Best way to sell this car please ( on PCP finance)

jandanjan

Im trying to help a friend out.


She has an Audi TTRS (2013) on PCP. It is on crippling finance and was taken out by ex husband but it is in her name ( she is now in the middle of a very messy divorce). She would like to get rid of the car as it costs her a fortune every month and still has another two years on the finance deal before she can hand it back to Audi.


She would like to know is it better to try to sell it privately letting people know there is finance that needs to be paid off or to take it to an Audi dealer to see what they will offer or an alternative ???
She does not want to have to trade it in against something else as it is an expensive car and she now just wants to get a cheap practical run around so trading in probably wont work .


Or can she hand the car back in some way to the finance company without having to buy the car out so to speak?


She has very little money as her ex has taken the lot and it now dragging the divorce through court to make life as difficult as possible so I would like too find the best option for her so she doesn't lose too much.


Thank you all for any guidance

Foxy-Stoat_3

Is the finance comminments not part of the divorce settlement?

You should ask your friend to speak to Audi Finance to find out the cost to exit the agreement and go from there.

wiltsguy_2

not many people would buy a car of that value or any amount of finance still tied to it, as if your friend decided not to pay it, the car would be recovered by the finance company and the buyer couldn't do anything to stop it, apart from paying for it twice.

That said i have sold a car with finance on it, but to a dealership, they took the car off of me, cleared the finance and gave me the remaining positive equity. Its a newish car so many delaers would be interested in it.

jandanjan

we have done but she cant afford to pay the car out to own it outright as there's no money and Audi finance are not particularly helpful on alternatives hence why we thought maybe sell it to pay the finance back. They are interested in her using it to trade again against another massively expensive car but she cant afford it so just wants a little run around now hence the question of best way to sell the car / pay it back.


thank you

jandanjan

finance commitment and divorce - it probably will be but her ex is dragging ti through court its already taken 1 1/2 years to get this far and its gone back to court for second time awaiting a date and she has to pay every month and we thought it would all be sorted by now but it could take another year or more and she would rather be rid of this debt if at all possible but I do see what you mean.

motorguy

jandanjan wrote: »

Im trying to help a friend out.


She has an Audi TTRS (2013) on PCP. It is on crippling finance and was taken out by ex husband but it is in her name ( she is now in the middle of a very messy divorce). She would like to get rid of the car as it costs her a fortune every month and still has another two years on the finance deal before she can hand it back to Audi.


She would like to know is it better to try to sell it privately letting people know there is finance that needs to be paid off or to take it to an Audi dealer to see what they will offer or an alternative ???
She does not want to have to trade it in against something else as it is an expensive car and she now just wants to get a cheap practical run around so trading in probably wont work .


Or can she hand the car back in some way to the finance company without having to buy the car out so to speak?


She has very little money as her ex has taken the lot and it now dragging the divorce through court to make life as difficult as possible so I would like too find the best option for her so she doesn't lose too much.


Thank you all for any guidance

I would have thought she needs to get that debt on the table in the divorce. Either proven as "his" car OR as a joint liability.

Failing that she should, as has been said, check with the finance company as to (a) what the settlement figure is and (b) how far away she is from having paid 50% of the total finance cost as at that point she cant hand the car back with nothing further to pay. Note its not the half way point in the agreement, but half way through the total cost of the transaction, including deposit and finance contributions from the manufacturer.

Also, being a TT RS is WILL be in demand. Depending on its age, she should try the main audi dealers in her area and see if any are willing to buy it for stock (ask to speak to the used car buyer) or try some of the performance independents that can be found on autotrader. Also, try the "webuyanycar" type sites. There are various options there.

She could trade it in for a cheaper car - either through an audi dealer (by buying something cheap from used stock) or by finding an indie who has a car she wants but who will also retail her car (ie, wont be afraid of it).

motorguy

wiltsguy wrote: »

not many people would buy a car of that value or any amount of finance still tied to it, as if your friend decided not to pay it, the car would be recovered by the finance company and the buyer couldn't do anything to stop it, apart from paying for it twice.

That said i have sold a car with finance on it, but to a dealership, they took the car off of me, cleared the finance and gave me the remaining positive equity. Its a newish car so many delaers would be interested in it.

You simply get the private buyer to pay the finance company direct, with the owner making up any shortfall. A letter will then be issued by the finance company saying they have no further interest in the car.

Simple and easy done, BUT it can put some buyers off.

Herzlos

jandanjan wrote: »

She does not want to have to trade it in against something else as it is an expensive car and she now just wants to get a cheap practical run around so trading in probably wont work .

You can trade a car in against a cheaper car, and they'll clear the finance (might even give you some money back on it, depending on settlement figure and value difference).

Foxy-Stoat_3

jandanjan wrote: »

we have done but she cant afford to pay the car out to own it outright as there's no money and Audi finance are not particularly helpful on alternatives hence why we thought maybe sell it to pay the finance back. They are interested in her using it to trade again against another massively expensive car but she cant afford it so just wants a little run around now hence the question of best way to sell the car / pay it back.

How much to settle the finance and exit the agreement?
How much is the car worth on a private sale?

If she cannot afford the difference then she is stuck with it as she cannot sell it on the open market without clearing the finance on the day of sale.

Maybe keep paying the finance until the divorce can be settled, any money coming from the settlement, property etc?

motorguy

jandanjan wrote: »

we have done but she cant afford to pay the car out to own it outright as there's no money and Audi finance are not particularly helpful on alternatives hence why we thought maybe sell it to pay the finance back. They are interested in her using it to trade again against another massively expensive car but she cant afford it so just wants a little run around now hence the question of best way to sell the car / pay it back.


thank you

No reason why the dealer cant accept it back as a trade in against a (relative) cheapie from used stock.

If they wont, find an audi dealer (or an indy) who will.

Cornucopia

I would steer clear of trying to sell it privately. The potential for fraud around a massive o/s finance agreement is just too great.