Selling a financed car?

[supersunbird]

How does one go about selling a financed car? Does one need to notify the financing place and what would they want to know? What's the best way to sell it?

 

[rebel998]

I sold a bakkie a few years back that still had a few payments outstanding.

I just took the money I got for it and paid it off immediately.

Do you still owe a lot on it?

 

[HapticSimian]

Get your settlement figure from wherever it is financed. You would still owe that amount to the bank regardless of you selling the car to someone else. You cannot transfer vehicle finance, so you have to factor what you still owe into your decision to sell.

 

[supersunbird]

The amount if can be sold for is higher than the settlement amount...

 

[Fazda]

Whoever you have financed through still has the papers, so you have to pay the car off in full before you can get those and complete the sale. Just make sure that you sell the car for at least as much as you owe, after getting a final settlement figure from the bank.

 

[superskully]

Get a settlement figure (valid for 5 days). Then check the retail price and trade-in price. Try to identify what prv buyers will pay for your car.
Advertise it.
Get a buyer.
When X has the money, then get another settlement figure and settle it within 5 days. Once it is settled, bank will send you docs. Give it to X and he will have to register the car in his name.
Once you identify that the money is in your account from X, the car is his/her.
X = buyer if cash, Bank agent if buyer financed.
If cash, also ensure that when you hand over, have some documentation to say that the car is in X's hands now (fines...). If financed, the agreemnt will suffice.

Advertise is carfind, bidorbuy.

 

[supersunbird]

Get a settlement figure (valid for 5 days). Then check the retail price and trade-in price. Try to identify what prv buyers will pay for your car.
Advertise it.
Get a buyer.
When X has the money, then get another settlement figure and settle it within 5 days. Once it is settled, bank will send you docs. Give it to X and he will have to register the car in his name.
Once you identify that the money is in your account from X, the car is his/her.
X = buyer if cash, Bank agent if buyer financed.
If cash, also ensure that when you hand over, have some documentation to say that the car is in X's hands now (fines...). If financed, the agreemnt will suffice.

Advertise is carfind, bidorbuy.

The part that I don't get is how to settle the car to get the documents so I can give them to X so that X can give me the money if I obviously don't have the large amount of money required to settle it...

 

[superskully]

X needs to deposit the money into your Vehicle and asset finance account. Once its reflected (phone yr bank), u can give the car to him.
An e.g. i just sold my car for more than the settlement figure.
X was a bank (buyer financed).
So myself, X and the buyer signed some docs for th finance agreement.
The bank or X deposited the settlement money into my Vehicle account and settled it. Once it was settled, and i confirmed that it was, i gave the car over.
Once i gave docs to X, they released the other portion of money.

 

[HapticSimian]

The bank won't release the papers to you before the account is settled. Simple solution - draw up a basic agreement between you and the buyer, with him acknowledging receipt of the car and thus accepting all responsibilities related to it from a given date, and you taking the responsibility to supply the original papers once the account is settled.

The bank will, if requested, supply you with a copy/fax/email of the registration papers so your buyer can rest easy as to what he is actually buying.

 

[superskully]

Wait for Money

The bank won't release the papers to you before the account is settled. Simple solution - draw up a basic agreement between you and the buyer, with him acknowledging receipt of the car and thus accepting all responsibilities related to it from a given date, and you taking the responsibility to supply the original papers once the account is settled.

The bank will, if requested, supply you with a copy/fax/email of the registration papers so your buyer can rest easy as to what he is actually buying.

Wait until the money has reflected in yr vehicle account before hand over. Most likely yr buyer will finance, so its easy, the bank consultant handling the finance will advise.
Draw up a document only when u hand over the car in a cash transaction and the car is still in your name so that any fines... you will have proof that u did not own it.

 

[Beginner]

Agree on a total with the buyer (signed affidavit with both your i.d's), get the buyer to pay the settlement amount directly to the finance company and once you get the papers tell him/her to meet you with a bank guaranty cheque and hand over papers.