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Thread: Selling A Car With Finance

  
  1. #1
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    A5TRA 59ORT's Avatar
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    Selling A Car With Finance

    Hi guys

    I have got a friend that wants to sell their car but it still has finance out on it…how can he do this?...obviously we are not trying to cheat anyone and want a genuine sale so it will be advertised as such (at the end of the day it will come up on a HPI report)

    He has got a settlement figure from the finance company and it is a few £K less than the current market value so we were thinking that any new buyer would be able to ring up the finance company and transfer the money across to them and then pay the reminder to my mate.

    However is this viable and would my mate still need to keep the car until the finance company confirmed the account has been settled.

    I know the other option is find someone that trusts you to pay it off on receipt of the funds but that’s never going to be easy especially as we are talking sums of £15K+

    Any help or advice would be appreciated….how would you get rid of your car in this situation.

    Cheers

    Chris

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    Gregg's Avatar
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    To keep it more legit toa buyer can your mate or a close freind take a loan for the total fee owed to finance company then get that paid straight off once the cars sells.

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    untouchable's Avatar
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    I echo Greggs post tbh. I would be put off buying a car with outstanding finance on, basically as regardless of if the seller says they will clear the finance...will they??

    Or like you mentioned, you could give them the details of the finance agreement, and get the buyer to pay the outstanding balance, then give your friend the difference


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    DaveDempsey's Avatar
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    Just get who ever is buying the car to ring up the finance company and make the payment over the phone from a switch account. The finance company will be able to give verification there that the account has been cleared at which point he can release the car. The finance company should be able to send over faxed confirmation of settlement.

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