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Car finance

  • 10-01-2013 4:44pm
    #1
    howbad36
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi, my car is on finance, is it possible to sell the car and then pay off whats owed to the finance company. My car is worth 6500 and i owe the finance company 5500.

    thanks


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    Do a search on here for the half rule OP as well.

    Would be difficult enough to sell off a car with outstanding finance.


  • #3
    MuppetCheck
    Registered Users, Registered Users 2 Posts: 11,865 ✭✭✭✭MuppetCheck


    I'd imagine if somebody did a check they would find that finance is owed and not buy the car until it was cleared. You could always have them pay the money to the bank and either the buyer or the bank gives you the extra amount.


  • #4
    bazz26
    Registered Users, Registered Users 2 Posts: 51,364 ✭✭✭✭bazz26


    Get the buyer to get a draft made out to the Finance company for the outstanding hp balance. Go with the buyer to the Finance company and settle the HP agreement and get a statement from the Finance Company saying they no longer have an interest in the car. Ask the seller to pay the remaining value of the car to yourself.


  • #5
    rocky
    Registered Users, Registered Users 2 Posts: 2,977 ✭✭✭rocky


    Stheno wrote: »
    Do a search on here for the half rule OP as well.

    Would be difficult enough to sell off a car with outstanding finance.

    He wants to make 1000 euro out of this...


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