Selling my car - help

[keffardo]

Hi,

I'm currently trying to sell my car but still have finance on it. Are there any companies that the buyer can pay the price of the car to and then pay the finance company directly, so they then know the finance has been cleared?

Thanks

[TankRizzo]

When I sold my car with finance outstanding, the buyer paid cash into my account and I rang up there and then and cleared the remaining figure, with him present. You could always get the buyer to clear the finance directly over the phone and then give you the remainder.

[lost in espace]

Have the amount for the finance paid directly to the finance co. The rest goes to you.

[Carrot]

Might put off some buyers who don't want hassle.

Can you not get a loan and pay it off early then sell it? What sort of car / value are we taking?

[keffardo]

Hi,

Alfa Mito £8700 still outstanding

[naffa]

Something about halves and thirds in the rules of selling cars with outstanding finance. Have you paid enough of it legally to be entitled to sell it?

[Mojooo]

naffa said:

Something about halves and thirds in the rules of selling cars with outstanding finance. Have you paid enough of it legally to be entitled to sell it?

Paying over half/2 thirds doesnt allow you to sell it - it just means they cannot take the car back without a court order - IIRC.

[Viper]

i brought my last viper with huge chunk of finance still owing on it, paid the finance company direct by bank transfer, got confirmation and collected the car the next day. Couldnt be any easier

Edited by Viper on Wednesday 22 December 19:06

[keffardo]

I've checked with the dealer who advised me to contact the finance company, get a settlement figure and pay it off when the car sells. They didn't seem to think it was a problem.

[stevefesta]

I have bought a couple of cars with finance owing on them.
First one got a bankers draft made payable to the finance company for the outstanding amount and cash for the rest to the seller.
The second one took cash and they paid the outstanding balance over the phone on a debit card.
Both were no real problem and sellers had been upfront, it would only put me off if the seller tried to hide the fact there was finance.

[Hark]

The Z4M I bought last month had outstanding finance on it. It didn't put me off, but alot of my family told me to wal away despite the guy being very upfront.

I was happy to the ring up the finance company, pay over the phone and then take the keys.

BMW however, wouldn't take a payment from anyone who wasn't the owner.

For ease he arranged a loan, cleared the finance, then 3 days later I paid him the same amount which he then used to clear the loan.

[Carrot]

Hark said:

The Z4M I bought last month had outstanding finance on it. It didn't put me off, but alot of my family told me to wal away despite the guy being very upfront.

I was happy to the ring up the finance company, pay over the phone and then take the keys.

BMW however, wouldn't take a payment from anyone who wasn't the owner.

For ease he arranged a loan, cleared the finance, then 3 days later I paid him the same amount which he then used to clear the loan.

This is the thing, it is easy in a lot of ways to sort, but if the car was not something special or very well priced / immaculate, there are probably a lot of similar cars out there which are simply cash on collection, rather than the hassle of having to deal with the finance payoffs etc.

[keffardo]

Got a loan sorted this morning! Thanks everyone.