Selling a Car Whilst Still on Finance

I-SAW-POUSO-PLAY

Hi guys/gals, hope you can help.

I am currently nearly in 3 years of a 4 year finance deal with around £6k left on the finance.

I am due to receive a company car as part of my job so there is no need for my personal car.

I cant give the car back as i've tried (very cheeky but hey ho) is there another way anybody can think of or has experience?

cheers

PL54

If you sell it to a dealer they will pay finance direct but they then know how much you owe so will screw you on price

Ross

Sell privately with it stated very clearly in the ad that the car has finance outstanding on it and this will be paid in full upon payment for the car.

I did this with one of my old cars.

Bournemouth Addick

Depends what sort of finance it's on really. In many cases it's not actually yours to sell is it?

If the agreement does allow you to settle early and there will be a penalty to do so, maybe pay it up using an interest free credit card, sell the car, pay off the credit card.

operationpig

You'll need to know the exact amount left, and what the car is worth trade, i.e if you owe 6k and the car is only worth 3k trade then you are in 3k Neg Eq.

If you try and sell it then technically it's not yours to sell, therefore still belongs to the finance house according to the HPI report, personally I'd never buy a car with outstanding finance showing.

If you go down the VT (voluntary termination) route you'll end up with your credit rating going down the toilet....don't do it, is my advice.

Valiantphil

All I can think of is finding somebody you know to "rent" it off you for a year (hush hush), and make them a named driver on the insurance.

No way of postponing the company car for 12 months or taking a cash alternative ?

Addickted

Torch it and claim the insurance :-)

operationpig

Addickted said:

Torch it and claim the insurance :-)

But make sure you have GAP before

adamtheaddick

I think you should reverse it off her first no ones gona give u a propper deal with her stil under the wheels.

lancashire lad

phone the load company and ask for a redemption calculation, this will tell you how much you owe including any added fees.Then go on line to buy any car dot com and get a valuation for your car. You will then know where you stand financially and can decide what to do.