Help with leaving Black Horse car finance

raymondomartin

Hi all,

I haven't posted here before so be kind!

I took out car finance with Black Horse on a Peugeot 208 in Oct 2015. However, I've been offered a job in Gibraltar, which means I don't have any need for a car anymore. I've checked my online account and the settlement figure is £9400. If I sell the car, from my research I should be expecting something between £7000-£7800. Does anybody have any experience or advice when it comes to this? I don't really have £2000+ to hand to pay off the rest of the settlement amount! Are you even allowed to sell a car that's financed?

Any advice would be appreciated before I call Black Horse/Peugeot dealership, as I don't really want to go in blind and get stitched up!

Many thanks,

Ray

jonesMUFCforever

Is the figure you have been quoted of £9400 a genuine settlement figure or is there to be an interest adjustment to reduce this if repaid early?
What type of finance is on the car - personal loan,PCP or HP?

raymondomartin

The £9400 is the total amount according to Black Horse. It's a hire purchase according to the documents to the documents I have to hand. Does that help?

glentoran99

raymondomartin wrote: »

The £9400 is the total amount according to Black Horse. It's a hire purchase according to the documents to the documents I have to hand. Does that help?

log in to back horse online and click settlement amount, you'll get a different figure

raymondomartin

That's where I got the figure from - £9442 to be exact.

glentoran99

raymondomartin wrote: »

That's where I got the figure from - £9442 to be exact.

I take it the outstanding figure shows higher then?


Your options would be get a loan to pay off the finance then sell the car, you cant sell a car on finance

raymondomartin

Yeah that's right. I was hoping you wouldn't say that! I'm assuming there isn't an option to give the car back and pay a cancellation fee or equivalent then? Long shot I know...

glentoran99

raymondomartin wrote: »

Yeah that's right. I was hoping you wouldn't say that! I'm assuming there isn't an option to give the car back and pay a cancellation fee or equivalent then? Long shot I know...

Depends how long you've had it, there is some clause of if you've paid 50% or something, cant remember off the top of my head

Gaz83

glentoran99 wrote: »

I take it the outstanding figure shows higher then?


Your options would be get a loan to pay off the finance then sell the car, you cant sell a car on finance

Not strictly true. You can sell a car on finance, it just requires the seller to settle the finance at the point of sale.

Understandably though this limits the number of potential buyers, as many can't be bothered with that hassle.

You might have more luck selling it to a dealer as they'll be more used to that kind of thing, rather than selling privately - although that'll probably reduce the amount you're offered.

glentoran99

Gaz83 wrote: »

Not strictly true. You can sell a car on finance, it just requires the seller to settle the finance at the point of sale.

Understandably though this limits the number of potential buyers, as many can't be bothered with that hassle.

Of course you are correct and i've done it myself, just didn't mention that I owed finance, and they didn't do an HPI check, but its actually states on black horse finance agreement that you must not sell the car

raymondomartin

Okay so if I were to have the finance settled at the point of sale, I'd need to have paid off the difference between point of sale amount and finance settlement amount prior? Sorry if its a stupid question, its my first car finance agreement and I'm panicking about being stuck with it a bit!