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Thread: Selling your motor....

  1. #1
    Regular Member David_SRi_2.2DTi's Avatar
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    confused Selling your motor....

    I'm in the quite sad position of having to sell my car in the next month.

    Thing is, it's on a finance deal.

    Me thinks hmm, do I have to clear the finance first before I can sell it? or shall I just use the cash I got for selling it to pay off the finance?

    A friend tells me I have to clear the finance before I sell it, and the little voice in my head tells me this is correct.

    Any thoughts ladies and gents?

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    Regular Member parapaul's Avatar
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    What sort of finance? Is it HP or a straightforward loan?

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    Regular Member David_SRi_2.2DTi's Avatar
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    Quote Originally Posted by parapaul View Post
    What sort of finance? Is it HP or a straightforward loan?
    I think it's HP from the dealer, I just pay monthly. All these money matters confuse me no end!

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    Regular Member parapaul's Avatar
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    If it's HP, then you may struggle to sell it before you pay up - anyone running a check on the car before they buy will see that it's still on finance and would probably walk away.

    Sorry dude

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    Regular Member David_SRi_2.2DTi's Avatar
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    Quote Originally Posted by parapaul View Post
    If it's HP, then you may struggle to sell it before you pay up - anyone running a check on the car before they buy will see that it's still on finance and would probably walk away.

    Sorry dude

    it's ok mate, I had that niggling feeling anyway

    time to go cap in hand to the father lol

    I'm going to put the details in the for sale section on the forum nearer the time and try my luck!

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    Regular Member Ste's Avatar
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    Can't you return the car after a certain period of time, with nothing more to pay?

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    On a Sabbatical VauxVeteran's Avatar
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    Technically you can't sell it while it's HP tagged, but, if you find someone to buy it and are totally upfront with them and allow them to settle the finance direct for you I can't see a problem with that, HP gets paid off, car becomes clear of obligation and the new owner goes away happy.

    Or you could get a settlement figure, then go to the bank and take out a loan to pay it off over a longer period with lower repayment's, here's an example for you

    Lets say you owe £5000 to the HP, so you go to someone like the A&L and take a loan of £5k over 3 yrs @ 7.9%, this will give you a monthly of £155.82p.

    If you keep the HP going which if I'm right will be some hidden rate of about 39% and you borrowed 9k originally, this would be over 3 yrs £398 pm.

    This is only an example btw, actual figures depend on what you borrowed and what you now owe, but it's a classic trap to buy a car because it's advertised as "only £18pw" for the next twenty yrs, can you post what you borrowed, how long ago and how much the payments are when you see this, I can then try to work something for you that will enable you to keep the can at a more affordable repayment.

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    Regular Member lofty's Avatar
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    I've recently sold my Freelander for the 2nd time.. the first time I sold it the guy gave me a deposit and went to the bank to get the rest of the cash. In between that he got a phone call from the HPI check people to say the car still had finance on it! The garage I bought it off had a loan outstanding. Nobody would look at it after that.. Eventually the garage sorted this out and I have just sold it at the weekend, but trying to sell a car with HP on it is not very easy....most people just walk away at the mere mention of HP, irrespective of what reasons/offers you give them.

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    Regular Member VectraV6CDTi's Avatar
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    This is the very reason why I go for a bank loan. You know exaclty where you are and no finance is tied to the car. So makes it much easier to sell.

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    Regular Member David_SRi_2.2DTi's Avatar
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    Quote Originally Posted by VectraV6CDTi View Post
    This is the very reason why I go for a bank loan. You know exaclty where you are and no finance is tied to the car. So makes it much easier to sell.
    Amen to that. This is the first time I've bought a car from the dealer, and tbh honest I won't be doing it again. The only reason I'm changing the car is because I've just got a new job with a company one, I did the sums and figured it better to have the company one in the longrun.

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