Support Needed

I would be really appreciative of any support here.

My friends partner left her and she has vehicle finance in her name which is costing in excess of £900 per month and a remainder of over £20,000 left on the vehicle.

Despite the partner leaving she has kept hold of the vehicle due to it being in her name.

Could anyone provide the best solution to becoming unshackled from the finance / best method of shifting debt and selling the vehicle? Thanks



  • sourcrates
    sourcrates Posts: 28,493
    First Anniversary Name Dropper First Post Photogenic

    She cant legally sell the vehicle as its not hers to sell, she could take it to a dealer who buys cars, after obtaining a settlement figure from the finance company, if she could make a deal with the dealer to buy the vehicle, the dealer would then settle the finance, and take the car.

    However, it all depends on how much is owed on the car, how much the car is now worth, and how much the dealer is willing to pay, there offer may not cover the outstanding liability on the car, its a bit of a minefield really.

    Only other option is to return the car to the finance company, who will then sell the vehicle, and repay what's owed from the selling price, the trouble here is most go to auction, and sell for far less than the outstanding finance, so could leave her with a shortfall that she would have to (eventually) repay.

    No easy way out unfortunately.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards