Selling a car on PCP...

[marzman]

Well i'm having a pretty crappy week...

 

Sweeping changes and potential redundancies announced this week at work mean my job is no longer secure.

 

I'm probably being over dramatic but i'm feeling like I want to get rid of my Mustang in order to be a bit more secure financially... 

 

I've still got 16 months remaining on my PCP deal.  Am i likely to have any problems if I try to sell privately and settle the outstanding balance as part of the sale?  

 

Im hoping to sell for £31-32k-ish... has anyone on here successfully sold a car of similar value privately before, or would a car of this value typically need to go to a dealer to sell (so that i prospective customer can purchase on finance)?

 

My mind's not made up yet, but i'm definitely having a wobble.

[Ekona]

Sold my 911 for more than that with outstanding finance on, no issues at all. Bloke came to me, we went to the bank together and he CHAP’d VWFS, we went back to mine and waited for 6 hours until they confirmed they’d received it. He then paid me the rest into my bank, then took the car. Easy. 

[coldel]

I could be wrong but I believe @DoogyRev sold his 350z privately with outstanding finance on it. Might be able to help?

[DoogyRev]

Sorry to hear this Chris, I hope you end up keeping it 

 

1 hour ago, coldel said:

I could be wrong but I believe @DoogyRev sold his 350z privately with outstanding finance on it. Might be able to help?

no one wanted my 350, which I assume was because of the outstanding finance, even at the bargain price. Ended up getting rid of it to a garage who paid the finance off, had to take a lot less than it was worth though. 

[Ekona]

I think people care about it a lot less than they used to. As long as they pay the finance company direct and the finance company confirm with you it’s paid off, then there’s no risk to either party. 

[marzman]

Cheers guys, good to know, thanks.

 

Still might keep it yet... just going through the mild panic of thinking what outgoings i can slash and how long i'll survive if I cant find another job, when the reality is im sure I could find a job within a day or two if I needed to.

[HEADPHONES]

Hope everything goes well for you Chris whether you need to sell or not.

[Wayne370Z]

I`d check with the company first. PCP is different to other types of finance. You`re effectively renting the car until it`s all paid up so you`d be selling a car that you technically don`t own.

Edited December 7, 2019 by Wayne370Z

[Ekona]

They really don’t care, they just want to get paid and every PCP contract has a settlement figure in anyway. 

[sipar69]

As said, it’s completely fine to sell a car on PCP, privately or to a dealer. Done it a few times myself. You just need to pay off the balance with the proceeds of sale.

[rabbitstew]

As above. Last few cars the wife has had have all been on PCP. You speak to the PCP company, they give you an up-to-date settlement value, which you pay and the car is now free of PCP and all paid for. Its been a really easy process each time.

[Payco]

On ‎08‎/‎12‎/‎2019 at 08:32, sipar69 said:

As said, it’s completely fine to sell a car on PCP, privately or to a dealer. Done it a few times myself. You just need to pay off the balance with the proceeds of sale.

Ditto. Easy providing you are up front and tell the buyer you are using the payment to settle outstanding PCP. Done it myself twice before.

[GranTurismoEra]

Clear the outstanding while the buyer is there. Keep the rest if its more than you owe or clear the rest if its negative. 

 

If selling to a dealer this is all done during the sale. I called Nissan Finance a few days later to make sure it was cleared and nothing was being owed.

 

 

Edited December 9, 2019 by GranTurismoEra