Selling a car with finance outstanding

sheslookinhot

What steps should a seller be taking when selling a car with finance owing.

Inform the finance provider and seek their agreement. Arrange for the buyer to settle oustanding finance directly/indirectly ?

Thanks

albionrovers

If I was the buyer, I wouldn't touch the car with a barge pole. End of.

Just my opinion. Although I'm sure there may be ways to ensure the deal is done fairly, too much risk in my book.

somech

you dont own the car the finance company do
the only way i know is if YOU settle the outstanding balance with the sale of the car.
this said it will put loads of people off

LandyAndy

sheslookinhot wrote: »

What steps should a seller be taking when selling a car with finance owing.

Inform the finance provider and seek their agreement. Arrange for the buyer to settle oustanding finance directly/indirectly ?

Thanks

You don't own the car so you can't sell it.

Ask the finance company for a settlement figure and arrange for the buyer to pay that to the finance company and the balance to you.

TBH most people will just walk away.

Inactive

I would also avoid, apart from the obvious problems, the seller is usually in financial hardship and will almost certainly not have maintained the vehicle properly.

WTTM

Inactive wrote: »

I would also avoid, apart from the obvious problems, the seller is usually in financial hardship and will almost certainly not have maintained the vehicle properly.

Not always true, I have just bought a new car on finance for 4 years but only because it was 0% or I would have just paid for it.


MOMENT

Inactive

WTTM wrote: »

Not always true, I have just bought a new car on finance for 4 years but only because it was 0% or I would have just paid for it.


MOMENT

But I assume that you are not trying to sell yours.:)

karenx

You cant sell something you dont own! Untill every penny is paid on the finance they still own the car.
I would not touch a car that still had finance outstanding. What if a buyer pays money for it and takes it away and the seller doesnt pay off the finance?? As the V5 is now in the new keepers name they will be liable for the outstanding finance even though they have already paid for it.
Anybody with some sence wouldnt buy a car on finance. Unless it was friends/family and you can trust them that they will use the money to pay the finance off

WTTM

Inactive wrote: »

But I assume that you are not trying to sell yours.:)

No, only had it 8 days


MOMENT