Hamster Posted April 17, 2012 Report Share Posted April 17, 2012 Simply go to a dealer (doesn't have to be the one the car came from) ask for a trade bid,take the best offer you can get ,the dealer will get a settlement figure from the finance company,the dealer will settle the outstanding finance and you will have to pay any shortfall between the trade bid and the settlement figure.The dealer has to have a retail margin its the only way they can make a profit.This will mean the scenario is that you will handover the car and a cheque when you drop the car off at the buying dealers,just make sure it is a reputable (probably franchised)dealer.The alternative is you settle the finance in advance yourself,when you've got clearance try and retail the car yourself and recoup as much as you can.The third scenario is to trade the car in against a cheaper car,if the dealer is selling you something he is more likely to make a stronger offer on the part exchange.I have been in the retail motor trade for over 30 years,cash back deals are ever more common,slightly more complex with potentailly negative equity but not a big issue. She has no legal authority to do what you suggest. The outstanding finance figure will not even be divulged to her in the first place as it is not in her name!! It is not her car after all, neither do we know she has negative equity, it may be that the boyfriend had to place a large deposit in order to secure finance. Contact X and discuss in a mature way, it's the only way. Quote Link to comment Share on other sites More sharing options...
al4x Posted April 17, 2012 Report Share Posted April 17, 2012 ok the best option is to talk to the boyfriend find out what the settlement figure is to start with. Then try and sell it privately as that is where you will get the highest value for it, if that fails then try the original dealer and get a price out of them but its likely to make your eyes water a little. Quote Link to comment Share on other sites More sharing options...
nrj Posted April 17, 2012 Report Share Posted April 17, 2012 She has no legal authority to do what you suggest. The outstanding finance figure will not even be divulged to her in the first place as it is not in her name!! It is not her car after all, neither do we know she has negative equity, it may be that the boyfriend had to place a large deposit in order to secure finance. Contact X and discuss in a mature way, it's the only way. Fenboy has already mentioned he has a settlement figure of around 9500 and that is the cars approx retail value (therefore should he choose to sell the car in the trade it is a fair assumption that he will have negative equity),the fact that he has a figure suggests that he is in contact with the ex boyfriend, and they are all singing off the same hymn sheet,one therefore assumes that the ex will be involved with the disposal in whatever form that takes.The settlement figure will be available to a licensed credit broker (all dealers offering finance will have a consumer credit licence) with the ex's permission,reading the thread from the start it is obvious that Fenboy his daughter and the ex boyfriend all want to sort this out quickly and amicably,get round the table with a dealer and sort out the details,its not complicated. Quote Link to comment Share on other sites More sharing options...
Lord Geordie Posted April 17, 2012 Report Share Posted April 17, 2012 When I ended uo in the same pickle I approached the bank. Because the car is on finance it legally belongs to the finance company. I took out a personal loan and paid off the finance. Then with the money I got from selling the car I paid the personal loan off. There will be an early settlement fee but it saves your daughter and her ex from being black listed. Quote Link to comment Share on other sites More sharing options...
fenboy Posted April 17, 2012 Author Report Share Posted April 17, 2012 Thanks all for your replies, I think I may have got it sorted out thank god ,kids what a pain in the **** they can be at times ! Quote Link to comment Share on other sites More sharing options...
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