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How can I sell a van thats on hp?

  • 28-01-2009 10:19pm
    #1
    Registered Users, Registered Users 2 Posts: 208 ✭✭


    Hi All,

    Just wondering if anyone could advise me on how to sell my van which is 2yrs into a 5yr HP contract. I changed jobs about 3 months ago and got a company van. I have been trying to get someone to take over the repayments on the van but have had no luck. People are understandably nervous about taking over thye repayments even though the van is valued at about 17k and the settlement figure is 13k. I dont want to have it repossessed either as i dont want to get a bad credit rating.
    I really need to get rid of the van as the repayments are killing me!

    Anyone got any ideas?


Comments

  • Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    You let the buyer make out two drafts, one to the finance company and one to you.


  • Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    ...they can't take over the payments - this isn't Florida, y'know ;)

    Nope, if someone wants to buy it, they'll have to make out their payment direct to the Finance company. Which means if you're selling for less than is owed on it, you're going to have to back it with some of your dosh too.

    Technically, the van isn't actually yours, see, when it's on Finance........

    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” 



  • Registered Users, Registered Users 2 Posts: 23,694 ✭✭✭✭L-M


    Find out what you owe, get a personal loan for that. Pay off the hp (they could also have an added fee for repaying early) and sell the van. With the money from selling they van pay off your personal loan.


  • Registered Users, Registered Users 2 Posts: 208 ✭✭beetlebailey


    Dont`have a buyer at the moment. Why would i ask for two drafts?


  • Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    Dont`have a buyer at the moment. Why would i ask for two drafts?
    One for the finance company, one for you (we hope).


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  • Registered Users, Registered Users 2 Posts: 7,461 ✭✭✭Queen-Mise


    Dont`have a buyer at the moment. Why would i ask for two drafts?

    The first draft of 13k for the finance company to pay of the finance.
    The balance in your name, for the excess.


  • Registered Users, Registered Users 2 Posts: 10,534 ✭✭✭✭guil


    would a 2 year old van still be worth 17k now though


  • Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Get a loan, clear the van. Then do what ya like with the van.


  • Closed Accounts Posts: 5,374 ✭✭✭Saab Ed


    Whats the chances you can give the company van back and claim back the monthly payment ( or close to ) from the company instead. Ask the question. From a tax point of view it might be better for both parties and solves your problem too. Just a thought.


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