I know a garage can sort it, just like moving house and swapping your mortgage around, I don't think you can sell it for cash 'legally' then pay it off? Ok you could do a quick payment five mins after receiving the money from the buyer and them not know but that's not the same as being allowed is it? I'd certainly like to see an example in writing if anyone can provide one tgat says you can sell it as long as you pay it off soon after rather than before.
Pcp
Started by
callum_ensor
, Apr 27 2016 02:09 PM
17 replies to this topic
#16
CityEPete
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Posted 27 April 2016 - 06:24 PM
#17
CityEPete
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Posted 27 April 2016 - 06:31 PM
Taken from the Webuyanycar website and as I understand it too.
How to Get a Settlement Quote on Car Finance Car Finance Early Settlement Figure
Sell your car with webuyanycar.com and we'll be able to help you settle any car finance outstanding and give you the remainder (if there is any) in cash straight into your bank.
Don’t forget, with a HP or PCP agreement you have to settle the finance on the car or terminate the agreement by paying off money owing before you can sell the car on. At webuyanycar.com we can help you do this.
How do I get a settlement figure on my car finance?
All you have to do is get in touch with your finance company and ask them for a “settlement figure”.
By law your lender has to post a settlement figure to you within 12 days – most times it comes straight away.
You will have a period – usually 10 days – in which to actually pay the amount off. If you pay by Direct Debit (DD), check the day it normally comes out of your bank – if they receive this amount before you settle the finance then you’ll need to take the DD amount off the amount you pay. You will need to provide evidence of payment to us if this is the case.
#18
Bungleaio
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Posted 27 April 2016 - 08:54 PM
I know a garage can sort it, just like moving house and swapping your mortgage around, I don't think you can sell it for cash 'legally' then pay it off? Ok you could do a quick payment five mins after receiving the money from the buyer and them not know but that's not the same as being allowed is it? I'd certainly like to see an example in writing if anyone can provide one tgat says you can sell it as long as you pay it off soon after rather than before.
You are right you can't legally sell it for cash but the buyer would be an idiot for handing the money over directly to the seller.
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