General 1.4 16v Sporting to a . . . . . ? NEW CAR TIME

[Garree001]

sorry mate, but your wrong there. Most finance companies offering hire purchase will let you sell the car and pay off the remaining balance- it needs to be in a set amount of time though, possibly before the next payment is due or along those lines...

I beat you to it when I rescinded my comment I was talking from my own experience about maybe 4 years ago.

I am curious about whether this is something that has happened recently, or whether Black Horse/Lloyds/whatever else they go under were just being c***s to me.

 

[MrSaffron]

In Aus it works like this. There is a register of interests for vehicles administered by the same organisation that does licenses and rego that is free to query on either rego plate or VIN. If you have finance on a car you are just up front about it with the prospective buyer because yeah, they would be crazy not to do the free query and find out. If you do a deal on the car you then get a settlement amount (to completely discharge the loan) from the finance company including early exit fees and whatever else. Then the buyer makes out a cheque to the finance company and either you have a balance to make up or you get a bit extra... Either way, you sell the car and the buyer gets clear title.

 

[Obrooks]

finance company said its fine to sell my car privately as long as i inform them so they can do all their paper work, and bank offered me 8.7% APR on a loan with a refund of 10% of interest at end of term. so works out less than 8.7% overall! looks like im buying an mjet!

 

[payney1]

looks like im buying an mjet!

Look forward to seeing you joining the Mjet club then wait till you feel the difference in power, and the savings in fuel you will be making... big difference

 

[ChrisUK]

You have been advised badly then. You cannot sell what's not yours. The car is technically the loan company's and therefore cannot be sold by you to another buyer. You could probably part exchange it, or trade it in. Any private buyer who even has half a brain will carry out a check on the car and find outstanding finance - which then means you'd be breaking the law by trying to sell it to them.

If you want to sell privately, you will need to pay off the amount owed first.

You can sell it but the loan has to be cleared in full at the time of sale. I did this on my Grande (I had about £6500 left on it and sold it for more) so the buyer paid the loan off on the phone with his card and gave me the balance in cash.

 

[kenmud]

wot a nice car

 

[Vance]

wot a nice car

What a random comment.

 

[JTD_Liam]

You can sell it but the loan has to be cleared in full at the time of sale. I did this on my Grande (I had about £6500 left on it and sold it for more) so the buyer paid the loan off on the phone with his card and gave me the balance in cash.

This is how i understood it to work. You can sell a car that's on finance, but the balance of the finance needs to be cleared before the new owner drives away.

A friend bought his A3 this way. He paid the owner, the owner cleared the finance & handed him proof of payment (confirmation from finance co) and he drove the car away.

Not quite sure how anyone can buy a more expensive car AND reduce their monthly payments unless they either have a deposit to put down or take the new loan out over a longer period than the current one. If you get bored of cars then taking a loan out over 4 or 5 years is just daft, so i hope this hasn't been the solution in the OP's case.