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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can i sell my car that is on finance?

Hi, my car finance company have wrote to me saying i can sell my car privately after i was in contact about handing back my car (voluntary termination). I didn't think i could do this so could you confirm if i can do this? If so, do i have to sell it or can i srap it as it's not in the best condition anymore and would probably cost more to fix it than the car is worth. Thanks for your help

Posted by James Moffat on


Hi James, thank you for your question. You can sell your car if you wanted but you'd have to clear any outstanding finance with the proceeds.
What is the car worth approximately and what do you owe the finance company still? By the sounds of it the car isn't worth much and you may still have some negative equity so terminating your agreement by handing the car back (Voluntary Termination) may well be your best option. Be careful though as the finance company may well come back to you with charges etc after you've handed the car back so ask for all the T&Cs before doing so. Edwin

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