Selling Your Car With Finance On It

Lots of people call me wanting to sell their car in Brisbane but unsure if they can because they still have finance outstanding on it.

Legally the answer is no.

But people do it all the time despite it being against all lender’s requirements.

Both you and the prospective buyer can get into all sorts of trouble because you may not be surprised to know – banks will fight tooth and nail to get their money back!

In all car finance situations, the car itself is held by the finance institution as security for the term on your loan.

The car will be need to be paid in full at or before the actual time of sale.

So whether you sell privately, you need to determine a payout figure as of RIGHT NOW.

Near enough is not good enough!

Lending companies can pretty quickly provide you with what is known as a payout figure.

Before you call me, it is best to have this figure ready and in writing from your bank, but if you don’t have it, no worries, it just delays the time we need to transfer ownership from you to me.

Some people may be temped to not disclose the fact they still have outstanding finance on the car they want to sell today.

It is really easy to get a national report instantly which advises if there is any finance outstanding on any specific car’s VIN (Vehicle Identification Number).

I get one of these reports prior to buying any car! (it is called a PPSR Report).

Usually when we agree a price on the car, I will have or get this figure from you, then take possession on your car by paying the finance company then paying you cash for the difference.

So don’t worry if you have finance owing. Call me on 0411 362 229 and we will see what I can do to help you in the easiest possible manner.