How to Sell a Car with Negative Equity

Chazz.w

HI,

Registered this morning becuase I need some advice. I have a 2008 Honda Civic Type R GT on a 3.5 year PCP agreement that I got last september.
Unfortunalty the petrol costs of this car are now killing me as I work 44miles away from where I live so an 90 mile round trip everyday is not ideal for this type of car and also im ramping up the milage like mad.

I went round a few garages and the best price I can get for a part ex is £12,500 but the outstanding finance is £14,810, I (like a lot of people!) do not have the extra cash to cancel this out...

Now I was thinking about selling privatly but im not sure if I am legally allowed to do this as a PCP is secured on the car...

Any advice would be greatly appreciated!

harveybobbles

There are a few blogs on here about being in nego. You could talk to the dealer to see if they could swap the deal onto another car. You could probably get closer to £14,000 by selling private and ask the buyer to pay the finance direct rather than paying you. Then you can start again with something more sensible, lower value, older...

Hintza

I think I would try talking to the finance company. I am sure they will try and give good advice. There must be lots of folk in your position and it must pay them to help as much as they can to stop these going down the baillif route.

Private sale might just work out best (if you can get a buyer). The other option will be to do a VT but you still have about a year to go for that to be feasible, but beware of excess mileage.

I'm a little surprised your negative equity isn't worse!

Anyway Good luck.