Buying a car with outstanding finance? cant sell my car.

[cb1992]

Outstanding finance would put me off. This is because I don't know you. You may be as honest as the day is long but it means nothing to a stranger.

Pay off the finance and then sell it.

In an ideal world yes, but not an option.

I get what your saying, but you dont have to trust me, your dealing directly with the finance company. Im not taking the money and then paying, the buyer pays the company that day, then gives me the excess, would probs take about 5mins to do, but as soon as people see finance they run a mile

 

[Nath.]

Put in your add......on the day of collection, me and the new buyer will go into the dealers where i bought the car from and the new buyer can see that its being paid off.


My question is...why not just trade it in at the dealers you got it from and carry the finance over to another car??

IT'S A SLIPPERY SLOPE!

A lot of people do this but it's madness. They add your outstanding debt (including the interest) on top of the debt of your new car and then add interest to the lot.

You will pay interest on interest.

I know someone who has done this loads of times now (cars and caravans), He currently owes about £50k on a £15k car and has sold his current caravan to pikies with outstanding finance on it.

Sadly this guy is selling his house and going into a rented flat in order to clear his debts. What a plonker.

Don't do it.

 

[Biker]

but as soon as people see finance they run a mile

That's because people like Parkers give this advise:

"Do not, in any circumstances, pay the full amount for the car with the 'understanding' that the seller will later pay off the finance because there's every chance that they could take all the money and not pay the finance, leaving you in a difficult situation."

Who is to say you haven't set up an elaborate scam, am I really paying the finance company!

You can't afford a new car, stick with the one you have and pay some money off of it.

 

[m0rk]

OK, so sensible question here

If you owe more on the car than it's worth (to the only people who've offered to buy it)

Why not keep it, pay the finance off as planned over the next x years?

I'd struggle to pay off the finance for a car for someone I knew & trusted let alone a stranger

 

[cb1992]

That's because people like Parkers give this advise:

"Do not, in any circumstances, pay the full amount for the car with the 'understanding' that the seller will later pay off the finance because there's every chance that they could take all the money and not pay the finance, leaving you in a difficult situation."

Who is to say you haven't set up an elaborate scam, am I really paying the finance company!

You can't afford a new car, stick with the one you have and pay some money off of it.

Well i think your letting your imagination run wild here tbh, they go on to the black horse website call the number pay it off. done. So i would need to be pretty good to pull that off.

And thanks for your advice but your going over the mark , who are you to say if i should keep my car or not and i cant afford it. The truth is at a push i probably could do pay it off, but what if i did then it didnt sell for months and months that would put me in a tight situation. You have every right to have your opinion on this but your coming across very condesending mate.

 

[TDI ste]

Im with the people saying keep it and pay the finance.
We all know what its like, Youve had the car a while and are now bored with it ! Ive been there myself so many times, I went through a stage of changing my car every 6 months through getting bored.... I owned the cars outright though but still lost out a little when selling them on.

Heres what Id do in your situation - Keep the car but give it a little treat ie some sort of mod or new stereo or something but dont go overboard.... Just freshen it up abit. Concentrate on getting it paid off.

 

[cb1992]

OK, so sensible question here

If you owe more on the car than it's worth (to the only people who've offered to buy it)

Why not keep it, pay the finance off as planned over the next x years?

I'd struggle to pay off the finance for a car for someone I knew & trusted let alone a stranger

I dont owe more than its worth, if i traded in at a dealer price i would. Looks like the finance is the problem by the going trend on this thread, so looks like it will be up for sale for a while haha. Andi want to sell it because im getting a really good deal on the new car that only last till june, so thats why im looking to sell just now, otherwise i wouldnt be botherd tbh.

 

[cb1992]

Looks like im going to be doing very well to sell this car

 

[m0rk]

Don't forget, a car is only worth what someone will pay for it....

And the only people that will pay for it think it's less than you owe

If only cars were worth what we hoped they were I'd be a millionaire

 

[Deleted member 67732]

Im currently selling my mk4 ibiza cupra because im interested in getting a mk5, but im not getting as much interest as i thought. Its a low mileage and great condition. Highest ebay bid ive got was 3grand which is way off. I have stated that i have finance outstanding which will be cleard before buyer drives away. Im wondering you opinions on this, would this put you off buying? i dont know if its that or the fact im based in glasgow, these cars dont seem to be in demamd as much as down south. Cheers.

it is unlawfull to sell a car with outstanding finance, it must be cleared before sale of the car

 

[cb1992]

Don't forget, a car is only worth what someone will pay for it....

And the only people that will pay for it think it's less than you owe

If only cars were worth what we hoped they were I'd be a millionaire

That is a valid point..... and me too! im willing to take a loss to a certain point, but not what the dealers were offering im sure you know what there like. They just see its an older car and take the mickey haha.

 

[cb1992]

it is unlawfull to sell a car with outstanding finance, it must be cleared before sale of the car

Thats Part myth. If you have permission from the finance company (which i do) and you pay them the settlment figure then its completely legal. Its those idiots that sell with out telling the finance company or the poor guy that buys it that cause the problems. Some finance company may turn round and say they dont allow you to sell before you settle the debt, but BLACK HORSE do. But i understand this is a real grey area.

 

[Seal_LCR]

I never mentioned it when I sold some of my cars if they mentioned a hpi check I'd then tell them and pay it while they are on loudspeaker if they didn't ask I just paid it after they left. It's not dishonest if they don't ask they don't get the information.

 

[lukeyyyyy]

Worst case scenario you could always get a personal loan out, clear the finance on the car, sell the car clear the personal loan off.

It isn't ideal but its way cheaper than getting 3.8k for a 5.5k car.

 

[cb1992]

I never mentioned it when I sold some of my cars if they mentioned a hpi check I'd then tell them and pay it while they are on loudspeaker if they didn't ask I just paid it after they left. It's not dishonest if they don't ask they don't get the information.

Yeah that makes sense, the worst case scenario is they dont buy it, which is there loss. Thanks for the reply.

 

[cb1992]

Worst case scenario you could always get a personal loan out, clear the finance on the car, sell the car clear the personal loan off.

It isn't ideal but its way cheaper than getting 3.8k for a 5.5k car.

Yeah thats definately better than taking a loss, dealers just take the mickey with there valuations.

 

[Jamiethorley]

Wow, some confusing info here,

So simple, be straight and tell the buyer that there is outstanding finance, when they arrive and are happy with the car , call the finance company ask for a settlement figure, buyer can even call off their phone so they know its not a scam, pay settlement figure to finance company over the phone with debit card. Finance company confirm no outstaning debt via email within 5 mins, Settle any diffrence with the seller in cash,

Safer than waliking round the street with thousands in cash if you ask me,

Everyones a winner,

 

[cb1992]

Wow, some confusing info here,

So simple, be straight and tell the buyer that there is outstanding finance, when they arrive and are happy with the car , call the finance company ask for a settlement figure, buyer can even call off their phone so they know its not a scam, pay settlement figure to finance company over the phone with debit card. Finance company confirm no outstaning debt via email within 5 mins, Settle any diffrence with the seller in cash,

Safer than waliking round the street with thousands in cash if you ask me,

Everyones a winner,

This is exactly what i have been saying, your the first person to agree with me, i dont see it as a big deal at all, like i get why people could be weary at first but if there dealing with the finace company theirself and they tell them it hpi clear then whats the problem haha.

 

[Jamiethorley]

This is exactly what i have been saying, your the first person to agree with me, i dont see it as a big deal at all, like i get why people could be weary at first but if there dealing with the finace company theirself and they tell them it hpi clear then whats the problem haha.

I purchased my 2 last cars this way both off this forum users mate, and also my van come to think of it, its not a problem and would not put me off at all,

The outcome is the same, car gets paid for in full, only difference is finance company normally recieve most of the money,

Mountain out of a mole hill springs to mind!!!!

 

[Biker]

At the risk of being judged condescending, why ask the question if you are too arrogant to accept the answer!

Good luck with the sale........