Hi

Thinking about selling our car but when we brought it we paid 50% down and the rest over 4 years.What i would like to no is if we sell it private what is the procedure to repay the remaining finance that is on the car.

Do i contact the dealer we brought it from and ask for a settlement figure?

If so i then repay this.

Then sell the car.

Or are there other options?

Regards

Hi binnsy, you will need to know the payout figure for sure.

First way to do it is find out market value of car & sell it for that amount and have an agreement with the buyer you will payout the loan.

Don't be surprised if the buyer wants some form of contract with the finance company and yourself re the payout.

Or put a value on the car that is a part of the market value and let the buyer continue the payments. Again you want the finance company in on the deal.

So, if the car is valued at 500.000 baht

You owe the finance co 100.000 baht

You can advertise the car at 400.000baht plus 10 payments to go.

Up to you, cheers

Thank for that reply.I was begininning to think that i was the only person who has sold a car on with finance left on it.

Do i contact the dealer we brought it from and ask for a settlement figure?

Never sold anything with payments still owing here, but have been told that unlike the UK where you get a reduction if you pay early, here the full interest has to be paid, that is why you see many cars/truck For Sale Privately for xxx and take over xx monthly finance.

So as I understand it, if there was still 24 months to pay, they the finance Company would still want the full 24months interest as ALL the interest is added at the beginning of the contract .. UK interest is monthly so if you ended the contract with 24months still to pay, then you would be charged about 3 months interest for cancellation fees + of course the remainder of the Loan.

If you sell to a dealer/tent have do idea how this works, as they do ask if there is finance on the car/truck and do check to find out.