selling a car with outstanding finance
Discussion
jamiec123 said:
Can anyone answer my question? I'm wanting to put my car up for sale but it has outstanding finance! if i get a buyer can i/we phone the finance company up and the buyer can pay the agreed price and then i can pay the remainder to clear it off? is it legal to do that? thanks
get a settlement figure from the finance company.The buyer can then pay the finance company direct and you can pay any difference.
If you can find someone who is prepared to do this then of course its perfectly legal.
Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
nottyash said:
If you can find someone who is prepared to do this then of course its perfectly legal.
Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
Whats the risk? They simply clear the finance and drive off in the car?Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
When I bought my Seat Leon, it had outstanding finance. When I had it HPI checked, there was outstanding finance. I paid the seller for the car, and they phoned and paid off the finance. I was then able to phone the finance company a few days later to have them confirm this.
Of course, all this was only really possible because I knew the seller, not sure I'd have been happy otherwise.
Isn't this the kind of thing that those crazy APR, daylight robbery, "payday" loans would be useful for?
Of course, all this was only really possible because I knew the seller, not sure I'd have been happy otherwise.
Isn't this the kind of thing that those crazy APR, daylight robbery, "payday" loans would be useful for?
daemon said:
nottyash said:
If you can find someone who is prepared to do this then of course its perfectly legal.
Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
Whats the risk? They simply clear the finance and drive off in the car?Its finding someone willing to take the risk, remember there are a lot of scammers out there.
You would be fine if you PX it at a dealer as they sort the finance out, or you could get a personal loan and pay off the finance.
There are scammers out there, and this means its not a straight forward sale.
It can put people off, me for one.
If your example your car is worth £8000, have £3000 outstanding finance, sell it for £5000 and give the buyer proof that there is £3000 outstanding, he will then pay off the remaining finance and everyone is happy.
I wouldn't trust a Seller to pay it off once you've taken the car, as a buyer do it yourself that way you know its been done and there can be no comeback onto you.
I wouldn't trust a Seller to pay it off once you've taken the car, as a buyer do it yourself that way you know its been done and there can be no comeback onto you.
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