Need To Sell Financed Car Urgently

Get_rich_or_try_dying

Hi everyone,

I've got a car on finance that I no longer need. The amount left on the car is £4000 (Which is very close to the actual value of it).

The obvious issue is that I need to, some how, pay of the finance before I can sell it.

I've got a credit rating in the mid 800s but got turned down for a loan by NatWest (My bank). I've been looking online for loans companies but I keep getting the feeling that i'll get shafted if i'm not careful.

I can't go down the CC route as i'm almost to my limit on my cards. I also am unable to borrow from friends or family.


Anyone been in the same situation? I really could do with some advice please

forgotmyname

Sell it to a dealer who will settle the finance for you? It may leave you with a shortfall which you may need to settle at the same time.

As your own bank refused you the choices maybe the higher interest rate companies. But you may end up paying more than you will lose by selling to a dealer.

molerat

What type of finance is it - HP, personal loan ?

SeanG79

you can sell it to someone with the banks permission and that person then settles the finance on your behalf. They can pay your bank over the phone by card and then get the bank to issue a clearance letter.

Alternatively sell the vehicle to a dealer who will settle the finance on your behalf.

Bearing in mind if there is any shortfall you will need to settle that.

poppasmurf_bewdley

Get_rich_or_try_dying wrote: »

I've been looking online for loans companies but I keep getting the feeling that i'll get shafted if i'm not careful.

Whatever you do, don't enter your bank details or card details on ANY website, or you'll likely find anything from £50 upwards debited to your bank account pdq. Even if they say it's just for verification!

Foxy-Stoat_3

Type in the reg number in webuyanycarforaloadlessthanitsactuallyworth and go from there.

Look at similar cars on autotrader/ebay and see what the market value is.

You will be able to sell it as long as the buyer is made aware of the finance and settles it direct with the finance company.

May be a good idea to get a settlement figure in writing beforehand.

monty-doggy

I've got car finance with ford. They let you sell the car and pay off the finance within 7 days. Have you checked if this is possible for you?

pvt

monty-doggy wrote: »

I've got car finance with ford. They let you sell the car and pay off the finance within 7 days. Have you checked if this is possible for you?

Erm. So what happens if you sell the car and then don't pay the finance off?

monty-doggy

I don't know but this is what they told me on the phone.

Foxy-Stoat_3

monty-doggy wrote: »

I don't know but this is what they told me on the phone.

No one will buy your car unless the finance is settled at the time of purchase.

Lets hope anyone thinking about doing this comes on here for advice.

pvt

monty-doggy wrote: »

I don't know but this is what they told me on the phone.

I've got an idea. Sell the car to a friend and then buy it back the next day. Then you can stop paying the finance company because, apparently, they can't repossess your car anymore.