Selling a financed car

Kaiser

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I bought a car 2 years ago and took finance from the showroom to buy it. I took the loan out over 4 years. However I now want a new car.....So my question is how do I go about getting a new car, do I have to sell my car back to the finance company or am I allowed to trade my car in etc

I have no idea.

Thanks in advance for any replies

Kaiser
 

dont do it it"ll hurt

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I bought a car 2 years ago and took finance from the showroom to buy it. I took the loan out over 4 years. However I now want a new car.....So my question is how do I go about getting a new car, do I have to sell my car back to the finance company or am I allowed to trade my car in etc

I have no idea.

Thanks in advance for any replies

Kaiser
you cannot sell the car unless you are willing to carry on paying for it the finance com can rep it off anybody you will have to read you terms and conditions or contact them before doing anything they will probsay yes but give you finance on the other car and add to the finace as the car legally belongs to them till you pay for it
 

smirnoff_rules

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no u have to pay of the company m8 and then its yours , u cant sell with finance on it
 

Kaiser

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Would it be OK to sneakily sell the car and then pay off the finance company in a lump sum.....or will I end up in prison lol.

I wouldnt want to do this if the buyer would get into trouble

Kaiser
 

allroad

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this is simple get a settlement form the finance company and then make sure you get more than that on the trade in the garage will settle your existing finance job done
 

smirnoff_rules

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if u sold it to me l would brake your legs then make u eat the car ,, lol



but ld do a check on it first
 

berley

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if a potential buyer got a hpi check done on you it would show up that theres still finance owing on the car
 

allroad

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Would it be OK to sneakily sell the car and then pay off the finance company in a lump sum.....or will I end up in prison lol.

I wouldnt want to do this if the buyer would get into trouble

Kaiser

any buyer with any sence will do an HPI check on the car and will see there is finance on it
 

pmoore31

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As Allroad said m8 get a settlement figure from your finace company.

Go to the place you want to buy your new car from and give it to them if they give you a good px price.

They then settle the finance and you can take out new finance with them.

if you sell it privately you have to settle the finance first (but you will get more money for it. If you can put up with taking stupid phone calls at 10.00pm or somebody trying to get you to pay them for selling it)

Remember if you take a bank loan or internet finance you don't pay any start and end finance fees

If you use companies like Blackhorse motor loans, GE capintal, RFS ect you normally have to pay around £100 start up fee and £150 end documentation fee...

Try a company on the internet called Northern Rock. If your looking to borrow over £7.000 you will pay Around 4% apr with no doc fees.

I'm in the trade all day long m8 (I know shitty job at times) but if you need any advice.. Car valuation ect give me a shout:)
 

allroad

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@ pmoore wifes car needs changing fiesta 30k 1.25 zetec 04 how much m8 trade and private please
 

Biggav

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if you check your hp contract you may have voluntary termination rights

you can hand the car back to the finance company at any time and the liability you still owe will be worked out by them + you can come to an arrangement to pay it back.

you may not have any liability depending on how much you have paid on the agreement (half way through the contract) but be warned if you took out any optional insurances the voluntary termination does not cover these + you will still be liable for any outstanding balance on these

alternatively i got a settlement figure on my finance and sold the car for a bit more clearing it off.


gav
 

Kaiser

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this is simple get a settlement form the finance company and then make sure you get more than that on the trade in the garage will settle your existing finance job done

Sorry for the delay in replying lads.

Didnt know it was this easy mate. Thought I would have had a lot of grief trying to get e new car... Happy days.

Cheers as well pmmoore31. The car is an 04 VW Golf 1.6 FSI with 39000 on the clock. What would that be worth????

Kaiser
 
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