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Selling a car with finance on?
NEWEY:
i sold my last car when it was on finance. the bloke gave me the money. i then phoned up and paid the finance off. didnt have any problems :)
animal:
--- Quote from: tony_danza on June 03, 2010, 11:35:37 am ---I wouldn't worry so much, most new cars have finance on them, so this must be fairly common? As long as you're upfront with people about how the transaction will be done, then you're ok.
--- End quote ---
Seriously dodgy ground though... It's illegal, it's not your car, it belongs to the finance company from whom you are 'renting' the car.
tony_danza:
Sorry, I meant using the example given where you settle the finance there and then with the new buyer.
Trusting someone to settle it afterwards I wouldn't touch with a bargepole.
animal:
--- Quote from: tony_danza on June 03, 2010, 12:24:36 pm ---Sorry, I meant using the example given where you settle the finance there and then with the new buyer.
Trusting someone to settle it afterwards I wouldn't touch with a bargepole.
--- End quote ---
Fairy nuff. Surely you can just take out a bridging loan?
B3n:
--- Quote from: Ifti on June 03, 2010, 11:29:29 am ---When I first purchased my ED30, it had finance on it.
The person I purchased from was a private luxury car dealer, and the ED30 was his 'runaround'.
Anyways, he gave me the following option:
1. He would give me the finance details, and I could pay it off myself, then give him the remaining cash to make up the full amount.
2. I could pay a deposit of £2k. He then clears the finance and I get proof of cleared finance when I picked up the car and paid the remainder.
3. I gave him full amount, and he cleared finance via the phone on the spot in front of me, We then wait for the finance company to fax across proof of no further interest in the car, which I would keep as evidence.
I decided to go for the 3rd option. I gave him a draft for the full amount. He then rang the finance company in front of me and cleared the full amount. He then passed the phone across to me and the person on the phone confirmed the finance had ben cleared. We then waited for the fax, which came through a few mins later to say that finance had been cleared etc. I checked this to confirm it had the proper company markings etc. I then rang back the finance company via their internet customer service number, just to double check it was them!
Once happy, i took the keys, the guy gave me a full invoice/receipt, and I left with a smile!
I would go with the same scenario if I were you. Inform the buyer you will clear finance on the spot with him present, so he knows its been done.
--- End quote ---
Those 2 options get my thumbs up!
When i sold my car i had the customer settle the remaining finance themselves over the phone the finance company then faxed me a letter saying they had no further interest in the car i then photcopied it one for me and one for the customer, depending on the finance company they usually also send out a letter to you just to confirm the finance has been settled.
Buying a car with finance shouldnt really put anyone off these days as it is so easy to settle. Technically almost every car on a dealer forecourt is on finance anyway as the dealers have them on funding plans :wink:
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