amokwa Posted October 19, 2005 Report Share Posted October 19, 2005 What is the best option to sell a car on finance ? Need to sell mine but if I return it to VW Finance I am worried there will be a large shortfall they will chase me for. I know the HPI flags up car is on finance need some advice cheers. Link to comment Share on other sites More sharing options...
R32North Posted October 19, 2005 Report Share Posted October 19, 2005 Have you got a settlement figure from VW Finance? Also, what the car, mileage, age, spec etc so we can give a realistic value of you car.... or look here! www.parkers.co.uk Link to comment Share on other sites More sharing options...
neillloyd Posted October 19, 2005 Report Share Posted October 19, 2005 I can only relay the advice given to me by my finance company as I have to sell my car privately because the stealears just wanted to rip me off. Before you are about to sell ask your current finance company for a settlement figure in writing. You can show this document to prospective buyers if thay ask any questions about HP. When you sell the car the buyer then needs to do two bank transfers, one for the finance company and one to your bank for the profit you make over and above the settlement figure. Hope this is correct as I am about to sell my car week after next. Link to comment Share on other sites More sharing options...
Simonl Posted October 19, 2005 Report Share Posted October 19, 2005 I think you can just give the car back to VW finance and they'll write off the credit, my mate did this with a LHD Beetle that had dropped like a lead balloon Link to comment Share on other sites More sharing options...
R32North Posted October 19, 2005 Report Share Posted October 19, 2005 [ QUOTE ] I think you can just give the car back to VW finance and they'll write off the credit, my mate did this with a LHD Beetle that had dropped like a lead balloon [/ QUOTE ] Risky tho as they may not! I used to work for Lloyds Bowmaker when they ran VW finance and you need to make sure you have everything in writing before committing to anything that carries such a risk. Remember how much you owe is not the same as how much you have to pay to settle the agreement - settlement figure is less than the outstanding balance. So, get a settlement figure 1st to find you base starting point! 08700 10 20 22 - VW Finance. (I know the number as I call them regularly to check my settlement figure and compare it to my cars value) Link to comment Share on other sites More sharing options...
amokwa Posted October 19, 2005 Author Report Share Posted October 19, 2005 Thanks for the update, spoke to VW Finance for a settlement, only took it out in July so the preloaded interest has bumped up the figure. Figure higher than what I will get for selling, looks like I will have to soldier on with the payments. Link to comment Share on other sites More sharing options...
R32North Posted October 19, 2005 Report Share Posted October 19, 2005 [ QUOTE ] Thanks for the update, spoke to VW Finance for a settlement, only took it out in July so the preloaded interest has bumped up the figure. Figure higher than what I will get for selling, looks like I will have to soldier on with the payments. [/ QUOTE ] True, but Settlement is always lower than balance*, as you are always due a rebate of interest!! 8 unless daily interest calc is used, which VW finance don't use they still live in the dark ages and use Rule of 78s. Link to comment Share on other sites More sharing options...
Simonl Posted October 19, 2005 Report Share Posted October 19, 2005 My mate owed £8k on his Beetle worth £5k, so he gave it back. Link to comment Share on other sites More sharing options...
R32North Posted October 19, 2005 Report Share Posted October 19, 2005 [ QUOTE ] My mate owed £8k on his Beetle worth £5k, so he gave it back. [/ QUOTE ] that would've been a 3-option LP deal, ie buy it, keep it or hand it back with a gauranteed residual value! I think were talking straight HP in this thread!! Link to comment Share on other sites More sharing options...
amokwa Posted January 31, 2007 Author Report Share Posted January 31, 2007 Guys, The MK5 is gone, returned it to the dealer b4 christmas still hang around the board however saving up for a 911 (993) C2 coupe Link to comment Share on other sites More sharing options...
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