Hello all, just wanted to get opinions or facts about this!
Bit of a spanner in the works, just moved job roles in work and recieving a company car on the first of May which obviously means my Mini is a bit surplus to requirements. So I need to sell... problem is the car is on finance. Now I could take out a loan to pay it off but it's all a bit of a major hassle. Are you able to sell the car privately and then just pay the finance off before handing the car over? I'm unsure because I've never been in the position before. What are your thoughts?
Also if anyone is interested...
2006 (R56) Cooper S in mellow yellow with dark grey / chrome Mini split rims.
MOT / TAX until March 2013
TLC pack for 2 years or 80,000 miles (currently on 58,000)
Full Mini Service History
New cam chain and tensioners (47k)
New tyres all round (55k)
New front discs and pads all round (56k)
New ignition coils (all 4 just been done)
Car has no faults, runs perfect and is in excellent condition... looking for around 8k ish.
When I clarify the Finance bit i'll put up a proper advert of course but just on the off chance!
If there's finance outstanding, the buyer would pay that amount of the sale price to the finance company, and the rest to the seller.
Personally, having sold a car with finance outstanding in the past, I'd never do it again. I'd also be slightly wary of buying a car privately with finance owing, knowing how much of a pain it was for me as a seller in the same position.
Thanks Minicore thats basically what I was thinking. I think if I was in the position of the buyer I would be weary of someone selling something on finance. Looks like I'm going to have to mess about with loans and stuff now! Why is life never straight forward?
Just make sure the finance company record that they have no interest in the car when you have paid them off.
I took out 3 years 0% on a new car, finished off the loan and then 6 months later decided to sell the car. Had a buyer all lined up, my next car lined up and he did an HPI check on it (as you would) and it came back with outstanding finance.
Needless to say he walked away, I had assured him that there was no outstanding finance but there was, so from his point of view what else was I lying about? I would have thought the same.
I lost my sale, I lost the car I was after needless to say I was livid.
Even I don't know why it is but I can suggest something for you
it seems to me that you have quite the means to be more engage in this kind of interest so I recommend you get documents to back you up. Try applying for courses online that could get to your questions and pursue the field about financing and insurance. Seems to me that you have what it takes posting a thread like this.
Try reading this blog on purpleblog[dot]com and look for the blog online education to be more knowledgeable about online education.
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