Selling with finance

[FastEdd11e]

We're hopefully selling our family car.
There is outstanding finance. We don't have cash in hand to repay it all. Family loans are not an option nor are loans from another provider as we are about to remortgage.

What is the best process for the buyer?
We don't want to put people nor do we want to come across as dishonest.

[DaveH23]

Phone the finance company and get a settlement figure. Buyer speaks to finance company and pays them and gives any additional balance to yourself whilst the finance company confirm they have no more interest in the car.

Buyer drives off in to the sunset.

[simon_harris]

DaveH23 said:

Phone the finance company and get a settlement figure. Buyer speaks to finance company and pays them and gives any additional balance to yourself whilst the finance company confirm they have no more interest in the car.

Buyer drives off in to the sunset.

This - usually all very nice and easy

[66HFM]

You just need to let any buyer know as might come to a shock for them and some may not want the hassle....
It also depends how much the balance is

[FastEdd11e]

Thanks.

[dave123456]

I had this a few years back. I’d been looking for a Z4 coupe for a while and a lovely example came up, the chap advertised it at top dollar and didn’t get a bite, I’d exhausted all of the alternatives available and thought I’d go have a look.

Long story short I made him an offer and after a bit of haggling he accepted, I had to pay the finance company and so did he, which explained his ambitious asking price…. Negative equity on a car..