Help! Selling my Lease Agreement Car

Katapolt

I have found out that my lease agreement car is in positive equity, and as i have been itching to get rid of it for a while now it seems like the best way.

I have an offer from We Buy Any Car that will cover whats remaining on the lease finance, but Auto Trader thinks i can get a little bit more if i sell it privately.

Mu main issue is the only time i've bought a car its been at someones house and we sign the V5 docs there and off we go, car in hand.

As i currently down own the car (because id need the money from the sale to buy it from the lease company) Im not sure how it would work with paperwork. Its also WAY more money than ive ever bought a car for, so i think id want to make sure the money is in my bank account before handing the keys over.

If anyone has any help on how logistically this works best i would really appreciate it. I've never actually had to sell a car before, they've always ended up scrap! :rotfl:

TadleyBaggie

You can't sell a leased car, it is owned by the lease company. I suspect it's some other type of finance you have (PCP or HP).

Edit: Looks like PCP based on that last time you posted about it: https://forums.moneysavingexpert.com/discussion/5857794/lease-agreement-woe

neilmcl

And even if it is a PCP/HP financed car, you will still need permission from the finance co. because until you fully settle the finance the car belongs to them.

So the question remains, is it really leased (Contract Hire), or on a PCP/HP?

Katapolt

sorry! Its HP, and its the finance company that advised i could sell it, so theyre happy with me to do so, i just wasnt sure how it would work and thought id ask for advice before hounding everyone down the phone at lunch tomorrow haha.

Nodding_Donkey

If you sell to WBAC they will deal with the finance company and pay them direct, paying any surplus to you.

Herzlos

Are you planning on buying another car? The selling dealer may offer more than WBAC as a p/x, where they'll pay the finance off and put any equity towards the new(er) one.

flashg67

Tricky with a private sale - the buyer could bank transfer full amount to you then watch/wait whilst you paid the finance co their bit - relies on a bit of trust both ways - not for the faint hearted on either side with large amounts involved

Katapolt

Flash thats my exact fear! Seems a bit risky to me.

Im going to buying a new car but itll be a £300 run around, so i doubt theyll part ex it at all haha.

Looks like WBAC may be the best bet...

Mutton_Geoff

Will your bank lend you the money for the short period between paying off the car loan and selling it on Autotrader for much more than WBAC will ever offer you?


That way your private buyer will see a clear HPI and get a better deal than from a dealer, you get more money than you would now given the circumstances?


I've sold 3 cars in the last 3 months on Autotrader. All sold within a few days of the ad appearing as I priced them competitively. WBAC offered me £1,200 online for an Audi I sold for £3,000 and had another 10 people waiting if the first sale didn't go through.


Good clean cars with full history and years MOT at the right price will always sell.

Katapolt

Mutton_Geoff wrote: »

Will your bank lend you the money for the short period between paying off the car loan and selling it on Autotrader for much more than WBAC will ever offer you?


That way your private buyer will see a clear HPI and get a better deal than from a dealer, you get more money than you would now given the circumstances?


I've sold 3 cars in the last 3 months on Autotrader. All sold within a few days of the ad appearing as I priced them competitively. WBAC offered me £1,200 online for an Audi I sold for £3,000 and had another 10 people waiting if the first sale didn't go through.


Good clean cars with full history and years MOT at the right price will always sell.

Interesting! Hadnt thought of that, and a bit worried as funds are tight so i dont want to stitch myself up, but ill have a look into it thanks!