Selling a car. Finance still owed

[Shindig]

We bought a car 6 months ago that we would now like to sell, as we are going to move away from NZ.

There is still finance owing on the car.
How should I go about the sale?

Anyone been in the same situation before when selling a financed car?

Any info would be great.

 

[jamesyboyjim]

Surely as long as you keep paying the monthly payments then the garage wont mind either way? Bit of luck you can settle the loan early by using the money from the sale.

It'll be worth going through your finance agreement though, you might not be allowed to sell it

 

[jmsrc92]

I am sure you can't sell it as they use the car as security for payment but if you sold it and paid the final amount with it then it would be fine. As long as you can pay more than the monthly repayment

Sent from my GT-I9300 using Tapatalk 4

 

[IANB]

If its HP or pcp then I don't think you can. If its just finance then you may be able to but check with the finance company first as the buyer may pull out if he does a hpi check on it and it shows up as having outstanding finance on it

On the flip if its HP or PCP then you may be able hand it back to the finance company and walk away (depends on how much you have paid back)

 

[Shindig]

Nice one.
I will check the finance Ts and Cs today.

Cheers for the quick replies guys.

 

[MH]

You will have to settle the finance before you can sell!


(TT)

 

[seanwinf]

What car is it and how much do u owe? If its hp pcp u can only hand back after 2 1/2 years i believe. If you advertise it say u still owe the money on it but once you have recieved the money they can be with u at the bank and pay the finance off. Only way. If you take it a garage and they want it they will buy it off you but just pay the finance off and give you what evers left.

 

[oneman]

how has the car been financed, three main options

- personal loan. easy. Sell the car and pay off the loan. You will need to contact the loan company to find out how much settlement amount is, there will probably be a small early payment fee.
- Loan secured against the car. Call the finance company and ask for settlement figure and that you are selling the car. They will give you a figure, again there will most likely be a early payment fee. Check with the finance company, there should be a short leeway for you to repay the loan.
- Contract purchase of some type (usually where they give you 3 options at the end of the period of balloon payment, handing the car back or using it as guaranteed value deposit against next car. Should be same conditions as secured loan but you may need to settle before you can sell.
- Contract hire. I don't think you can sell it but you should be able to give the car back but there will a fee. Could be very expensive, couple of places I checked charge 50% of the outstanding payments.

 

[Shindig]

I rang the finance company.
No worries with selling the car, certainly no restrictions etc.

I suggested that the buyer of the car pay the finance company directly rather than myself. The lady on the phone said, the best thing to do would be to go into the bank on the day of purchase... buyer and seller and conduct the sale there. I get a receipt that the monies have gone to the finance company and I suppose in a way the buyer gets some peace of mind.

happy days it seems... onto the advert...

 

[seanwinf]

As i said then hope it goes well.

 

[Shindig]

2011 Nissan Qashqai... it is lovely... and I wouldn't hesitate about buying another.

If it was UK based it would be for sale on here, but has to be kept in New Zealand.