he called finance whilst I was there paid it off.. I called them before I left and confirmed it all.. All was sorted.

Deva Link

26,934 posts

275 months

Tuesday 24th November 2009
quotequote all
eldar said:
shaekrahman said:
is it not possible if i can take over your finance for you?
I suspect 10 months down the line its sorted.
Even more likely 22mths down the line. smile