Selling with VW Finance to pay

[David Robinson]

Hi,

My Edition is coming to the end of the Finance Lease. Gutted.
I’ve spoken to VW Finance on the phone and they’ve said I can sell it to any 3rd party, who pay VW Finance directly and then VW will remit the balance to me. All fine.

When I look at selling on Autotrader the FAQ tells me that selling a vehicle with outstanding Finance is illegal. So a very different position.

Has anyone got any experience of selling in this situation?

I have thought about selling through the forum (after signing up for VIP), but I don’t see many vans for sale on the forum. Does anyone have any thoughts on that?

Thanks all,

Dave

 

[Jay586]

Put it on the forum. See how much interest you get. Try Wizzle, Motorway, WBAV, etc.

Sort the finances after you have a buyer. If VWFS are happy, then I can't see the issue.

I sold recently through here, took a wee while but I was very pleased with the end sale. Had a good buyer, makes a huge difference but also had dealer offers through Wizzle & directly from Liverpool VW.

 

[Jay586]

Ask for an extension if you don't want to sell it? The dealership told me they are struggling to provide new vans, so people are keeping their lease vans longer.

 

[David Robinson]

Thanks Jay - I’d love to keep it, but its not an option I’m afraid. Having my T6 for the last (nearly) four years is the best decision I’ve ever made.

 

[Ads_Essex]

I have thought about selling through the forum (after signing up for VIP), but I don’t see many vans for sale on the forum. Does anyone have any thoughts on that?

This tag will narrow down your search, to help with a valuation:

selling-up

www.t6forum.com

 

[dubber36]

I think that it's the selling without declaring outstanding finance that's illegal.

Motor traders will settle the finance and repay you any equity you may have, so I can't see any reason why a private buyer couldn't do the same. There is a huge element of trust from both parties in this sort of deal tho'. If you don't have the cash to settle the finance, perhaps get a loan to cover the period between paying the settlement and selling the van?

 

[Amymax18]

I've bought in this situation recently. It does rely on a bit of trust. But you can make a phonecall infront of the buyer to prove funds have cleared with VW. The buyer can also phone VW with agreement no. (available from an HPI check) and VW will declare whether they have an interest in the vehicle or not, but thats all they will tell them without your permission. I did my due diligence before purchase but was happy enough in the end.

 

[Pauly]

Its not an uncommon scenario, the buyer would normally pay off the finance (and any extra directly to you) then its all paid and finance is clear

 

[Paul7807]

Any idea of price?? Or has it got 2 go vip and then for sale??

 

[David Robinson]

I think that it's the selling without declaring outstanding finance that's illegal.

Motor traders will settle the finance and repay you any equity you may have, so I can't see any reason why a private buyer couldn't do the same. There is a huge element of trust from both parties in this sort of deal tho'. If you don't have the cash to settle the finance, perhaps get a loan to cover the period between paying the settlement and selling the van?

Thanks Dubber

I've bought in this situation recently. It does rely on a bit of trust. But you can make a phonecall infront of the buyer to prove funds have cleared with VW. The buyer can also phone VW with agreement no. (available from an HPI check) and VW will declare whether they have an interest in the vehicle or not, but thats all they will tell them without your permission. I did my due diligence before purchase but was happy enough in the end.

Thanks Anymax

Its not an uncommon scenario, the buyer would normally pay off the finance (and any extra directly to you) then its all paid and finance is clear

Thanks Pauly, starting to feel a bit more comfortable with the fact it’s ok to carry in with.

Any idea of price?? Or has it got 2 go vip and then for sale??

Hi Paul,

I’ve just signed up for VIP access to be on the safe side - don’t want to take advantage of the forum.

I’ve been looking at very similar vans on autotrader - all much higher mileage than mine - and it seems like £37/36k is about the going rate at the moment.

There is one for £47k but I think I’ll ignore that one!!

Dave

 

[Paul7807]

One of my M8s is looking and I said ld keep an eye out 4 him.
Is that with vat?? Could u put some pics up and give some more info on it please m8.

 

[David Robinson]

Hi Paul,

That would be total price, no VAT to add.

Just need a couple of days to sort some photos. Need to give it a wash first!

 

[T6Paul]

It’s a finance lease. You need to find a buyer for the van and give the details to VWFS who will raise an invoice for the agreed sale price. The buyer will pay VWFS directly who will then return any additional value over the final outstanding lease balance to you after the van is sold.

 

[Dellmassive]

Are we refering to the balloon payment at the end of a fixed term finance deal?