Can you sell a car with finance against it?

Bells&Whistles

themaccas wrote:

I sold a car privately that I had bought on finance a few years ago, very successfully. I priced it very competatively and had loads of interest (I advertised it in the local paper). I was very honest with all the buyers when they phoned and the person that bought it eventually, settled my finance directly and paid me the balance (around £300 I think). Since then though we have never taken on car finance as there are too many tie ins and it is a costly business. Our last cars have been bought getting a bank loan so we have in effect been shopping for a car with 'cash' albeit belonging to the bank!

Thanks for that ! I will definatly only use "readys" in the future ie savings or a non connected bank loan, I didn't realise you could sell the car and the prospective buyer settles the finance, again though as I've only been been paying since July the outstanding amount is bound to be way more than anyone would realistly pay for it... well worth keeping in mind though.

Thanks once again !

Tallymanjohn

They would probably take it off of your hands but you would still end up owing something on the deal as the car will be worth less than when you bought it and you'll only get trade-in value so the dealer can sell it on again. Also you will end up with financial penalties for ending the finance so early. Ask the garage for the figures but don't be too surprised if you end up with the worst part of the bargain.

Bells&Whistles

Thanks for your advice Scotsgirl, I definitly did not take the balloon payment option as that was a scary thought to have to find the massive last payment, I guess its on HP then, I will call Black Horse and see what figure they give me, if I can get out of the agreement without paying the full interest figure that would be wonderful... Thanks once I again, I really appreciate all your comments !!!

scotsgirl_3

Not a problem bells and whistles - as you prob guess i do this sort of thing for a living so happy to give you any advice I can!
You should get a pretty hefty rebate because you are so early in the agreement

Bells&Whistles

scotsgirl wrote:

Not a problem bells and whistles - as you prob guess i do this sort of thing for a living so happy to give you any advice I can!
You should get a pretty hefty rebate because you are so early in the agreement

Fingers crossed !!! Maybe next time I wont be so hasty to sign on the dotted line, this is a lesson learnt !!!

immoral_angeluk

We have a car with welcome finance (I know, I know :rolleyes:) and it clearly states in our contract that the full loan amount must be paid before we can do anything with the car including surrendering it back to the garage where we had it from or selling it.