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Buying cars

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joeculvin | 01:07 Fri 20th Oct 2006 | Motoring
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i have recently bought a car on finance over 3 years. if i wanted to change my car for another, what happens to the finance???
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Avatar Image tubeway
If you part exchange the car then they will deduct the outstanding finance and you will have the balance (if their is any) - If you sell the car privately then you will have to settle the balance
08:57 Fri 20th Oct 2006
Avatar Image Catso
You are supposed to settle the outstanding debt BEFORE you sell the car but most people bend the rules a bit and usually pay it off from the proceeds of the sale.

If the buyer does his homework, the fact the car is on finance may well come to light.

11:34 Fri 20th Oct 2006
Avatar Image Catso
PS, forgot to say my comments were meant to be in relation to a private sale. Tubeway is entirely correct about trade sales.
11:35 Fri 20th Oct 2006

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