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Selling a car with finance
I have a 6 month old car im selling for around 22k however i still owe about 16k on the finance side. Im unsure as the process for going about this.
Would i take payment from the buyer (CHAPS or direct transfer) then call the finance company and pay off The balance? If i was buying a car id be flapping a bit doing that...
so im wondering what the procedure is?
Would i take payment from the buyer (CHAPS or direct transfer) then call the finance company and pay off The balance? If i was buying a car id be flapping a bit doing that...
so im wondering what the procedure is?
0
Comments
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Get a written settlement quote from the Finance company.
When you sell the car show the buyer the settlement quote and get them to pay the settlement by bank transfer direct to the Finance co with any excess direct to you.
If there is a shortfall you will need to settle this at the same time with the Finance co.
The seller will then need an invoice from yourself which will transfer title or ownership to them.
This way, the buyer knows that the Finance has been settled.0
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