Selling My Car with Finance left. Is this the way to go

joegriffinjnr

See bottom of advert.

http://www.gumtree.ie/cp-cars-in-dublin/2005-toyota-avensis-1-6-low-milage-70995-km-403928768?Guid=1391a821-b040-a20b-2775-e8bbffffae51&MessageId=MSG.VIEW_AD.EDIT_AD_SUCCESSFULMXmessageUrlMZhttp%3A%2F%2Fwww.gumtree.ie%2Fc-AdDetails%3FAdId%3D403928768%26Guid%3D1391a821-b040-a20b-2775-e8bbffffae51%26Location%3D3300001

Is the way to go telling the buyer they can pay it with me over the phone to AIB or I can pay it out of money buyer gives me?
Would it be a good idea to get the buyer to go the bank with me and pay it from there?

readytosnap

if i was buying it i wouldnt pay anything over the phone,going into the bank and getting them to confirm the outstanding balance and issuing a receipt and statement that no further finance is owed, i would probably go down that route, once you can prove what you say i don't see why there would be a problem

joegriffinjnr

Yea that sounds good. I have the orginal finance letter and a letter from the bank last week stating there is 2600 left to pay on car.

readytosnap

well the only issue you have now is getting a buyer to look at the car and wanting it enough to go to the bank etc,you gotta remember that could take a good few hours, this could potentially put some people off cos they couldn't be bothered with the hassle, so if you do get a potential buyer offer to drive them to the bank in the car killing 2 birds with stone they get a good spin in the car and they wouldn'y be inconvenienced too much. if the bank is a stumbling block in the salle you will just have to sweeten the deal,(maybe knock 50 off as an incentive) only knock it off as a last resort though.
GLWS

joegriffinjnr

That sounds fair. The price is 3500 ONO so im open to a bit of haggling. Its one of the cheapest 05 ones around and milage is low, so I might get a bit of intrest even with the agro of the finance.

martyc5674

I'd be put off slightly by it.
If I were you I'd try get it paid off somehow??... Quick loan from a family member etc etc.

Or you could just say nothing about it.
Maybe write up a contract that you and the seller both sign stating there is no finance outstanding(for their peace of mind... Then you rush to bank with their cash and clear it pronto)

Marty.

MetzgerMeister

martyc5674 wrote: »

Or you could just say nothing about it.
Maybe write up a contract that you and the seller both sign stating there is no finance outstanding(for their peace of mind... Then you rush to bank with their cash and clear it pronto)

And what if something goes wrong i.e. a payment is delayed or something like that? I sure as hell wouldn't like to be duped like that.

OldmanMondeo

I sold a car a few years ago with finance owed, made it clear from the start that a bank draft made out to the finance company and the difference in cash to me. Meet the buyer and let him see me put the draft in an envelope into a postbox. He was happy with that.

joegriffinjnr

Or you could just say nothing about it.
Maybe write up a contract that you and the seller both sign stating there is no finance outstanding(for their peace of mind... Then you rush to bank with their cash and clear it pronto)

Na Im not like that. Ide rather let the buyer know there is finance on the car and that its cleared by the bank before he drives it away.

fasttalkerchat

2 points on the ad:
Mileage 70995. You need to state that this is actually in KM, you should emphasise this more as its a big selling point for some buyers.
Also clarify that the price included the buy out price for the credit agreement and £900 your way. Once a buyer sees it as just 900 going to you they will not haggle as much on price.

martyc5674

MetzgerMeister wrote: »

martyc5674 wrote: »

Or you could just say nothing about it.
Maybe write up a contract that you and the seller both sign stating there is no finance outstanding(for their peace of mind... Then you rush to bank with their cash and clear it pronto)

And what if something goes wrong i.e. a payment is delayed or something like that? I sure as hell wouldn't like to be duped like that.

It's unlikely, and the buyer has the contract which then points the finger to the seller.
If the seller is an honest guy(Which I believe he is, the very fact he's concerned about all this) there just won't be an issue for the buyer.

We can what if all day.
The world is PC enough.

It would put me off buying and it would certainly reduce the catchment area if buyers as someone isn't going to pop up from cork the weekend if there is to be involvement with the bank etc etc.
So I'd personally keep stump!!

fasttalkerchat

joegriffinjnr wrote: »

Na Im not like that. Ide rather let the buyer know there is finance on the car and that its cleared by the bank before he drives it away.

I have a feeling that it would also be illegal. Not sure on exact details but you're right not to consider saying nothing about the finance.

andyseadog

i honestly dont know how competitive your price is, but your car would want to be way below average to attract a buyer.

i know that your being 100% transparent and as genuine as can be, but i think its just a real off putter. particularly for an avensis (a common enough car to find another of)

i wish you the best of luck though, i dont the same thing a few years ago. fortunately i had only taken out a personal loan for the car, which makes situations like these much easier. also learn my lesson, never get into dpbt for a car again.

fasttalkerchat

Also whats the story with the NCT dates?

goz83

fasttalkerchat wrote: »

Also whats the story with the NCT dates?

???

It's got an nct until January 2013. Am I missing something?

joegriffinjnr

The car is NCT,d until Jan 2013. I rang the bank today and they said they would settle for 2200 . I have it up on adverts.ie now to see if I can get any interest.

fasttalkerchat

goz83 wrote: »

???

It's got an nct until January 2013. Am I missing something?

It runs from the end of may to the end of January.

joegriffinjnr

Its only had one NCT i never got it the first time.