Selling a car i still owe finance on?

getmore4less

If anything seeling with finance can be safer for both sides.

You get the buyer to pay the finance and check that it is paid off

They can do it with a debit over the phone and you can check by phoning
AS a seller the money is cleared funds direct to the finance and you only need to deal in cash for the difference.

As a buyer you know it is finance clear because you paid it.

scottishperson2

As a buyer I would expect a huge whack off the asking price if I had to jump through hoops to buy a car.

jumperjohn

scottishperson2 wrote: »

As a buyer I would expect a huge whack off the asking price if I had to jump through hoops to buy a car.

What hoops? It's only a phone call.

bazster

scottishperson2 wrote: »

As a buyer I would expect a huge whack off the asking price if I had to jump through hoops to buy a car.

I wouldn't touch it with a barge pole. I want a car, not hassle.

Looksguywalker

getmore4less wrote: »

If anything seeling with finance can be safer for both sides.

You get the buyer to pay the finance and check that it is paid off

They can do it with a debit over the phone and you can check by phoning
AS a seller the money is cleared funds direct to the finance and you only need to deal in cash for the difference.

As a buyer you know it is finance clear because you paid it.

So buyer clears finance by phone. What's to stop the seller then not handing the car over?

jumperjohn

Looksguywalker wrote: »

So buyer clears finance by phone. What's to stop the seller then not handing the car over?

This is becoming ridiculous.....

I'm sure the op has enough info to be a little clearer about the situation.

jimpix12

As always, people try to be helpful but post incorrect information. YES you can sell a car with finance on, as long as you tell the buyer there is finance - they can then pay off your finance and make up any shortfall.

For example I own a car with a £20k value, with £10k finance left on it, I sell it to a dealer for £20k agreed price, the dealer rings up the finance company and pays the £10k outstanding to the finance company through debit card, and the other £10k to me. Then the car is the dealer's. Note that this can take a few days to clear and change ownership fully.

I don't know if this applies for all agreements but it does for me (PCP) as I am doing it right now.

* Admittedly this would only work when selling to trade/dealers.

Notmyrealname

jumperjohn wrote: »

What hoops? It's only a phone call.

No it isn't. Its a phone call and either posting off a cheque or shuffling money about in accounts so there's enough to pay it by card over the phone and then waiting until they get written confirmation from the finance company that the loan has been cleared.

What it is not is going to view the car, handing over the money and driving away.

fivetide

Notmyrealname wrote: »

What it is not is going to view the car, handing over the money and driving away.

Well.... technically it is... only safer as you aren't carrying the cash about.

If you've taken the money with you to do it, perhaps even had to order it from the bank the day before, you've already done a lot of shuffling about.

That doesn't change the fact it would put most people off.

Another solution for people in this situation is to take out a loan for the the amount needed, pay off the finance so it is clear, then immediately pay the loan back with the funds from the sale.

5t.

jumperjohn

OP - Reading between the posts the answer to your question is that yes you can sell your car.