Selling a car with outstanding finance??

[DaveTrophy]

How do you go about it...

Is it a matter of taking out a personal loan, and paying the finance off so as the car is HPI clear and then paying the loan back?

Still undecided whether to sell up or not but I need the advice as it still has money owed on it

Thank You.

 

[Olliev8]

when i sold my 1.4 Clio i had around £4.5K outstanding on finance,
As soon as the buyer paid the money and had taken the car i paid the finance off in one go. I did advise the finance company that i was selling it and didn't have any probs.
the buyer was happy with this arrangements and as he had all my contact details i guess he felt confident i wasn't going to have him over.

As long as your advert states your have finance people can't/shouldn't moan.

 

[g40steve]

Contact finance company & get a settlement figure.

When viewer arrives inform of outstanding finance.

If you agree price, 'they' can usually pay the finance company direct via debit card on the phone so you both know it's settled.

Exchange docs job done.

I got my (trophy) this way so i know it's fine. The car had 10K+ worth of finance left on it :shock:

 

[Nik]

Agree with Steve, I've sold a car with some finance outstanding on it.

The best option for the piece of mind of both buyer and seller is to ring up the finance company and say you want to settle the finance so that you can sell the car. They will then speak to the buyer and take payment on their debit card then ask to be passed back to you so they can confirm to you that the payment has been sucessful.

That way everyone is happy, and you'll get written confirmation of the payment in a few days

 

[DaveTrophy]

Thanks for the responses guys, I was always under the impression it was against the law to sell a car with money owed on it, hence HPI checks.

Cheers for clearing that up for me

 

[g40steve]

It is, but you are declaring the fact & not hiding it.

It will show up on HPI, but again the buyer will be able to realise that they have paid it off.