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Ok i am just after some advice and i'm sure someone on here will be able to help.

I am thinking of selling my car privately as im gonna get more money for it this way than i am selling it at a garage and as i dont need a car after this one not point trading it in.

There is outstanding finance on the car, so what i am trying to find out is does anyone know where you stand with the putstanding finance and selling it privately.

would i need two cheques writing, one for the outstnading amount, and whatever was left made out to me. is this what peple would think is the best thing to do.

Anyway i hope that someone might be able to help.
 

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Get the purchaser to ring your finance company and pay off your balance using a debit card. That way you know he has paid it, and he knows the money has been paid off.

The balance of the sale price of the car can be given to you in whatever form you agree.
 

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I would advertise it explaining the car is currently on finance and that the outstanding amount will be settled upon the completion of the sale, with proof.

Then phone up your finance company and get a settlement figure, you get the money for the car, you pay finance company and then hand the car over to the new owner.

It can all be done quite quickly, and if you explain your position and plans to the finance company, I expect they'll even advise you of the correct procedure, and if you can be near a fax machine, I expect they'll even fax proof of settlement.

This all varies depending on finance company of course, but this is a general outline.

Edit: just seen Richard's post - this may be a more favourable solution for any perspective purchasers.
 

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I agree with Rich,

I wouldnt advertise the finance untill you have a viewing, then explain to the buyer that you will ring the finance compaany together, he pays them by debit card, and pays you the balance (ideally in cash)
 

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QUOTE(kosmo @ 18 Jan 2010, 05:13 PM) <{POST_SNAPBACK}>I agree with Rich,

I wouldnt advertise the finance untill you have a viewing, then explain to the buyer that you will ring the finance compaany together, he pays them by debit card, and pays you the balance (ideally in cash)

I can't see that being the best of ideas, I (and most people) HPI a car before travelling to view any car.
 

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The dealer would take the car, settle the finance, and pay the balance to the customer (or off set it against another car).

And to Mikeh. If you put it on the advert, you might put off buyers. If you discuss it when they call to arrange a viewing / come to view, you can explain everything, without worrying about losing a buyer.
Also, If your buyer does HPI it in advnace, you haven't lost anything - worst case is that they will ask you about your plans for settling the agreement.
 

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QUOTE(focus149 @ 18 Jan 2010, 05:15 PM) <{POST_SNAPBACK}>how would it work if he was to decide to trade in at a dealers ??

I've just done this - Went to dealer, signed two pieces of paper for a prop, dealer tells me what they'll give me for my car, and what the finance company want to settle my existing finance. I pay the dealer whatever I want to make up the amount, they refinance the new car on a deal on a deal where by the moment they submit the paperwork for the new one, the old one it settled, its all so seamless - I even got a months break in payments.
 

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In my experience it's a PITA selling a car with finance outstanding - the way I did it was to pay the difference between the agreed sale price and the finance, and then requested the buyer to bank transfer the money to the finance company (many companies will not take card payments from third parties for fraud reasons).
 

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Can you not secure a short term loan from the bank to pay the finance so the car is all clear? ... Guess that depends on how much is left outstanding, are you sure your sale price will cover the finance

If it was me I'd definitely be looking to get the car finanace cleared before attempting to sell as, personally, I'd be put off buying any car with outstanding finance simply because it's an extra hurdle. And it's not like the
is a terribly rare car :s

Good luck though bud
 

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I got my car from a dealer in the end because every advert I rung up on Pistonheads had finance outstanding on the car. Couldn't be bothered with the extra hassle of obtaining written confirmation that the debt had been paid off. I'd personally always avoid any car with finance oweing on it.
 

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Ok on a different twist now.

What happens if you trade a car in at dealer and you've got outstanding say 10k and the dealer gives you 8k and you want to buy a new car and have only say £1000 in your savings to pay it off. What do they do, do they put the outstanding amount on the new finance deal on the new car?

Always puzzled me that one.
 

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QUOTE(Trist @ 19 Jan 2010, 06:10 PM) <{POST_SNAPBACK}>No it's not, as youre just moving it on. What did you mean by status?

The finance company know the value of the car you ar borrowing against, so will have to take a view whether it is worth the risk giving you the extra £1000 against it. Status = risk assessment.
 
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