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May have to sell my car - how bad is market

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  • 19-12-2008 10:48am
    #1
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,722 Mod ✭✭✭✭


    Guys,
    I may have to sell my car soon due to my work or what will be lack of soon, I will need to cut down my spend which includes a car loan.

    Anyway has anyone sold their car lately and how bad is the market???


    The 2nd thing, as I said have a loan outstanding on this, with about 4k. What are the implications of selling the car with this outstandig finance in place? I need to sell the car to clear the finance.

    Thanks


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    #2
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    There's no nice way to put it, but, at the moment, the market is truly, awful.

    IMHO, the only things that are selling are sub 10k cars. Nowadays, 10k gets a much, much newer car than it used to, due to collapsing secondhand values. So, not knowing what you have, it's not possible to guage accurately.

    If you have finance, there are two ways:

    1. Get a settlement figure for the finance. If you have a buyer, they will need to pay the finance company directly for that, and give you the balance.

    2. Or, as the selling process is slow, and you'll have repayments in the meantime (and step 1 confuses buyers.......), go to credit union, and borrow the amount owed on Finance, and clear it with finance company. You can now sell the car straight, no complications, and then pay in full/part/none, your credit union, to suit your circumstances.


    Me? I'd do option 2.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



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    #3
    Alanstrainor
    Moderators, Motoring & Transport Moderators Posts: 23,157 Mod ✭✭✭✭Alanstrainor


    What car is it?
    And +1 to the above.


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    #4
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,722 Mod ✭✭✭✭yop


    Its a 02 Audi A4 diesel. They are 10 a penny at the moment, the ONLY possibly swing in my favour is that is has passed the NCT and it filled with all the extras you can get, which MAY get the notice of a buyer.

    So you definately cant sell the car first and then pay off the finance?

    Its all a shambles to be honest at this stage.


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    #5
    Dartz
    Registered Users Posts: 4,369 ✭✭✭Dartz


    I was given an 02 petrol Laguna because the owner knew he wouldnt be able to sell it... and actually had to pause to think about it even though it had a pretty good spec... so yeah, you're going to have fun trying to sell it.

    Might be worth holding on to.

    Might be a bad idea to sell it now. Unless you absolutely have to, I'd say you might be better off keeping it.


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    #6
    Eoin
    Moderators, Category Moderators, Motoring & Transport Moderators Posts: 21,238 CMod ✭✭✭✭Eoin


    yop wrote: »
    So you definately cant sell the car first and then pay off the finance?

    Is it definitely a HP arrangement, and not just a personal loan? Even a "motor loan" from the likes of BoI or AIB will be an unsecured personal loan, so you would be free to sell the car and settle it when you want.

    If is it a finance deal, then ask them for a statement of how much it will cost to settle it, and the buyer can write them a check for that amount and give you the balance.


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    #7
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    yop wrote: »
    Its a 02 Audi A4 diesel. They are 10 a penny at the moment, the ONLY possibly swing in my favour is that is has passed the NCT and it filled with all the extras you can get, which MAY get the notice of a buyer.

    So you definately cant sell the car first and then pay off the finance?

    Its all a shambles to be honest at this stage.

    So, you have a (let's say...) an 8k car. Now, subtract your 4k finance, and you'll have 4k left.

    If you're replacing the car, you're not going to get anything like you're used to, for that money. However, if that doesn't bother you, the world is your oyster.

    I'd go further - by making yours 'irresistable', price-wise, the extra's will make it easier to sell, but it won't do anything for your price. Sorry ! :(

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



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    #8
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    yop wrote: »
    Its a 02 Audi A4 diesel. They are 10 a penny at the moment, the ONLY possibly swing in my favour is that is has passed the NCT and it filled with all the extras you can get, which MAY get the notice of a buyer.

    So you definately cant sell the car first and then pay off the finance?

    Its all a shambles to be honest at this stage.

    You could come to an arrangement with the buyer e.g. they could pay in a bank draft meet at the bank and pay the finance off...


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    #9
    HashSlinging
    Closed Accounts Posts: 3,413 ✭✭✭HashSlinging


    I've seen the car and is in very good cond, think you would be better getting a settlement figure from the bank, and getting a small personal loan from the credit union or tesco over a couple of years. oh yeah and keep it yourself, run it into the ground.


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    #10
    JackFrosty
    Closed Accounts Posts: 191 ✭✭JackFrosty


    Its a buyers market out there at the moment. Not a great time for selling.


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    #11
    Zulu
    Registered Users Posts: 10,965 ✭✭✭✭Zulu


    Outstanding finance is going to make people walk away.
    You need to clear the finance first.


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    #12
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,722 Mod ✭✭✭✭yop


    HashSlinging wrote: »
    I've seen the car and is in very good cond, think you would be better getting a settlement figure from the bank, and getting a small personal loan from the credit union or tesco over a couple of years. oh yeah and keep it yourself, run it into the ground.

    U have seen my car????? :p


    I know what you are saying folks but if I have no money coming in then car loan (from AIB) will not be able to be paid from the old dole so it maybe a case of HAVING to shift.
    I was just curious even to see a "good" price is there a market.

    Thanks for the advice


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    #13
    Eoin
    Moderators, Category Moderators, Motoring & Transport Moderators Posts: 21,238 CMod ✭✭✭✭Eoin


    Your car loan is from AIB? Then there's a good chance it's not a HP agreement, but a normal unsecured personal loan. This won't turn up on any credit reports on the car, so a buyer won't have to worry about it.


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    #14
    peasant
    Registered Users Posts: 17,819 ✭✭✭✭peasant


    yop wrote: »
    I know what you are saying folks but if I have no money coming in then car loan (from AIB) will not be able to be paid from the old dole so it maybe a case of HAVING to shift.
    I was just curious even to see a "good" price is there a market.

    The person that will buy your car will most likely be in the same situation as you ...only that they started off with a much higher value car/loan and aren't quite prepared to drive the sort of banger that you will end up with once it's all done.

    As they will have an even harder time selling their high priced car, you may be in for a long wait.


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