Selling a car currently on PCP for a friend
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If he really wants to go down this route tell him to open his own eBay account, it takes minutes.Sorry to drag this out but this is his response when I said he needed to go to the finance company. "What I do is get a settlement letter from the loan company and buyer pays them direct with any surplus to me.".
Does that sound legitimate?
This ensures you are in no way involved. Don't let him drag you into his schemes. Selling cars on eBay can be a nightmare at the best of times, selling one with outstanding finance for a mate is only going to end in tears."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
Yes he gets settlement figure yes the buyer pays the finance directly not from a phone number provided by the seller, there is highly likely to be no surplus, more likely to be a deficit which your friend will need to pay at same time.0
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Sorry to drag this out but this is his response when I said he needed to go to the finance company. "What I do is get a settlement letter from the loan company and buyer pays them direct with any surplus to me.".
Does that sound legitimate?
How many times do we have to talk you out of this?
The advice you have been given is sound. Do not get involved and save yourself a lot of problems. Or, believe your friend and deal with whatever issues come your way. You have already said yourself that you do not trust this friend when it comes to money matters - at least listen to your own advice if you are not going to heed anyone else's.0 -
Does that sound legitimate?
Why do you care, its nothing to do with you and everything to do with your friend and the finance company.
Seriously, if this a PCP deal and he is not very near the end then there will probably be little or no equity in the vehicle.
Tell him to get a settlement figure and aim to sell it for at least that and wish him all the luck.0 -
Sounds like he wants to sell the PCP car to free up some cash to go an spend elsewhere rather than to settle the PCP agreement. I would walk a mile.
Also no one is going to buy it unless they have proof that the PCP has been settled. Unless they are daft as well.0 -
I have a friend that I totally trust with everything...except money. He's blown an absolute fortune, relative to what I consider a lot of money, and is blinded by big-money schemes. People around him have tried to help after receiving multiple guarantees of repayment only to have been ignored and avoided once deadlines have passed. You'll see why that's relevant in a mo!
He now wants to sell his car which he currently has on PCP finance and as he's never had an ebay account, has asked me if I can do it.
So, I now have the ad saved as a draft on ebay under my account.
When the car sells and payment is made, isn't there an obligation to repay the PCP loan in full? If so, are there any implications on me as the seller and recipient of funds (I'll then transfer it to him) if he chooses to pocket the money rather than repay the PCP?
Frankly, I think it'll be sold, PCP paid off and job done. I really want to help so don't want to refuse unless there's a clear risk on my part.
OP read your first paragraph slowly out loud
"I have a friend that I totally trust with everything...except money. He's blown an absolute fortune, relative to what I consider a lot of money, and is blinded by big-money schemes. People around him have tried to help after receiving multiple guarantees of repayment only to have been ignored and avoided once deadlines have passed. You'll see why that's relevant in a mo!"
Then run a mile:eek:0 -
Deleted_User wrote: »Sounds like he wants to sell the PCP car to free up some cash to go an spend elsewhere rather than to settle the PCP agreement. I would walk a mile.
Also no one is going to buy it unless they have proof that the PCP has been settled. Unless they are daft as well.
"Unless they are daft as well"......price it low enough and they'll come running0 -
Oh, just got these and wanted to say that the loan note comment didn't mean I was reconsidering it. I just wanted to know if it was legitimate.
I took the overwhelming advice to not get involved early on and am therefore relieved that I posted on here first to check.
So, thank you. All the responses, including the blunt ones (which I know were intended to make me understand what a terrible idea it was)
are appreciated. 0 -
Just one other point if I may.
If someone does actually buy the car without checking the PCP status. When they eventually do find out, their first port of call will inevitably be Ebay. This will open up a whole different can of sh t worms on YOUR account !!0 -
As some who works for Webuyanycar I can say we regularly beat VT termination and customers either end up it a lower negative equity position or in a large number of circumstances actually receiving a surplus. VT often involves a termination fee and then an assessment of mileage and condition of vehicle which is equivalent to ours, always worth dropping in to the local branch and seeing what we can offer.
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