quattroowner

iTrader: (5)

Right bear with me

I have a car out on finance at the moment that im looking to sell ( i have less than 4k finance outstanding, Selling vehicle at just over £6300)

If i sell the vehicle with finance on it for say £6k,

Can i keep the £6k,

Buy another car ( A scoob with the 6k i have from) privately.

Can i transfer the outstanding finance from the old car that i sold, onto the new one ( scoob)

Means the old car is sold honestly with no outstanding finance, i keep the outstanding finance from the old car, and i have a new car.

Or am i speaking total nut's, anyone able to help

Tidgy

would have thought it will depends on t's and c's so speak to your finance company. i would suspect it stays with the car.

other option maybe personal loan to pay the finance off?

Keithys

Its a bit of a minfield finance you have to be carefull mate id check with the finance company before you do anythink its there car till you have paid it i think mate

thenewgalaxy

Doesn't work like that mate!

Car finance is secured against the vehicle, not you. If the car changes ownership then the outstanding balance has to be paid in full.

What most people do is sell the car and pay off the finance, whatever equity is left in the vehicle is then used as a deposit towards the next that will presumably be bought again on finance.

MattyB1983

iTrader: (51)

Fairly sure you need to pay of the finance on car 1 and then start a new deal on car 2.
The finance is with the car not you.
It can also be quite difficult selling a car full of finance, the buyer must transfer funds to the finance conpany to clear the debt and then pay you the rest. This puts many people off.

You could always save up and buy a impreza when you can afford it.

quattroowner

iTrader: (5)

Ah well was worth a try, just i had a look at a scoob today thats for sale. newage sti running gear ( 6 speed brembo's etc) 2.1 stroker engine etc so was thinking about it,

if my bank could sort a loan, i pay of finance with that, sell the car and then it's happy days. Hmmmm

quattroowner

iTrader: (5)

Car in question is the Hond accord that i have for sale

LuckyWelshchap

Yep, spot on (unless there's a really wierd wording in the T&C's).

Strictly speaking, if you spend all the money from the sale on another car you have committed an offence of 'fraudulent conversion' ie. turned the car into money.

Generally it would be a civil matter ie. the finance company would send the letters around, and possibly take you to court and get a CCJ.

You could take a risk and continue paying the instalments until the end of the loan period.

However, I think that an HPI check provides details of finance (anyone know for sure?) so it's highly unlikely that it would be hassle-free and indeed could land you in trouble.

I'd suggest asking the finance company for a redemption figure and also for the terms of another loan. If you've been a good client, and you show that you are by doing things by the book, I'd hope that they'd be more than willing to provide the finance you'd need.

quattroowner

iTrader: (5)

Ahh it makes sense now, I know it sounded like a daft question as the whole finance and loan's thing ( apart from a bank loan) i have no idea and tried my best to avoid.

I work for Vw, maybe consider asking what the sales guys do or what's a good idea.

Thanks for the answer's and your time guys.