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Thread: Buying out of a finance deal

  1. #1
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    Default Buying out of a finance deal

    Hey folks,

    Basically, i'm considering changing my car. I'm currently 7 months into a 4 year finance deal on it, but i'm getting bored of the car and tbh I think i'm just going to go back to older cars like I did before as I like to chop and change often.

    With the car being on finance, obviously I need to pay it off in one way or another. One option is to trade it in at a garage and get them to settle the finance, however I don't fancy doing this as they are offering a rather poor price for the car (although it would clear the finance, so OK as a last resort)

    Basically I was wondering what options I have for selling privately and if anybody has done this before? Obviously I know that payment of the settlement figure would have to be paid to the finance company but I am very inexperienced with regards to this (this is the first finance deal i've ever had) so I was just wondering if anybody could point me in the right direction?

    Cheers

    John

  2. #2
    Regular Member mishima's Avatar
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    Can't answer any of those questions but curious as to what car this is?

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    Quote Originally Posted by mishima View Post
    Can't answer any of those questions but curious as to what car this is?
    2007 (56) Vectra 1.8i VVT Exclusiv

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    Regular Member mishima's Avatar
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    Quote Originally Posted by John-SRi View Post
    2007 (56) Vectra 1.8i VVT Exclusiv
    Cool, what kinda finance package did you get on that if you dont mind me askin?

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    IIRC it was 11.9% APR and I pay 140quid/month (put a small deposit down on purchase)

    Lovely car and ideal for what I use it for but I just fancy going back to something a bit older where i'm not tied into finance tbh!

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    Regular Member Swaite53's Avatar
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    You'd probably best phone the finance company and explain it to them and ask them what they'd allow you to do.

    If the loan is secured on the car, then it is theirs until the loan has been paid off, so I don't think you'd be allowed to sell it until the debt was cleared. Also if anyone did a check on it, they would see that there is finance outstanding on the car and possibly be put off buying it.

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    Ex-Staff Full Member John LE's Avatar
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    Default

    You could go to your bank and (possibly) get a loan to cover the settlement figure. Then the car would be yours and you could sell. Then use the money from selling to pay the bank loan off in full

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    hi there


    if i was you m8 i would ring the finance company and ask them if it is
    actually a finance agreement as i had finance on me signum as i
    was curious in wot type of agreement it was and i found out that it was
    actually a car loan which means a personal loan and this way it didnt
    register on ya credit file as finance but only as a personal loan and this way
    it will not stop you selling the car or doing wot you want with the cash off
    the car as long as obviously you keep paying the payments each
    month,however if it is a finace agreement then theres not much you can do
    as you will have too much negative equity on the car and its a hard
    situation to get out of especially if its only 7mths into the agreement so i`d
    check with the finance company and see if its a personal car loan or not.


    wots the name of finance company ???

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    Quote Originally Posted by John-SRi View Post
    Hey folks,

    Basically, i'm considering changing my car. I'm currently 7 months into a 4 year finance deal on it, but i'm getting bored of the car and tbh I think i'm just going to go back to older cars like I did before as I like to chop and change often.

    With the car being on finance, obviously I need to pay it off in one way or another. One option is to trade it in at a garage and get them to settle the finance, however I don't fancy doing this as they are offering a rather poor price for the car (although it would clear the finance, so OK as a last resort)

    Basically I was wondering what options I have for selling privately and if anybody has done this before? Obviously I know that payment of the settlement figure would have to be paid to the finance company but I am very inexperienced with regards to this (this is the first finance deal i've ever had) so I was just wondering if anybody could point me in the right direction?

    Cheers

    John
    Been there matey, cause I had to at the time
    You will probably have to pay a good proportion of the interest due as well as the balance.
    My advice is to get a settlement figure and do your sums whether its worth it to you.
    Cheers
    John

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    Settlement figure as of yesterday is a lot less than I can sell the car for privately (like I said the trade in figure more than covers it) so no issue with negative equity.

    Think i'll just do what John says above and get a personal loan to cover it.

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