Quick question about selling your car

TCP/IP

Hi there,

I am looking at selling my car and as it is the first time doing anything like this I have a few questions:

1) Do dealers buy cars even if you are not using it as a trade in.

2) If there is outstanding finance left on a car are you allowed sell it.

3) Could I trade it in against a car in the UK

Thanks
TCP/IP

ciarsd

Some pointers to get you on your way TCP/IP

1) dealers could, but don't usually as it's not worth their while financially.

2) you can sell it providing that the proceeds of the sale go to clearing the debt owed to the finance company immediately afterwards, and that you keep the buyer 'in the loop' on the whole process. If the buyer is not comfortable with this arrangement (i.e. handing over lump of cash for a car with debt!), drawing something up on paper and signing it in a Garda station has worked in the past.

3) again, you could if they were interested, but you will loose a huge amount of cash on it, as the market over there is vastly different to ours (our cars OMSP value being far greater than the UK's due to things like VRT/exchange rates etc).

Anan1

1. Dealers might buy your car, but at such a low price that it's not worth your while.

2. Yes but the finance company have to be paid back. Give them a call and they'll explain how it works.

3. Yes, but you will get even less than you would by selling to a dealer here.

What car is it? Age, mileage, etc?

bazz26

TCP/IP wrote:

1) Do dealers buy cars even if you are not using it as a trade in.

Yes but they will give substancially less for it than what the car is worth. Better trying to sell it privately yourself.

If that fails you could try and get a dealer to sell the car on your behalf. You can haggle a set price commission with them before giving them the car. You just leave the car in their forecourt.

TCP/IP wrote:

2) If there is outstanding finance left on a car are you allowed sell it.

Legally the car still belongs to the finance company so it is not yours to sell. But what most people do is they inform the buyer that there is outstanding finance on the car, they and you can arrange to meet at the Finance company. For example, the agreed price of the car is €10k and there is €5k outstanding finance on the car. So you and the buyer arrange to go to the Finance company, he gives you the €10k, you give €5k to the finance company, get a receipt and proper letter stating that the debt has been paid and the HP agreement has been settled. Give a copy of this to the buyer and keep a copy yourself. You then take the other €5k and give the buyer the car.

TCP/IP wrote:

3) Could I trade it in against a car in the UK

Yes, I suppose depending on the car and dealer but I would not see the point in doing this as cars are cheaper over there than here so you will end up loosing out on the straight cash discount too unless you have something rare and exotic.

Only as a last resort really imo.

TCP/IP

Thanks Guys great info do a lot of people sell cars with finance still on them and settle it once the money comes in

ciarsd

TCP/IP wrote:

Thanks Guys great info do a lot of people sell cars with finance still on them and settle it once the money comes in

I had done this with my very first car. I let the buyer know all the goings on and he was happy enough for me to proceed with the sale and clear the remaining car loan with some of the proceeds of the sale - granted it wasn't a huge amount, but all the same...

Fey!

What you could do is get the buyer to write 2 cheques, one made out to the finance company for the balance of your loan, and one made out to you for the balance of the transaction.

ie, you sell for 10k, owing 8k finance. Seller writes cheque to finance company for 8k, and another one for 2k to you.

This way they have piece of mind and a paper trail.

Bear in mind that you'll need to get a settlement figure off the finance company. You may think you owe 8k, but it may be closer to 9k after their interest and charges.

OT - Bazz; what's with the blue? It's damn near impossible to read!

bazz26

Fey! wrote:

OT - Bazz; what's with the blue? It's damn near impossible to read!

Just wanted to highlight the answers to each of the the OPs questions. Didn't realise it was so difficult to read, sorry. Changed back to black.