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Just wondering if anyone knows how you go about selling a car with outstanding finance?

Is it possible? How can I do it?

Basically I got 3 points yesterday and come renewel my insurance is going to sky rocket.

Any advice would be great,

Thanks.

its illegal to sell a car with oustanding finance matey!

hope this helps!

im pretty sure u can pass the finance on. so its not illegal if you tell them and come to an agreement

i bought a car a sometime ago like this i payed what was due on the HP myself so i knew it was sorted then gave the guy the rest of the cash

I have just gone through the process of selling a car with outstanding finance on it

Firstly phone your finance company and get a settlement fee, then just go about selling your car as u usually would then when you get a buyer tell them there is outstanding finance on the car then they can do a direct balance transfer to the finance company settling your account. Then all the buyer has to do is either give you the remaining value of your car in cash or do a balance transfer to your self.

Its easy and certainly isnt illegal. Hope this helps.

Josh

JoshGTI wrote:I have just gone through the process of selling a car with outstanding finance on it

Firstly phone your finance company and get a settlement fee, then just go about selling your car as u usually would then when you get a buyer tell them there is outstanding finance on the car then they can do a direct balance transfer to the finance company settling your account. Then all the buyer has to do is either give you the remaining value of your car in cash or do a balance transfer to your self.

Its easy and certainly isnt illegal. Hope this helps.

Josh

Spot on. I used to work in the motor industry specifically car finance, it certainly isn't illegal!

didnt think of it that way lol

i thought you meant just sell on the car as it is with outstanding finance on as in owe 5k on it, sell it for 8, dont tell the new buyer the o/s amount and they didnt do a hpi on it so bought the car as it is... then 5 months later knock knock hello sir this car is ours!

sorry for any confusion!

Cheers people,

I dont want to sell up, just preparing myself for the worse incase my insurance is too high.

Thanks again.