Settle HP with a credit card????

EBGB_2

I've managed to sell my car after 3 months! only problem is it's on HP, I owe around £7200, selling for £6300.

Intend to pay it off immediately with funds raised from the sale.

However buyer is twitchy understandably.

Could I pay off the finance with a credit card which would "clear" the debt immediately and solve the problems??? and then pay the credit card off as normal.

The company for the car loan is GE finance.

Any advice would be gratefully received.

~Brock~

How is the buyer paying?

Would it be possible for the buyer to pay the finance company directly, and then for you to pay the difference at the same time - in the presence of the buyer.

Some finance companies are reluctant to accept large (i.e. settlement) transactions via card, because of the risk of the payment being clawed back from them if the customer claims it was paid fraudulantly (rightly or wrongly).

If you were to pay the difference now, and then get a revised settlement figure off them in writing, you would be able to show this to the buyer and they woudl know that the amount they would be paying will settlem off the finance completely. If they then sent a bankers draft to the finance company before the expiry of the settlement figure they would know for sure that the finance will be cleared.