Best way to sell car with outstanding finance

[gIzzE]

Stop and think about this for a moment.


If you are buying a car for say £20,000, would you rather pay some complete stranger £20k of your hard earned or someone like Mercedes Finance, Lombard, Black Horse etc. etc.?

If it is financed you know it will not be a Cat C or D, you know it will not be stolen, you know it will not have a log book loan on it and you know it will be a pucker car all round as finance houses will not finance anything other than a 100% car.
You also know that none of the finance companies will be in on any scam.

I am always much happier buying a car on finance than I am buying it with cash from some complete stranger.

Point all this out to a buyer.

 

[markjay]

Stop and think about this for a moment.

If you are buying a car for say £20,000, would you rather pay some complete stranger £20k of your hard earned or someone like Mercedes Finance, Lombard, Black Horse etc. etc.?

If it is financed you know it will not be a Cat C or D, you know it will not be stolen, you know it will not have a log book loan on it and you know it will be a pucker car all round as finance houses will not finance anything other than a 100% car.
You also know that none of the finance companies will be in on any scam.

I am always much happier buying a car on finance than I am buying it with cash from some complete stranger.

Point all this out to a buyer.

Very logical, but logic rarely prevails over human nature. The reality is that most buyers still shy away from cars with outstanding finance.

 

[ash59fifty-uk]

Stop and think about this for a moment. If you are buying a car for say £20,000, would you rather pay some complete stranger £20k of your hard earned or someone like Mercedes Finance, Lombard, Black Horse etc. etc.? If it is financed you know it will not be a Cat C or D, you know it will not be stolen, you know it will not have a log book loan on it and you know it will be a pucker car all round as finance houses will not finance anything other than a 100% car. You also know that none of the finance companies will be in on any scam. I am always much happier buying a car on finance than I am buying it with cash from some complete stranger. Point all this out to a buyer.

Exactly this

 

[Herkk]

No luck so far on any front, dealers (franchised or independent) aren't interested in hybrid stock so much so that they don't even want to give a low ball offer. It looks like my only option so far would be online car buying sites or trying privately...

 

[bolide]

Just advertise it. Anyone with half a brain will realise that settling the outstanding finance is really easy. I know - I've bought a car that way and the people at the finance company were articulate, fast & extremely helpful

The prospective buyers who don't want to deal with a finance company will rule themselves out. Which is fine, as they are usually the indecisive time-wasters you don't want anyway

It's really not a great drama, despite 60-odd posts in this thread suggesting it is

Nick Froome

 

[gIzzE]

I have sold around 40 cars with outstanding finance on them, I don't mention it till later on, many look/sound worried, but when you explain the benefits to them they all understand and seem to actually quite like the fact.

People simply don't understand it, and it is human nature to shun something we don't understand, once you do understand the benefits that doubt is quashed.




I think the problem you have at the moment is more to do with the contract hire deals, loads at £350 a month including vat.
How much would a used car have to be to beat this?


Well, if buying through Mercedes it would be £19k over 36 months with a £6000 final payment. That puts the price they want/need to buy it at around £16k.

 

[gIzzE]

Looking on autotrader the 2015 c350e cars are starting at £22k, how much do you need to get for yours?

 

[Herkk]

Looking on autotrader the 2015 c350e cars are starting at £22k, how much do you need to get for yours?

...sorry for replying a few months later - outstanding finance is roughly £26k afaik which last time when I had a look was in the region of what I could get from the likes of WBAC. (having a look on autotrader the cheapest I can find is £24.5k)

Think I'll try autotrader and see how it goes given that I had no success with dealerships so far.

 

[Alex Richardson]

Recently, I sold my car with help of https://motorway.co.uk/brands/mercedes.
The process was quite smooth and price was quite good. If anyone facing problem with selling their car, may take a look.

 

[Herkk]

Thanks that's good to know, I actually ended up biting the bullet and listing it on autotrader and ebay and sold it (about a week ago) when I dropped the price to what was left on the lease, it's now a company car and I realize the main problem I had with this model is really that C350e's are sought after mainly as company cars... not sure why as I really don't regret buying it, but it's the way it is.

 

[Deleted member 6183]

thanks that's good to know, i actually ended up biting the bullet and listing it on autotrader and ebay and sold it (about a week ago) when i dropped the price to what was left on the lease, it's now a company car and i realize the main problem i had with this model is really that c350e's are sought after mainly as company cars... Not sure why as i really don't regret buying it, but it's the way it is.

bik