Selling a car on finance

[dwilkie]

Hello chaps,

This is probably an easy one, but I have no experience of it so thought I'd ask. As many of you know, I have a MiTo 155 that I bought on finance in December. However, circumstances (which I shall elaborate further on later but I'm under secrecy orders at the moment) mean I need a larger car with 5 doors so I'm likely going to end up selling the Alfa.

How does it work? I'll be buying something older from a dealer (probably about 6k or thereabouts), do I just tell the dealer it has outstanding finance and then they add the two together and knock off whatever they give me for the MiTo or is it more complicated than that?

[NWVT]

not really sure but i think you should get a giuletta its a 5 door and an alfa

[dwilkie]

It also costs more though - in line with upsizing the car it would be prudent at this time to downsize the payment if I possibly can too

Otherwise I totally would

[:J:]

dwilkie said:

Hello chaps,

However, circumstances (which I shall elaborate further on later but I'm under secrecy orders at the moment) mean I need a larger car with 5 doors so I'm likely going to end up selling the Alfa.

To be fair, you may as well just tell everyone you are having a baby (you have pretty much done it already) I guess the secrecy ban will be lifted in around 12 weeks time ?

Am I right ?

Edited by :J: on Friday 27th August 19:32

[Inspectre]

dont know about selling on finance, but I have done the other way round and bought a car on finance so sure circumstances are much and the same - the issue here is your assurance that the loan is paid off so that if you trade and the finance is taken into consideration you need to make sure the loan is actually paid off. If not you will find that the loan company is still chasing you for the regular payment even though you sold on the car as its your liability not the car owners. Dont necessarily trust a car dealer- I traded a car a long time ago with a deal that the money would be transferred on collection, I knew the dealer very well and worked on trust. Eighteen months later I got most of it back through the High Court in London, it was not a nice experience.

think there is a forum on here for law issues etc- you might want to post question there as well?

[Peter101]

The first thing the dealer will do is settle the finance and then credit you with the balance. It is in the dealers interest to settle the finance as the debt remains with the car as well as yourself. So non payment would end in the car being reposesed from the dealer or whomever the dealer has then sold the car to. This is why it is important to carry out a HPI check, as if for example you were to buy a car with outstanding finance on it, it can be taken from you, and you would not get a penny back. This would also be theft. Whilst on finance the car remains the legal property of the finance company.

Edited by Peter101 on Saturday 28th August 07:52

[dwilkie]

:J: said:

To be fair, you may as well just tell everyone you are having a baby (you have pretty much done it already) I guess the secrecy ban will be lifted in around 12 weeks time ?

Am I right ?

Well not exactly - the secrecy ban will be lifted in a weeks time But damn you're good!

Thanks for all the help guys - you are all wonderful human beings

[minimatt1967]

dwilkie said:

:J: said:

To be fair, you may as well just tell everyone you are having a baby (you have pretty much done it already) I guess the secrecy ban will be lifted in around 12 weeks time ?

Am I right ?

Well not exactly - the secrecy ban will be lifted in a weeks time But damn you're good!

Thanks for all the help guys - you are all wonderful human beings

I always new you were female.

[dwilkie]

minimatt1967 said:

I always new you were female.

There's a difference between knowing and wishing

[minimatt1967]

dwilkie said:

minimatt1967 said:

I always new you were female.

There's a difference between knowing and wishing

I've got the letter from the specialist here somewhere.

Next time I might even spell knew correctly, you never know.

[dwilkie]

minimatt1967 said:

dwilkie said:

minimatt1967 said:

I always new you were female.

There's a difference between knowing and wishing

I've got the letter from the specialist here somewhere.

Next time I might even spell knew correctly, you never know.

No YOU are special :P

[minimatt1967]

dwilkie said:

minimatt1967 said:

dwilkie said:

minimatt1967 said:

I always new you were female.

There's a difference between knowing and wishing

I've got the letter from the specialist here somewhere.

Next time I might even spell knew correctly, you never know.

No YOU are special :P

Thanx hun xxx

[TankRizzo]

Many secret congratulations Dan!

[Thejimreaper]

who have you got up the duff!!??

[dwilkie]

Haha, thanks mate. It was 12 weeks yesterday so I officially no longer need to keep it a secret Which is good (because I suck at keeping secrets!)

Jim - strangely enough it's my girlfriend who I got up the duff

[minimatt1967]

My most sincere congratulations mate, all the best.

[dwilkie]

Thanks mate, I'm hoping it will be worth all the hassle when it emerges, it's got high expectation placed on it

[Thejimreaper]

Congrats mate, only seems like yesterday you were asking where to go to pick up a lady, how times change. Still shame about the car but it will be worth it im sure.

[minimatt1967]

dwilkie said:

Thanks mate, I'm hoping it will be worth all the hassle when it emerges, it's got high expectation placed on it

It is.

[dwilkie]

Interestingly enough, it's the original lady We got back together over Christmas

And Matt, I know it will be, I'm actually pretty ridiculously excited, coupled with a fair degree of nervousness... Trying to sort changing the car AND moving house too (as a 2nd floor flat, whilst fine for baby, is not ideal for baby plus 2 hyperactive cats and one stressed out mother to be!)