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Thread: Question about finance

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    Default Question about finance

    Morning guys,
    After living rent free for the last 23 years courtesy of the parents, its time to stand on my own 2 feet and move out

    Looking at ways to save money, selling my Vectra and getting something cheaper to run/cheap to buy outright is looking like a sensible (but very painful) decision.
    Only problem is its on finance. Its a 2008 1.8 SRI XP with 54k miles, and garages have offered between 3000 and 3500 trade value. I reckon I could get more selling it privately, only problem is its still got outstanding finance, i think i owe about 2950 on it.
    So, would I be able to sell it privately then settle the finance upon sale, or is that not really an option?

    Thanks in advance

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    Regular Member DAVIDD88's Avatar
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    If its on personal loan option yes but if its hp that's illegal

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    Regular Member chewy71's Avatar
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    Most cars are now sold on personal loans rather than hp. If bought on hp, if you are more than 50% through the repayment terms you can give the car back as clearance of the balance. Handy if in negative equity and is the reason why they are generally sold on personal loans. Check your contract.

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    Regular Member Craig1985's Avatar
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    Long winded but what I done was, sell it privately and tell the buyer it had hp on it and would be cleared on the day of sale. We paid the cash into my bank then went back to mine while I phoned the HP company and paid it off, I then let him speak to the company to clarify it. Buyer was happy with that

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    Regular Member mspvxr's Avatar
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    Ive got the same issue, my focus st has about 2200 on it and really need a diesel but mines hp so its a pain in the arse lol.Ive only had it since march so handing it back is not an option lol.Ive basically got to find a car at a dealer and px it and refinance the difference as most dealers are only offering 6.5 for mine so minus the 2k its just over 4k il have so not much about for 4k unless i finance the difference for something dearer.

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    Quote Originally Posted by Craig1985 View Post
    Long winded but what I done was, sell it privately and tell the buyer it had hp on it and would be cleared on the day of sale. We paid the cash into my bank then went back to mine while I phoned the HP company and paid it off, I then let him speak to the company to clarify it. Buyer was happy with that
    That's the way I was thinking about it, just didn't know if it was acceptable or if anyone would be willing to buy it lol suppose its worth placing an advert and just seeing what people say when I propose doing it this way

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