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.