Selling a car with outstanding finance

[robbie]

I'm going to be selling my Z4 in a few months as I'm moving within walking distance to work and keeping my car doesn't really make sense.

It will have outstanding finance left on it though, anyone have experience of selling a car with finance? What's the best way to go about doing it? Tell people upfront in the ad? It's worth more than I owe so it will obviously be paid off as soon as I've sold it.

I've never had to sell a car worth so much either, do people buy 19k + cars privately?

 

[Maniac]

Yes people will pay that privately so long as all the paperwork etc is in order. Is it on finance i.e. loan or PCP etc?

 

[Stug]

I am not sure if you legally own it if it still has finance outstanding on it? Which obviously makes selling it tricky. I would double check buddy.

 

[robbie]

PCP

 

[Talksthetorque]

Just say to the buyer it's a PCP and that he should go with you to pay them the final payment, then pay you the balance and the car is his. Simple.

 

[Maniac]

If it's pcp I'm no expert but believe you must inform bmw finance of your intention to sell it. It's their car until it's paid off. Check your pcp agreement.

 

[robbie]

Just say to the buyer it's a PCP and that he should go with you to pay them the final payment, then pay you the balance and the car is his. Simple.

That's kind of how I saw it happening in my head, assuming that kind of money is bank transfer and it's done so quickly now I figured transfer money to me and then money back out to the finance company.

 

[Stug]

I think if I was buying it I would want to pay the pcp directly to the company rather than trusting someone I dont know to make a transfer afterwards.?

 

[Stuart Truman]

I paid BMW directly to clear the finance on #69 and the balance to the guy selling it.

BMW couldn't have been more helpful and I got a certificate from them proving I had title of the car.

I wouldn't advertise it has outstanding finance, you might put people off. Talk to BMW as already said and they'll help you through the process.

 

[AlanJ]

I paid BMW directly to clear the finance on #69 and the balance to the guy selling it.

BMW couldn't have been more helpful and I got a certificate from them proving I had title of the car.

I wouldn't advertise it has outstanding finance, you might put people off. Talk to BMW as already said and they'll help you through the process.

Good advice

 

[z4_top_down]

I paid BMW directly to clear the finance on #69 and the balance to the guy selling it.

BMW couldn't have been more helpful and I got a certificate from them proving I had title of the car.

I wouldn't advertise it has outstanding finance, you might put people off. Talk to BMW as already said and they'll help you through the process.

Good advice

+1

 

[robbie]

I paid BMW directly to clear the finance on #69 and the balance to the guy selling it.

BMW couldn't have been more helpful and I got a certificate from them proving I had title of the car.

I wouldn't advertise it has outstanding finance, you might put people off. Talk to BMW as already said and they'll help you through the process.

Brilliant thanks!