Need Advice?

[mike2fast]

My mates got a car thats on finance and wants to sell it to a delearship can he do this obviously telling them that its on finace or is he not allowed to. Hes got a clio mk3 2007 reg..

 

[mike2fast]

anyone someone must know about this

 

[Sean B]

yers he can sell it to them, but they will pay the outstanding finance off, not give the cash to your buddy, anything over and above the finance he will get.
But if hes in negative equiaty then i wouldnt bother selling to be honest.

hope that helps (if im wrong somebody will say)

 

[mike2fast]

what would happen if the car was worth less than he wanted would he then have the previous finance and the new one?

 

[SC03OTT]

thats negative equity. you can do it, but i wouldnt bother.

 

[CUPCRAZY]

The car would have to be worth what was left outstanding on the finance.

I believe they will also only give you trade price for the car.

Better off selling it private and paying off the finance.

 

[Sean B]

yep, so he has say a car worth 7000, but outstanding finance of 7500, therefore hes in negative equaity as his car doesnt cover the finance. so he will still owe 500quid on top of a new finance deal.
Did he put down a decent deposit? hes made a years worth of payments (which i doubt cover the interest) so really hes going to lose money.

again i could be wrong! just my experiance from a same situation.

 

[mike2fast]

in your experience would it be worth doing it or waiting.

 

[Sean B]

waiting

 

[mike2fast]

ok cheers for the advice

 

[Stuart182]

If you buy a car on finance some clauses state you are bound to keep it until its paid off.

Hes only had the car less than 18months why does he now want to get rid of it??? Surely he realised buying a car on finance would mean hes stuck with it for the three or four years the finance deal goes on for????

Finance...dont do it!!!!

 

[mike2fast]

donno he wanted a new car at the time and now wants a change lol