[Geesh_46]

I am looking at selling my 330d but it still has some outstanding finance only around £1000,

I know I would feel a bit uneasy about buying a car that still has finance, has anybody else had any previous with this? And what would my options be?

Thanks

[Jase 320d]

Get a loan from the bank or a credit card to pay finance off (credit car would be better 0% interest one)

Pay the remaining car finance off. Then sell the car and with the money pay credit card off

Total expense ..... Zero

[JP.Williams]

I don't think your legally allowed to sell a car with finance still on, as it doesn't fully belong to you?

I Could be wrong, but at only £1000 might be worth waiting paying it off selling it risk free.

Always best to ask the finance company directly, they will know what your contract with them says.

[Robbie200]

Its not illegal, but you do need the finance company permission. As above, best to pay the finance off with cash or cheap loan first.

[Real Thing]

If you get a settlement figure from the Finance Company you can then offer the buyer to pay the amount owing to the company direct leaving you to receive the balance. Need to check and agree with the company prior to the new buyer taking delivery.

[Oneeb]

I've purchased a few cars with outstanding finance. I paid the finance company the outstanding balance directly to them and the remaining price of the car to the seller.

[Soul_Glo]

Originally Posted by Jase 320d

Get a loan from the bank or a credit card to pay finance off (credit car would be better 0% interest one)

Pay the remaining car finance off. Then sell the car and with the money pay credit card off

Total expense ..... Zero

+1

No law saying you cannot sell a car with outstanding finance. Say you wanted to transfer ownership for example to your partner but we're happy to continue payments. The finance is non transferrable on the majority of policies and the goods belong to the finance provider until fully paid. Selling... Well its a case of the buyer be ware. Hpi checks etc. In the event of a total loss or damage and the buyer not doing their homework the buyer would lose out completely and insurance will not pay out.

[Soul_Glo]

Originally Posted by Oneeb

I've purchased a few cars with outstanding finance. I paid the finance company the outstanding balance directly to them and the remaining price of the car to the seller.

+1 as long as its settled

[SteveC]

Selling a car (transferring ownership) with outstanding finance would almost certainly put you in breach of contract and would have a major impact on your credit rating.

Easier way, obtain a settlement figure from your finance company and transfer the outstanding balance to them.

If you have someone waiting to buy the car, let your finance company know that you plan to settle the loan and sell the car and they'll tell you exactly how to transfer the funds

Alternatively, have your buyer settle the finance
I once bought a BMW 1200GS with outstanding finance...seller obtained settlement figure, I transferred funds to BMW Financial Services from my Bank with seller present, following BMW's process, paid seller the balance, rode bike home.

[takumichinoku]

As above.

Get settlement figure. Buyer can pay directly(eg.over phone) whilst your there and settle any excess by cash/transfer and then it's done. Done this many times.