Voluntary Termination - HP

Mr.J_2

So, if I get a reasonable amount for the car, will the £6k figure go down?

Tiddlywinks

You cannot sell the car without the finance company's permission - it is not yours to sell, you do not own it... you are merely the 'registered keeper'.

Anyone sensible will do an HPI check before buying and will see that there is finance outstanding and so will walk away.

You need to speak to Blackhorse about your options.

Mr.J_2

Yeah, I was talking about me selling it - must have come across wrong.

What I was saying is, there is currency 6k between the amount paid and the amount owed (15%), if they sell the car once returned and achieve a strong price, will the 6k value decrease?

Mr.J_2

** WASN'T talking about me selling it

Tiddlywinks

Does the contract allow them to recover fees and admin? If so, then these would need to be considered.

Bog standard cars do not achieve their best price at auction so, realistically, it's likely to make less than the offered trade-in at auction.

You need to get a copy of the contract and read it - and then speak to the finance company.

nomoneytoday

If a dealer would offer £18500 as a px, could you sell it privately for £20k, and use the proceeds to clear the debt?

Tiddlywinks

nomoneytoday wrote: »

If a dealer would offer £18500 as a px, could you sell it privately for £20k, and use the proceeds to clear the debt?

This answer illustrates why you need to read the contract and speak with the lender - rather than relying on opinion that may not be right.

aphill24

Why don't you try WeBuyAnyCar They often give more for your car than a main dealer. You could then pay the finance straight including any short fall. They do offer a price then try and knock it down for any defects but if your car is in A1 condition stick to your guns on the original valuation if your happy with it.

National_Debtline

Hi folks


There seem to be some conflicting posts on how the shortfall owed to the finance company would be calculated in the event of the agreement being terminated by one side or the other.


Mr J - I would suggest referring to our fact sheet on this topic before discussing your options with the finance company:


https://www.nationaldebtline.org/EW/factsheets/Pages/16%20EW%20Hire%20purchase%20and%20conditional%20sale/Default.aspx


Dennis
@natdebtline

StreetHawk

Why not try to sell and get the buyer to settle the finance directly? If BMW offered you £18500 as a trade in you might be able to get £20000 selling privately.

I've bought a car and sold a car this way in the past without issue.