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Old 27th February 2017, 08:07 PM   #1 (permalink)
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Selling my car currently part financed

As per the title I'm reluctantly looking to sell my car due to a change in my circumstances. I have a garage that would buy it off me but obviously they don't want to pay me what I want for it. I'm wondering if I can sell it privately or on here without breaking any rules as such, obviously the remaining finance would be paid off on sale off the veichcle. Anyone done this or have any info for me? Thanks in advanced.
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Old 27th February 2017, 08:14 PM   #2 (permalink)
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Agree the price with the new buyer and they can phone the finance company in your presence and pay it off prior to handing the keys over, they will then give you the remainder of the money and you hand over keys....... they get a finance free car and you get your money

This is exactly how I bought my m3
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Old 27th February 2017, 08:15 PM   #3 (permalink)
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If you sell it privately, the buyer will most likely do a HPI check and that will show that the car has outstanding fiance. I would suggest that would be a massive problem for a buyer. I think you will struggle to sell it because the fiance company will still have a claim on the car.
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Old 27th February 2017, 08:18 PM   #4 (permalink)
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do as stealth said... it happens a lot these days as plenty of people finance cars.
its very common practice now..
some dealerships will even settle the finance for you, albeit you will get a low ball offer.
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Old 27th February 2017, 08:19 PM   #5 (permalink)
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Yea that would be a great outcome but agreed it would put most off but I'm hoping for the right price it may temp someone who isn't as cautious as I would be. Lol
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Old 27th February 2017, 08:23 PM   #6 (permalink)
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Hi nick. Yes that's what I've been offered by a dealer but there a good 3k short on what I could let it go for. Maybe il put it on piston heads then and say it has part finance and will need to be settled before the car leaves my possession. No harm in trying I guess.
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Old 27th February 2017, 08:27 PM   #7 (permalink)
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Ive bought a car in the past that had finance on it. I settled the finance and paid the balance to them. It was no biggie for me. Just took slightly longer as I had to do 2 bank transfer rather than 1.
As long as you are honest about what's due and to whom, I think anyone decent would be happy.
Not everyone is in a position to buy outright but I genuinely believe it will not put off a good buyer.
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Old 27th February 2017, 08:37 PM   #8 (permalink)
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OK cool will give it a go and see what comes of it. Cheers guys
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Old 27th February 2017, 08:38 PM   #9 (permalink)
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Anyone willing to buy a GT-R privately will have the cash in one form or another, be it saved or bank loan.......... be honest with the finance, just say in the advert "car has finance but this will be paid in your presence prior to the car leaving my ownership"

Job done..... as said before it is done a lot
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Old 27th February 2017, 08:50 PM   #10 (permalink)
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OK cheers mate.
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Old 27th February 2017, 09:29 PM   #11 (permalink)
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Quote:
Originally Posted by djbennyb View Post
As per the title I'm reluctantly looking to sell my car due to a change in my circumstances. I have a garage that would buy it off me but obviously they don't want to pay me what I want for it. I'm wondering if I can sell it privately or on here without breaking any rules as such, obviously the remaining finance would be paid off on sale off the veichcle. Anyone done this or have any info for me? Thanks in advanced.

Whats details of the car ?
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Old 27th February 2017, 09:54 PM   #12 (permalink)
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I bought my first gtr 6 mnths old from a guy who couldnt afford his finance.

Car was 60k, so I offered 45k and my SL55 worth 15k.

HPI check showed no finance, but luckily the guy was honest and told me he actually owed 45k on the gtr, don't trust hpi.com lol.

So we met up, agreed he would take my SL in px, phoned his finance company to let them know he was selling, and we transferred logbook of gtr to my name.

He then drove home in my SL, and at that point I was left with a 60k gtr that I had paid 15k for lol.

A couple days later I settled the finance, and all in all it was a really easy deal, no hassle by any party, apart from hpi.com ha.
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Old 27th February 2017, 11:41 PM   #13 (permalink)
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Agreeing to sell a car privately with finance on it is no different to agreeing to sell it or trade it in to a dealer with finance on it, the outstanding amount can be settled as part of the sales process either way.
The only difference is that a dealer will settle the finance on your behalf rather than you having to do the leg work.
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Old 28th February 2017, 06:09 AM   #14 (permalink)
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Sorry to hear you are thinking of selling Ben.
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Old 28th February 2017, 07:13 AM   #15 (permalink)
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This practice is so normal to me i thought you thread title was a wind up.

I've for this possibly 8 or 9 times.

I even did it once on an Evo that was incredibly listed as financed as the finance company had registered their interest against the wrong number plate. The seller didn't even know and was furious. (Quote rightly).

I don't understand why you think it should be a barrier to selling privately? If it was the cost of finance for everyone would be artificially inflated by the difference between private and trade second hand value.
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Old 28th February 2017, 07:35 AM   #16 (permalink)
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That's very true Adam, I just didn't want to list my car as part financed and people say that I can't or not allowed to do that but I'm glad people have cleared that up for me so thanks. Yes Steve it's a terrible shame that I need to sell it as it's the best one I've owned so far and now the weathers going to be on the turn soon I'm going to be even more gutted but no doubt il by my 4th in the future. Lol. And who noes what the next month will bring if I don't sell it and my circumstances change again then I may end up keeping it.
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Old 28th February 2017, 07:37 AM   #17 (permalink)
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Oh it's a white 61 plate. 26k miles. Litchfield stage 4.25.
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