Early settlement of car finance

lori1988

Hi,

I purchased a car on hire purchase about a month ago. It is an 03 mini cooper sport with 39000 mileage. I have since decided that I don't want the car anymore so I am going to sell it with the finance companies permission. The car is worth 7000 but I think i will get between 6000 and 6500 for it. The early settlement fee for the finance comnpany is 7200. Can anyone tell me whether I can pay the the rest of what is owed after I sell the car in installments to the finance company? I don't think i could pay it all at once. I just want to get rid of it.

Help me please

HiTo

Erm... I can't see many people wanting to buy a car with finance outstanding. Until the finance is settled the finance company own the car.

forgotmyname

Think you have your prices set rather high, You may have paid £7000 for it but it is not worth that much.

Parkers have the price at £4500 part ex. £5175 for private sale.

Autotrader has a 2006 cooper with a chilli pack+ for £5500, 137 cars for £5000 or less. All under
7 years old.

Inactive

So you want to sell your car ( read the Finance Companies car ) at an inflated price, and then pay the outstanding balance in installments.

I think that you need a reality check, it doesn't work like that.;)

davemorton

IN answer to your question, no, they wont let you pay it back in installments, the only way to do that would be to get a loan from somewhere else to pay it off.

CHR15

a MONTH ago??

You really didn't think think this purchase through did you??

LandyAndy

Plenty of 03 reg Cooper S on Autotrader being sold by dealers for just under £5k.

The OP's only sensible choice is to keep the car and learn a lesson or two.

LandyAndy

CHR15 wrote: »

a MONTH ago??

You really didn't think think this purchase through did you??

I'm guessing the OP, if genuine, is a 22 year old girl.

bigjl

I assume she also probably bought the car from CarCraft or similar and never got an Insurance quote before buying.

The only MSE thing to do is pay the finance until the car is yours, then sell.

The car was probably overpriced at point of sale, with a £99 deposit, the dealer probably paid less than £4000 for it, though to be honest probably less than £3500.

Nothing we haven't all done when young, act in haste repent at leisure, and with hindsight, which I now have, don't try and sell it, or trade it in, you must pay for it, you will be in a negative equity situation for at least a year with this car, probably for 2 years.