selling a car with finance on it. - Page 2

dcw · Feb 25th, 2013, 10:24

Couldn't you take out a short-term loan to let you immediately pay off the finance? Then you have separated the debt from the car, the car is completely yours to sell, and as soon as you do so you can use the proceeds to clear the loan...

Just a thought

David

ian7675 · Feb 25th, 2013, 10:26

Quote:

Originally Posted by Anadinolin

Its fruad to knowingly sell a car with OUTSTANDING finance unless agreed by the finance company, as others have said, the finance co are the best ones to talk to regards this

I'm aware of that thankyou, there was certainly no mention of me selling it without letting the buyer know or the finance company.

Anadinolin · Feb 25th, 2013, 10:40

Cool, i didnt see mention, so i thought i would add that point just in case

volvorocks · Feb 25th, 2013, 11:22

Hi Ian

I have just looked at a car with money owing on it, and the seller suggested ''he would pay it off when I paid him''. Cross I was. Obviously I would do checks before parting with any cash,but the fact I wasn't told until the last minute reduces ones confidence in a seller.

Its good you are being upfront, and as others have said have a chat with the finance company. Whilst I would be ok buying a car with money owing on it, if the correct procedure was followed, it adds an extra hassle to a car purchase.

Regards

ian7675 · Feb 25th, 2013, 11:29

I wouldn't want to waste a persons time like that so I would mention it in the advert. Personally I wouldn't want someone coming to my house unless I knew they were a serious buyer who knew exactly what they were coming to look at. If the finance company would go for that I would request a letter of proof to show upon a viewing.

volvorocks · Feb 25th, 2013, 11:33

^^^^^^ I agree.

What is it you are selling?

Regards

ian7675 · Feb 25th, 2013, 11:37

V50 T5 se sport, 2005 model. Granted its not worth a great deal but its still an expense I could do without right now.

volvorocks · Feb 25th, 2013, 11:47

^^^^^ Its worth quite a bit i would imagine?

You don't owe more than its worth though do you?

Regards

ian7675 · Feb 25th, 2013, 12:03

No, its worth more than I owe. I would imagine it's worth £4k or so, maybe less.

Sorry, I should say £4k is still a substantial amount of money, I mean its not worth as much because it's a T5 compared to say a diesel in this day and age.

Backhill1 · Feb 25th, 2013, 15:29

Ian

Just a thought but why not try one of these we buy any car crowds? They will pay of the finance and give you the balance just like trading in no hassle job done in a day.

I wouldn’t use the mob off the Telly but I got a quote when trading in my V50 from a company in Cannock called we buy any vehicle and they were offering me to the penny what the guide said it was worth. So this put me in a better position when buying and saved there.

You just e mail and they will quote you, it will take you 10 mins, and they were very honest. You won’t get top whack but it depends what you’re after I couldn’t be without a car so my only options are trade in or one of these type arrangements.

Also I am very sensible and realistic of what my car was worth, not pulling pie in the sky figures out the air.

Obviously don’t say it mint if its not but when they inspected mine they never changed there quote at all stuck by there offer!

Feb 25th, 2013, 10:40	#13
Anadinolin VOC Member Last Online: Jun 20th, 2022 14:32 Join Date: Oct 2009 Location: Upminster View Photos By: Anadinolin	Cool, i didnt see mention, so i thought i would add that point just in case __________________ what good music deserves is full deep bass to give it warmth. the stock volvo sub works....just at high volumes Drum n Bass and dubstep

Feb 25th, 2013, 12:03	#19
ian7675 Senior Member Last Online: Aug 25th, 2013 21:53 Join Date: Aug 2012 Location: Gloucester	No, its worth more than I owe. I would imagine it's worth £4k or so, maybe less. Sorry, I should say £4k is still a substantial amount of money, I mean its not worth as much because it's a T5 compared to say a diesel in this day and age. Last edited by ian7675; Feb 25th, 2013 at 12:06.

Feb 25th, 2013, 10:24	#11
dcw VOC Member Last Online: Apr 18th, 2024 21:35 Join Date: Jan 2007 Location: YORK	Couldn't you take out a short-term loan to let you immediately pay off the finance? Then you have separated the debt from the car, the car is completely yours to sell, and as soon as you do so you can use the proceeds to clear the loan... Just a thought David

Feb 25th, 2013, 11:22	#14
volvorocks Rodney Last Online: Aug 4th, 2016 05:02 Join Date: Jan 2011 Location: On The Street	Hi Ian I have just looked at a car with money owing on it, and the seller suggested ''he would pay it off when I paid him''. Cross I was. Obviously I would do checks before parting with any cash,but the fact I wasn't told until the last minute reduces ones confidence in a seller. Its good you are being upfront, and as others have said have a chat with the finance company. Whilst I would be ok buying a car with money owing on it, if the correct procedure was followed, it adds an extra hassle to a car purchase. Regards

Feb 25th, 2013, 11:29	#15
ian7675 Senior Member Last Online: Aug 25th, 2013 21:53 Join Date: Aug 2012 Location: Gloucester	I wouldn't want to waste a persons time like that so I would mention it in the advert. Personally I wouldn't want someone coming to my house unless I knew they were a serious buyer who knew exactly what they were coming to look at. If the finance company would go for that I would request a letter of proof to show upon a viewing.

Feb 25th, 2013, 11:33	#16
volvorocks Rodney Last Online: Aug 4th, 2016 05:02 Join Date: Jan 2011 Location: On The Street	^^^^^^ I agree. What is it you are selling? Regards

Feb 25th, 2013, 11:37	#17
ian7675 Senior Member Last Online: Aug 25th, 2013 21:53 Join Date: Aug 2012 Location: Gloucester	V50 T5 se sport, 2005 model. Granted its not worth a great deal but its still an expense I could do without right now.

Feb 25th, 2013, 11:47	#18
volvorocks Rodney Last Online: Aug 4th, 2016 05:02 Join Date: Jan 2011 Location: On The Street	^^^^^ Its worth quite a bit i would imagine? You don't owe more than its worth though do you? Regards

Feb 25th, 2013, 15:29	#20
Backhill1 Master Member Last Online: May 17th, 2023 13:08 Join Date: Nov 2011 Location: Turriff	Ian Just a thought but why not try one of these we buy any car crowds? They will pay of the finance and give you the balance just like trading in no hassle job done in a day. I wouldn’t use the mob off the Telly but I got a quote when trading in my V50 from a company in Cannock called we buy any vehicle and they were offering me to the penny what the guide said it was worth. So this put me in a better position when buying and saved there. You just e mail and they will quote you, it will take you 10 mins, and they were very honest. You won’t get top whack but it depends what you’re after I couldn’t be without a car so my only options are trade in or one of these type arrangements. Also I am very sensible and realistic of what my car was worth, not pulling pie in the sky figures out the air. Obviously don’t say it mint if its not but when they inspected mine they never changed there quote at all stuck by there offer!

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