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Thread: i want to sell up

  1. #1
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    Default i want to sell up

    guys ive had the vec for just over a year on a 4 year deal, i still owe 3.6k on finance, i know i can hand it back in june but tbh i want a change just now..

    would i be able to sell the car providing buyers new it was on finance at point of sale and i had agreed to clear the outstanding with the sale money?

    i know technically im not allowed to but i just wondered..

    the only thing is i dont think i would get 3.5k for her..
    whats your thoughts?
    finance is thru blackhorse.

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    Admin & Merchandise Manager bigmac's Avatar
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    Vehicle : insignia

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    Default

    Selling goods which are the subject of a finance agreement (i.e. hire purchase) is against the law. Basically it's not the "hirer's" property to sell until all payments have been made so im not sure how you would go about it
    Last edited by bigmac; 13th September 2010 at 14:29.

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    Moderator & Events Assistant paulhb's Avatar
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    Default

    The answer is no as technically you do not own the car the finance company do until you make the final payment and what if there is a shortfall in the sale money do you have the funds to make up the difference? A real minefield mate.

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    Default

    yeh i was thinking this...

    if their was a misfall in payments i would make up the difference..
    im just worried that the dmf is gonna go before june and i dont want to have to replace it.
    i just get fed up with my cars easily but i cant afford to lol.

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    Regular Member andy.l's Avatar
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    Vehicle : insignia tourer

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    Default

    i had my signum on finance with black horse when i first got it 3 years
    ago and i rang up as i was curious and asked if it was actually on finance or
    a car loan and they confirmed that it was an actual car loan and this way it
    wouldnt come up on hpi as it would do on finance so if this is the case then you can do
    what you want with the car.

    id give them a quick buzz and ask the question.


    thats the difference with car finance your tied in till its paid off but a car
    loan your not its just like a personal loan so you can do what you like but
    other companies do differ.





  6. #6
    Regular Member yessof's Avatar
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    Default

    Hi mate as above. I had a motor financed through Northridge and that was a car loan not an HP aggreement

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    From a buyers point of view it would be a risky move for them to make and something that would put most people off. The easiest way to do it, (and safest for a buyer), would be to get an early settlement in writting from the finance company, when they come to buy the car all you do is contact the finance company and you can pay the outstanding finance over the phone (so £3,600 outstanding, say you get £3,300 for the car seller would pay the £3,300 then hand the phone over to you to pay the remaining £300). Then ask for a confirmation of settlement to be sent out to both yourself and the buyer that way both parties have it in writting that the car is cleared off.

    As has been said you need to do it with a higher purchase agreement (some car loan are also tied to the car). If you have a car loan which is not tied to the vehicle then you can sell the car and just keep paying the monthly amount.

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    Default

    im fairly sure its not a loan as it states i can hand the car back half way thru the agreement..

    im going to look into this a bit further..

    i just miss my old starlet gt, the vec is great for near enough everything but just to many worries with it tbh, i cant drive it without feeling something is gonna go wrong..
    thanks for the advice lads.

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    Default

    If you have the halfs and third rule (half way hand back), then you are in a higher purchase agreement and as such would need to settle your finance agreement at the point you sell it, you couldnt sell the car and keep the finance running.

  10. #10
    Regular Member Grumpy1954's Avatar
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    Default

    Quote Originally Posted by DaveDempsey View Post
    If you have the halfs and third rule (half way hand back), then you are in a higher purchase agreement and as such would need to settle your finance agreement at the point you sell it, you couldnt sell the car and keep the finance running.
    Sounds similar to the Motobility Finance deal I'm on. At the end of the contract, it's yours to do whatever, or when you reach the "hand the car back and walk away" point, you can do that. Only other way to go from where you are is part ex it somewhere where they'll deal direct with finance and clear it.

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