Edcase

I have just sold my car, and it has about 12k outstanding on the Finance.

Now obviously the guy buying the car won't part with his cash whilst the money is outstanding.

Obviously nowadays parting with a car whilst Finance is outstanding is a regular occurrence, so how do people deal with it?

Should I get him to pay the check directly to the finance company, with the remaining balance to me???

Red Rocket 11166

Hi

I think you will find that the finance company owns the car, so you have pay the outstanding balance off first.

Red.

SiDHEaD

I think normally you get him to put the cheque in the postbox whilst you are there, or wire it to the finance company..

flyguy2003

I hope you have checked it with the finance company because they will not release title to the car until they have been paid in full, if your buyer is looking to take out finance to purchase the car it will show up on hpi checks and finance will be refused, this is the advice I was given when i toyed with the idea of selling my scoob before the end of the finance agreement,

Good luck

Mick

Edcase

ok great, so he just pays the finance company then?

He's paying cash so no worries regarding his finance.

SiDHEaD

I have my V5 on my car, therefore even tho it is on finance i can sell it if i choose. No-one wants to buy it though

SiDHEaD

As long as they receive the full settlement fee they don't care.

I had my Fiesta on HP, sold it to my dad. Just sent them off the cheque for full outstanding amount and they sent me a reciept to close the account. All done.

Keef69

When I bought a car from a guy who had finance I drew a cheque from the building society (as good as cash) for the amount to clear the finance (he had a note from finance company, confirming the exact amount outstanding) and we put it in the letter box together, so we both new it had been settled. The balance I gave him in cash.


Hope this helps

Edcase

thanks guys