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Companies That Buy Cars With Outstanding Finance ((LINK))

You will need to contact your lender and advise them you are considering the sale of your vehicle. Please request a written confirmation from them of the settlement figure, which we will need to see at your appointment. Should you need any advice regarding your finance agreement, you should obtain this directly from them, and in the event the vehicle valuation is less than the amount owed to the lender, you will need to discuss options with them as to how to progress with the sale and settle the negative equity with them.

companies that buy cars with outstanding finance

There's technically no legal way of selling a car with a finance agreement outstanding as, at that point, you're not yet the legal owner. In order to sell a car with finance on it either you or the dealership that you're selling it to will need to agree the terms on which you can buy yourself out of the agreement.

Although it's calculated by a slightly different rule now, the Rule of 78s still gives a pretty good indication of the amount that you're likely to be paying off. It's calculated like this. If you agreed finance for one year then that's 12 months. Each month is assigned a number with the first month being called 12, the second month 11, the third 10, etc. This goes all the way down to 1. (If you'd agreed two years then you would have started with 24).

In the UK, no matter how long you've agreed to pay off your finance for, a company is legally obliged to give you a settlement agreement if you ask for it. You may be required to prove your identity but after that point the company has to quote you a figure. If they refuse you're entitled to take your case to the government's independent Financial Services Ombudsman located at

For those who can't find funds in this way there's always the option of finding a 0% credit card deal. There many of these listed at the Money Saving Expert website. They provide most people (with decent credit ratings) with the option to pay off their finance arrangement before selling. However, if you have a poor credit rating, or credit card companies generally refuse to lend to you for any other reason, then you may have to try a slightly higher-interest way of obtaining credit cards using the companies listed on the same website on this page

Other than this, as already stated, many dealers will help you agree short-term credit more easily as they provide a guarantee that it will be paid off within a certain time frame. If you're struggling to agree credit on your own, take your car to a dealer and discuss what they can offer you.

Buying a vehicle usually comes with some type of car loan or financing. Unless you are lucky enough to purchase a car in cash, you will most likely have a 3-to-6-year loan on your vehicle. Even though this is the norm for most car buyers in America, it can cause some confusion when it comes time to sell your car or trade it in. Thankfully there are a few steps that can be taken to make sure you do everything correctly.

Paying off your loan on time should not hurt your credit. If the amount you sell for does not cover the full amount, you can always refinance or payoff the rest of the loan out of pocket. A loan that shows "paid in full" will always look best on credit scores. is equipped to handle all of your used car selling needs. Loan or no loan, we will buy your car and have you paid in about one hour. Our expert car buyers are prepared to walk you through the entire process, and can assist with any speedbumps that may come up along the way. So what are you waiting for? Get your free online valuation today!

At your appointment you will be greeted by a friendly Branch Manager who will inspect your vehicle to ensure the details entered online are correct. Where our valuation is higher than the settlement amount, we will pay you the difference. If our valuation is lower than the settlement amount, you will need to pay the shortfall by Debit or Credit Card. Once the sale is confirmed, we will pay your finance company within 4 working days.

The lender is the legal owner of a car bought on Hire Purchase until all payments have been made. In order to sell the car, you will need to end the agreement early by getting a settlement quote. To get a settlement figure, you will need to contact the finance company asking for one. You should receive a settlement figure within a few working days from the finance company, and will then have a set period to pay the amount stated. Once this figure has been paid, the vehicle can be sold.

In order to get freedom from paying car finance every month on a car where you owe more than its worth, webuyanycar can pay off the loan provided you advance them with the exact amount to make up the balance.

Don't forget, with a HP or PCP agreement you have to settle the finance on the car or terminate the agreement by paying off money owing before you can sell the car on to webuyanycar (or anyone else) although this can happen virtually at the same time but in that order.

When selling your car to a dealership, if you have outstanding finance, the dealer will require an up to date settlement figure for your car finance. Some dealers may pay the settlement figure directly to your lender if it is less than the value of the car, after which they will either pay you the surplus or you can use it for a deposit on a new vehicle.

If you still have outstanding finance on your car, you can still sell your car with GoodBye Car. We can provide a quote to settle your outstanding finance. This will be based on the outstanding finance amount, amount borrowed, length of contract agreement, date your finance agreement began, and monthly payment amount.

Please note, this quote is just an estimate and may not be the exact amount of finance you have outstanding. Once you have provided an in-date letter from your finance company that specifies exact outstanding finance details, we will take that figure into consideration on your overall total. If your car is damaged, or has a private plate, we can also provide insight on this. GoodBye Car have also compiled a list of all the documents you will need to sell your car.

Before you sell your financed car, you need to consider if your car is financed through Hire Purchase (HP) or Personal Contract Purchase (PCP). If your car is on either of these finance agreements, you cannot sell the car privately as the lender is still technically the owner until you have paid the finance agreement of the settlement figure. Selling the car privately without informing the buyer of the outstanding finance is illegal and could result in you being sued for fraud.

If your car is on Hire Purchase (HP) the lender will be the owner of the car until the finance is settled/all payments have been made. Once you pay the settlement figure, you will be able to sell the car within a set period of time. You should familiarise yourself with the paperwork and terms and conditions, and attempting to leave the agreement before six months has passed this may impact your credit rating negatively.

Some lenders arrange credit possibilities for people with poor credit histories. Parents can act as a guarantor for their children by taking out car finance for them. Those with poor credit histories can add a guarantor who can vouch for them financially to secure a car finance agreement.

GoodBye Car can help you assess your options and figure out what is best for you. We can provide a quote to settle your outstanding finance which is guaranteed for 5 days. We can also help sell your car if it has no road tax. GoodBye Car are happy to help with any questions you may have.

In order to get freedom from paying car finance every month on a car where you owe more than its worth, a car buying company such as can pay off the loan, provided you advance them with the exact amount to make up the balance.

Beware of fraud when selling to a private party. Accepting only cash is one way to guard against this scenario, but another option is to use a neutral intermediary to make sure the deal goes smoothly. Escrow services can facilitate a deal and protect both buyers and sellers. If the buyer doesn't pay, you keep the title. If you don't deliver the title and the vehicle, you don't get the money. The key is to find a third party that is affordable, reputable, and easy to work with.

Similar to online dealers, an online bidding site allows you to get a quick offer online for your financed car and have it appraised and picked up from your home. The big difference is that an online bidding site is a platform that lets multiple dealers bid for your car. Once you accept an offer, the bidding site will take care of the payout of your car loan. Examples of bidding sites in Canada include Carity and Autozen.

To sell a financed car to a private individual, you can sell the car and use the profit to pay off your loan, or you can use your savings or other credit options to pay off the outstanding balance first.

Pay off your financed car with your own savings before selling it to eliminate debt altogether. Alternatively, if you can get lower rates than what your car loan has, you can use a low interest credit card, personal loan or debt consolidation loan to pay off your remaining balance.

If your primary reason for selling your financed car is affordability, you may wish to consider refinancing first. Refinancing your car loan involves trading in your loan for another one that has better rates and/or terms. You could save money by switching to a different lender with lower rates or longer terms to reduce your monthly payments.

Kelly, a resident of Ontario, has $4,500 left owing on her loan when she decides to sell her car. She connects with a buyer who offers her $7,200 cash as long as she removes the lien on her car. Kelly invites the buyer to come with her to the bank so that she can pay off the car loan in front of him (which will remove the lien). She has to pay an early repayment fee on top of her loan amount and deposits the rest of the cash ($2,200) into her bank account. 041b061a72


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