Can I sell a car with a pcp which has outstanding balance please?

scatterbrain120

Hello, Can anyone advise me re the way forward to selling a car when i have an outstanding balane on a pcp please?  As I understand it the car is owned by the pcp lenders until I pay the outstanding balance, but wouldnt get a payout until the car is sold?                                                  
Thank you for any help.  

DullGreyGuy

If you sell it to a dealer or professional buyer they'll have the tools in place to identify the secured finance, get the settlement figure and will pay the finance company that and give you the difference. 

shiraz99

Absolutely you can, particularly with a dealer who will arrange to have the finance settled. If selling privately probably best to contact your finance company first yourself and get a settlement figure, although persuading a private buyer to buy a car with outstanding finance is a little harder.

scatterbrain120

Thank you both so much. I appreciate it.  In a bit of a pickle at the moment as had a fit, had to send licence back, (totally understandable), first ever fit and undergoing investigations at the moment. Car is a pcp and can't get any fully comp insurance.  Going round in circles at the moment, trying to think of the options. Only one would be to sell the car, make a loss and get a loan for the difference for the amount of negative equity.  Its an awful situation to havehad the fit, not know why, have driving taken away, but this is the topping on the cake!  

DullGreyGuy

scatterbrain120 said:

Thank you both so much. I appreciate it.  In a bit of a pickle at the moment as had a fit, had to send licence back, (totally understandable), first ever fit and undergoing investigations at the moment. Car is a pcp and can't get any fully comp insurance.  Going round in circles at the moment, trying to think of the options. Only one would be to sell the car, make a loss and get a loan for the difference for the amount of negative equity.  It's an awful situation to havehad the fit, not know why, have driving taken away, but this is the topping on the cake!  

Presumably no one else is driving it? Do you have facilities to store it off the road?

If you can SORN the car then you can buy "laid up" insurance which covers the car for theft etc but no drivers. If you cannot SORN it then speak to a specialist broker who should be able to sort out a comp policy for you without any drivers. 

LightFlare

scatterbrain120 said:

Thank you both so much. I appreciate it.  In a bit of a pickle at the moment as had a fit, had to send licence back, (totally understandable), first ever fit and undergoing investigations at the moment. Car is a pcp and can't get any fully comp insurance.  Going round in circles at the moment, trying to think of the options. Only one would be to sell the car, make a loss and get a loan for the difference for the amount of negative equity.  Its an awful situation to havehad the fit, not know why, have driving taken away, but this is the topping on the cake!  

100% empathise - having gone through very similar 

From personal experience - you are not supposed to drive for 6 months from when you had the fit if its a first.

I'm surprised you cant get any insurance, my company were perfectly happy to just have my car parked at home in the drive for 6 months -- not sure if having a named driver on the policy helped

Worst thing you can do it jump to any hasty decisions - wait untill you have seen a neurologist and have a firmer understanding of the situation

scatterbrain120

ooh, thank you! will look into the specialist insurance! i had thought of sorn. it can stay on my parent's drive. just need fully comp for the pcp.  thanks so much.

scatterbrain120

LightFlare said:

scatterbrain120 said:

Thank you both so much. I appreciate it.  In a bit of a pickle at the moment as had a fit, had to send licence back, (totally understandable), first ever fit and undergoing investigations at the moment. Car is a pcp and can't get any fully comp insurance.  Going round in circles at the moment, trying to think of the options. Only one would be to sell the car, make a loss and get a loan for the difference for the amount of negative equity.  Its an awful situation to havehad the fit, not know why, have driving taken away, but this is the topping on the cake!  

100% empathise - having gone through very similar 

From personal experience - you are not supposed to drive for 6 months from when you had the fit if its a first.

I'm surprised you cant get any insurance, my company were perfectly happy to just have my car parked at home in the drive for 6 months -- not sure if having a named driver on the policy helped

Worst thing you can do it jump to any hasty decisions - wait untill you have seen a neurologist and have a firmer understanding of the situation

Thank you, and im sorry you've been through similar problems.  
Can I ask which insurance you were with at the time please? it may be admiral and LV wont do it but someone else will.  I agree, snap decisions are a terrible idea. Thank you for this help, I will have a look at specialist insurances and other potential insurance.  Admiral are happy to insure it until it runs out on the sunday but wont renew it. 

DullGreyGuy

scatterbrain120 said:

ooh, thank you! will look into the specialist insurance! i had thought of sorn. it can stay on my parent's drive. just need fully comp for the pcp.  thanks so much.

If you can name one of your parents as a Named Driver then the likes of Adrian Flux will do a Proposer Excluded fully Comp policy where you are the policyholder but not entitled to drive. 

Alternatively there is laid up insurance if it can be SORNed but it may be arguable if this meet the PCP requirements. It would cover anything that happened to the car but wouldn't cover the TP if the handbrake failed and it rolled into a third party vehicle. Having worked for an asset finance company in the past they are typically very nervous about the outside chance that they could be held liable as the legal owners of the asset 

scatterbrain120

DullGreyGuy said:

scatterbrain120 said:

ooh, thank you! will look into the specialist insurance! i had thought of sorn. it can stay on my parent's drive. just need fully comp for the pcp.  thanks so much.

If you can name one of your parents as a Named Driver then the likes of Adrian Flux will do a Proposer Excluded fully Comp policy where you are the policyholder but not entitled to drive. 

Alternatively there is laid up insurance if it can be SORNed but it may be arguable if this meet the PCP requirements. It would cover anything that happened to the car but wouldn't cover the TP if the handbrake failed and it rolled into a third party vehicle. Having worked for an asset finance company in the past they are typically very nervous about the outside chance that they could be held liable as the legal owners of the asset 

Thank you, so much. At least it is two potential options I didnt have 10 minutes ago! didnt know what to do.  Really appreciate all the help you and others have offered. Thank you.

LightFlare

scatterbrain120 said:

LightFlare said:

scatterbrain120 said:

Thank you both so much. I appreciate it.  In a bit of a pickle at the moment as had a fit, had to send licence back, (totally understandable), first ever fit and undergoing investigations at the moment. Car is a pcp and can't get any fully comp insurance.  Going round in circles at the moment, trying to think of the options. Only one would be to sell the car, make a loss and get a loan for the difference for the amount of negative equity.  Its an awful situation to havehad the fit, not know why, have driving taken away, but this is the topping on the cake!  

100% empathise - having gone through very similar 

From personal experience - you are not supposed to drive for 6 months from when you had the fit if its a first.

I'm surprised you cant get any insurance, my company were perfectly happy to just have my car parked at home in the drive for 6 months -- not sure if having a named driver on the policy helped

Worst thing you can do it jump to any hasty decisions - wait untill you have seen a neurologist and have a firmer understanding of the situation

Thank you, and im sorry you've been through similar problems.  
Can I ask which insurance you were with at the time please? it may be admiral and LV wont do it but someone else will.  I agree, snap decisions are a terrible idea. Thank you for this help, I will have a look at specialist insurances and other potential insurance.  Admiral are happy to insure it until it runs out on the sunday but wont renew it. 

Esure -- I just rang them up, told them the scenario and they were happy. Put a note on the details and said to let them know when I was able to drive again

I find it surprising that they wont renew - surely if your car isnt moving then their risk is much lower. Unless they assume people willl be a bit "naughty" and drive anyway

Hope it all works out for you, Its pretty devastating initially, but we found little workarounds to make it manageable