SetH
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Registered: 15th Jul 01
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Why is this so hard?
Im selling my Impreza following a redudancy. It has outstanding finance and ive been given a settlement figure which is about the same as what the car is worth. The idea is the money I receive from a potential buyer will immediately pay of the finance owed on the car.
Have any of you sold or bought a car with outstanding fianance? Did you have any issues, how did you work it?
I had very interested buyer, exchanged lots of emails/pics then I told him about the finance and recieved an email saying.. "Thanks but i am no longer interested in the car"... wtf? 
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_Allan_
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Registered: 24th Mar 04
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TBH I'd be wary and it would put me off. Probably because I don't know too much about how it works or can be bothered looking into it. All I know and hear of is horror stories about people buying cars and then being stung for the finance payments on top. Suppose it's one of them things that if you've done it before you'd have a better idea but I suspect it would make most people walk away.
[Edited on 03-02-2010 by _Allan_]
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mwg
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Registered: 19th Feb 04
Location: South Lakes
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I thought you could arrange it so the buyer pays the settlement company direct? That way they know its all legit. Busted if you are trying to make any extra money on top of what you owe though!
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Daimo B
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Registered: 20th Mar 00
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have to say dude, I wouldn't buy a car with outstanding finance.
As above, too many stories about buying a car for x amount, then the owner doing a runner, and after paying x for the car, then having ot pay the outstanding finance.
Theres going to be peopel like you who use the cash to pay off the finance, but would you trust someone to do this that you didn't know anything about?
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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i bought my cupra r with outstanding finance
flew to birmingham test drove car all was fine
he phoned up finance asked for confirmation of settlement, explained he was selling the car and new buyer was payting settlement fee, gave me the phone and i gave switch card details to compant to clear all outstanding finance, handed him some cash to cover the extra and drove home
Dont see any problems with it tbh
some people are just very wary
[Edited on 03-02-2010 by a_j_mair]
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SetH
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Registered: 15th Jul 01
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I can see your point Daimo.
I wouldnt make any money out of this and would probably have to stump up a few hundred which I am able to do.
Its a barstad situation to be fair.
Finance company said to get the owner to pay me and then I transfer the money to the finance companies acccount?
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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Some people get the buyer to pay the finance company direct when they are picking up the car.
Outstanding finance can be off putting though, but done like that i can't see the problem personally.
[Edited on 03-02-2010 by fro-dizzle]
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Toby
Premium Member
Registered: 29th Nov 05
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i would do it as per above that way people are happier you could give him the couple hundred extra as cash and he can then pay it all over the phone
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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only way i would do it is as i did, no cats chance in hell would I give you the full amount in cash for you to pay them off.
Your best bet is giving some one a few hundred quid and them paying off full finance amount
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SetH
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Registered: 15th Jul 01
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quote:
Your best bet is giving some one a few hundred quid and them paying off full finance amount
Sounds like a plan 
If they dont go for it then they are missing out on probably one of the cleanest 03 STi`s in the country imo.
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FruitBooTeR
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Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
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quote:
Originally posted by SetH
It has outstanding finance and ive been given a settlement figure which is about the same as what the car is worth. The idea is the money I receive from a potential buyer will immediately pay of the finance owed on the car.
The only thing I dont get is arnt you loosing more money this way, i mean youve been paying the finance off already and if your only selling for what is left outstanding then everything you have paid off so far has basicly gone down the drain..
Spose its different if youve only been paying it for a few months, and I know that all cars loose money anyway but when you say it like im using all the money from the sale to pay the finance off it just sounds like youve lost out.
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am4nf
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Registered: 27th Jul 08
Location: South Ayrshire Drives: Corsa Sport
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Why dont you pay off the finance with your settlement and then sell the car?
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SetH
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Registered: 15th Jul 01
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Yes I am loosing out, Im nearly 2 years into the finance agreement. Come May I could give the car back with no penalty due a regulation in the credit agreement act.
am4nf I wasnt lucky enough to get a settlement, was at my previous position as a contractor for 18 months then just over a year as a permie. Some of my friends at aviva have had like 20k payouts, im not that fortunate.
Whatever I do im having my pants pulled down here. If i voluntarily surrender the car to finance company it gets put into an auction and we all know what will happen there.
Selling and settling the finance early is best option. Maybe i`ll land a good role next week and can keep it, but i doubt that will happen.
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FruitBooTeR
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Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
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See thats why I think bank loans are better as they are not tied to the car so if you get in trouble you can sell the car no problem and hopefully for more than whats left outstanding on loan.
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SetH
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Registered: 15th Jul 01
User status: Offline
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Yep car finance sucks, first and last time I use this method.
Just had an email from prospective buyer whom has spoken to his old man and is not freaking out so much now.
fingers crossed.
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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Good luck
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am4nf
Member
Registered: 27th Jul 08
Location: South Ayrshire Drives: Corsa Sport
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Im confused, at the top yu say your getting a settlement?
do you mean from the finance?
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SetH
Member
Registered: 15th Jul 01
User status: Offline
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Yes I have agreed a settlement figure with the finance company for the car.
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Kurt
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Registered: 23rd Oct 05
Location: Hi
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Seth i want your car, but i owe 5 on my Punto 
Will heffer pics do?
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Twiggy
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Registered: 15th Oct 04
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At least you are getting bites mate!
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Ben G
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Registered: 12th Jan 07
Location: Essex
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I'm in the same position as you. I will just pay it off with the buyer standing next to me in my house.
Will also write a receipt out to confirm i paid it off and they took the car.
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John
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Registered: 30th Jun 03
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I normally pay it off just when I'm putting it up for sale to solve that problem.
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jay2907
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Registered: 12th Jan 09
Location: wakefield
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i didnt think you was allowed to sell a car with outstanding finance
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SetH
Member
Registered: 15th Jul 01
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Yes you can but have to get consent and agree a plan of action with your finance company.
I have spoken to them and I am to call them when i sell the car, go through security then pass the phone to the buyer for payment via debit card. simple as that.
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allza
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Registered: 14th Jun 04
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How much are you asking for it Seth? Im thinking of selling my 05 sti too.
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