How does one sell a financed car?

[supersunbird]

Hi, say I want to sell my financed car to someone else who will also want to finance it, how does one go about it?

Dealer is offering me R48 000 for a car Transunion says is R53 000 trade and R62000 retail and is even higher private sale... don't know what he's smoking but it must be good

 

[encrypted]

https://www.fnb.co.za/vehicle-finance/private-sale.html

 

[Grimspoon]

Hi, say I want to sell my financed car to someone else who will also want to finance it, how does one go about it?

Dealer is offering me R48 000 for a car Transunion says is R53 000 trade and R62000 retail and is even higher private sale... don't know what he's smoking but it must be good

You will always get a k@k offer from a dealer unless you are buying a brand new car from them, and normally an expensive one.

 

[supersunbird]

What I now need info about is the payment step.

Does the finance house of the other person pay me and I pay my financer and keep whats not owed? do they pay my financer and I get whats left from my financer? Is the payment split and I get my part and my financer their part?

 

[Pixual]

I privately sold a car under finance last year. What we did was get a settlement figure from the bank and an account that my buyer had to pay what was owed into. He then paid me the difference directly.

I then instructed the bank to send him the registration document. When he got it we went together to the licensing department and did the transfer. Unfortunately you have to transfer title into your name (from the bank's) before you can transfer to the new owner. Bit of a pain.

If your buyer is getting finance of their own it might be a different story because then his bank would want to receive the registration papers and will probably pay your bank the asking price. Your bank will then have to pay you whatever is over the settlement figure.