Selling car to a dealer

Foxy-Stoat_3

Try taking out a low interest credit card, clear the balance and sell privately and then clearing the card balance....or taking out a loan to pay the finance.

No one will buy your car for less than the outstanding finance figure as the remaining finance will pass to them. Am sure there will be something in your agreement about selling mid-term.

Are you looking at taking out more finance on another vehicle or going without a car or cheaper car?

Mr_Mink

You might be far enough into the finance agreement to voluntarily terminate the contract. You'll need to look into it but you may be able to terminate the contract and simply hand the car back to the finance company. Check your policy terms and conditions as it differs for each finance agreement (usually it's only possible after a certain number of payments being made).

arcon5

Since the finance company own the vehicle have you asked for permission to sell it. They are highly unlikely to do so as doing so would leave an unsecured debt.

ballyblack

My car has outstanding finance on it , would that be a problem?

Unfortunately it looks like you are in negative equity.

Going to the dealer will be a waste of time, unless you are trading in and taking more finance on another vehicle



.

chokolat2

so basically what you are all saying is that the dealer will not buy a car that has outstanding finance on it?

of course i have considered all options, but opting out for a credit card is not the way out for me.
I was hoping to either sell to a dealer from which the money will go straight to settle the finance (+ whatever I have to add of my own money)
Or to sell privately.

chokolat2

By the way I had some quotes from a few companies, for example - Best Car Buyer (bestcarbuyer.co.uk) £5750 (no hidden fees incl collection)
Anyone heard of them?

chokolat2

ballyblack wrote: »

Unfortunately it looks like you are in negative equity.

Going to the dealer will be a waste of time, unless you are trading in and taking more finance on another vehicle



.

Yes.
But they add the remaining 4 years left of my agreement onto the new car, taking it way above budget.
I was looking to get a cheaper car (cheaper to insure and tax too)

eschaton

:beer:

chokolat2 wrote: »

so basically what you are all saying is that the dealer will not buy a car that has outstanding finance on it?

of course i have considered all options, but opting out for a credit card is not the way out for me.
I was hoping to either sell to a dealer from which the money will go straight to settle the finance (+ whatever I have to add of my own money)
Or to sell privately.

They won't buy it if the finance outstanding is more than what they will give you for the car - unless you pay the difference right away.

smashingyour...

chokolat2 wrote: »

so basically what you are all saying is that the dealer will not buy a car that has outstanding finance on it?

of course i have considered all options, but opting out for a credit card is not the way out for me.
I was hoping to either sell to a dealer from which the money will go straight to settle the finance (+ whatever I have to add of my own money)
Or to sell privately.

It's not your car to sell, you need to seek permission from the finance company to sell it. The dealer would buy it and clear it if you took out new finance.

smashingyour...

chokolat2 wrote: »

By the way I had some quotes from a few companies, for example - Best Car Buyer (bestcarbuyer.co.uk) £5750 (no hidden fees incl collection)
Anyone heard of them?

They won't pay that once they see the car.