Selling my Cali - outstanding finance- advice please

[fezzer]

I’m about to list our 2024 6.1 Ocean for sale, most likely via the club. I took out a 5 year interest free hire purchase with VW at the time of purchase for 50% of the value. I’ve not sold a vehicle before with outstanding finance and am a bit unclear as to the process. Would I need to pay the outstanding off first or would the buyer pay directly to VW Finance and then the balance to me?
Also I have lots of extras including brandrup carpets, ISO top and Brandrup mosquito net which I was thinking of including with the sale whereas other extras like thermal windscreen cover, Thule sun shades, Isabella outside mat (plus loads of other stuff) separately. Does that seem sensible?

 

[Up10]

I’m about to list our 2024 6.1 Ocean for sale, most likely via the club. I took out a 5 year interest free hire purchase with VW at the time of purchase for 50% of the value. I’ve not sold a vehicle before with outstanding finance and am a bit unclear as to the process. Would I need to pay the outstanding off first or would the buyer pay directly to VW Finance and then the balance to me?
Also I have lots of extras including brandrup carpets, ISO top and Brandrup mosquito net which I was thinking of including with the sale whereas other extras like thermal windscreen cover, Thule sun shades, Isabella outside mat (plus loads of other stuff) separately. Does that seem sensible?

I bought a vehicle through the club site which had a VWFS agreement on it. I paid a deposit and agreed a completion date but as a purchaser, I made sure the finance was fully paid by the original owner before I completed. From memory, you need to allow about 5 working days before it shows up on VWFS records as having been paid.
I believe it is possible to complete the sale with finance still on it but that would be up to the buyer to agree. You should speak to VWFS to clarify how this could be done so you are fully informed.

 

[andyinluton]

I’m about to list our 2024 6.1 Ocean for sale, most likely via the club. I took out a 5 year interest free hire purchase with VW at the time of purchase for 50% of the value. I’ve not sold a vehicle before with outstanding finance and am a bit unclear as to the process. Would I need to pay the outstanding off first or would the buyer pay directly to VW Finance and then the balance to me?
Also I have lots of extras including brandrup carpets, ISO top and Brandrup mosquito net which I was thinking of including with the sale whereas other extras like thermal windscreen cover, Thule sun shades, Isabella outside mat (plus loads of other stuff) separately. Does that seem sensible?

If selling to a dealer keep the extras & sell them on here.
Selling privately include them as part of the deal.

Ive bought & sold various vehicles where finance has been still owing on the vehicle, the usual thing is to get the finance company to agree to accept payment direct from the buyer.
On a £100k+ car I sold a couple of years back I had about £25k finance owing, the sale day went as follows:


Appointment made at buyers Metro Bank
Car parked outside front door, Buyer & seller meet at metro bank,
Bank wanted a contract for sale, buyer and seller ID, & finance co details & verified all those.
Buyer makes payment to finance company direct, Bank staff confirm payment is non-reversible.
Buyer makes payment to me, Bank staff confirm payment is non-reversible.
V5 completed
Went to cafe for an hour.
Bank staff confirm transfers have gone through, my banking app shows money received.
Hand over keys.

Just don't forget if they don't pay the finance co, you are still liable.

However you do it, at some point one of you is going to be holding the money and the keys.
It felt a lot safer having the bank involved as a 3rd party overseeing the process.

The only time ( about 25 years ago ) that ive had a problem was trading in to a small dealer & he forgot to settle the finance & disappeared off to Australia for 6 weeks. Left his garage locked up. I thought he had done a runner with the money but he paid it in the end along with the additional interest accrued.

 

[fezzer]

If selling to a dealer keep the extras & sell them on here.
Selling privately include them as part of the deal.

Ive bought & sold various vehicles where finance has been still owing on the vehicle, the usual thing is to get the finance company to agree to accept payment direct from the buyer.
On a £100k+ car I sold a couple of years back I had about £25k finance owing, the sale day went as follows:


Appointment made at buyers Metro Bank
Car parked outside front door, Buyer & seller meet at metro bank,
Bank wanted a contract for sale, buyer and seller ID, & finance co details & verified all those.
Buyer makes payment to finance company direct, Bank staff confirm payment is non-reversible.
Buyer makes payment to me, Bank staff confirm payment is non-reversible.
V5 completed
Went to cafe for an hour.
Bank staff confirm transfers have gone through, my banking app shows money received.
Hand over keys.

Just don't forget if they don't pay the finance co, you are still liable.

However you do it, at some point one of you is going to be holding the money and the keys.
It felt a lot safer having the bank involved as a 3rd party overseeing the process.

The only time ( about 25 years ago ) that ive had a problem was trading in to a small dealer & he forgot to settle the finance & disappeared off to Australia for 6 weeks. Left his garage locked up. I thought he had done a runner with the money but he paid it in the end along with the additional interest accrued.

Thanks for the response, very helpful.

 

[Wannabecamperman]

Just don't forget if they don't pay the finance co, you are still liable.

Indeed! If you can, settle the finance BEFORE selling and get written confirmation from VWFS as it makes the whole thing simpler.

Under no circumstances allow the purchaser to reduce the amount they pay you, based upon them clearing the finance themselves.

 

[Wannabecamperman]

...I often have used Motorway who won't pay top price but as long as you get a written letter with the settlement figure, will happily buy a car on finance and they DO settle it for you. I had no issues this way

 

[reserves]

I’ve brought privately with a car on finance.

I paid off the finance directly and the balance

 

[2into1]

Regarding the accessories: if you can pass them to the new buyer for fair value then do so. Don't underestimate the time involved with negotiating, packing and shipping parcels all over the country.

 

[Neuromancer11]

Have you had any dealer quotes out of interest? Thinking of selling mine too, WBAC bids are really low at the minute, spoke to wunderhome about a px and they were worst than WBAC, having attempted to sell other expensive private cars before I know how difficult it is with time wasters, no shows, and last minute offers lower than trade

 

[reserves]

Have you had any dealer quotes out of interest? Thinking of selling mine too, WBAC bids are really low at the minute, spoke to wunderhome about a px and they were worst than WBAC, having attempted to sell other expensive private cars before I know how difficult it is with time wasters, no shows, and last minute offers lower than trade

Stick it on Motorway

 

[Stargazing]

Only sold 1 vehicle via Motorway. Vehicle sold by bid and they wanted all docs uploaded to their portal. Dealer failed to commit and Motorway agreed to re-list but said it was at a lower price. I argued this and they agreed original price. Vehicle then sold at a higher bid and the transaction was seamless with the dealer collecting and payment done at collection. Just a note to be careful of. Found out that first dealer who bid had copies of docs sent by Motorway so had to ring and ensure they were deleted under GDPR. 2 weeks later an attempted bank account opening was flagged up. Never found out who might have done it. Some Motorway depts are located overseas. Buying & selling can test your wits.

 

[reserves]

This essentially all comes down to speed / hassle / price.

No hassle, low price - drive to We Buy Any Car / VW

Medium hassle risk, medium price - put on Motorway

‘Most’ hassle / risk, longer sale time, high price - sell privately


Personally I always sell and buy privately and don’t see too much risk but everyone is different.

All depends on the individual / situation .

 

[Mansfieldman750]

Try Motorway by all means. Braithwaites Garage near Penrith may be interested in making you an offer. They are very reputable people.

 

[SusiBus]

We've used the club site to sell previous Calis and been very successful in finding nice buyers.
If you get stuck selling, because this is a bad time of the year to sell with winter fast approaching, try Dave at VW Birmingham, they are often good buyers of Calis.

 

[CaliforniaCylus]

I got jerked around with Motorway. I "believe" the dealer had someone interested in buying a Kia Sorento and he told them he had one arriving. Then bid on mine, couldn't progress with the "customer" and just disappeared. Motorway were useless.

Sold it with Carwow for more money - very smooth process.

Six months later sold the misses car also through Carwow, again very good experience and great price.