What happens if you have kit on finance and you want to sell it?

[Matthew Storrs]

I don't have any finance at the moment, never had but am looking to buy a new digger on 50% finance and was wondering if the work dries up for it how am I able to sell it if I still have outstanding payments.

Anyone know?

Thanks, Matt

[Dan Earp]

When u sell it, ud have to let the buyer know that its got finance left in it. U then call up the finance company to change the details to the buyers

[scraggs]

Pretty sure you have to pay the finance off if you sell it

[Philip Anderson]

I don't have any finance at the moment, never had but am looking to buy a new digger on 50% finance and was wondering if the work dries up for it how am I able to sell it if I still have outstanding payments.

Anyone know?

Thanks, Matt

 

I sure you have to clear the finance prior to sale or from the proceeds of the sale as the machine technically belongs to the finance company until you have repaid in full! I don't think a purchaser can take on your finance payments without being credit checked etc very few companies will transfer as their agreement is with you .

[broonie]

Aye phone the finance company they will give you a settlement figure valid till next payment due.

[brynseiri]

Read the contract first before you sign up to it. But, if sell it, the gentlemanly thing to do would be to settle up for the finance straight away. Settling up fee isn't to bad with agricultural kit, but I have only bought from John Deere on the knock. FACT- if you buy kit with outstanding finance on it, you will be liable for the finance payments, hence HPI checks on cars, same applies to kit as serial number will be in the finance contract. Lad I know bought a pair of Ivor trailers on the knock, halfway through he sold his tipper trailer as he believed as both trailers were the same price he now owned one outright - duh, he owned half of each in law, anyway the buyer came round a month later after buying some spares for it looking for blood as trailer had outstanding finance on it. I would think at 50% finance you are on better terms, you will already own half, so repayment settlements would be cheap, probably a £250 fixed fee I'd have thought.

[john7]

I think it can be a adjustment between you and your buyer, you have to let the buyer to know about the pending finance, if the buyer not ok with this then you have clear all the pending finance to sell it legally.

[Ian C]

You need to clear the finance before you sell it by rights as until its cleared it belong to the finance company not you or the new owner however I have sold things and paid it off with the money, depends if the nre owner is happy to do that.

[Stephen Blair]

It's not yours to sell, it's the finance companies.

 

If you want to transfer the finance over to the new owner you can, costs £250 as long as the new buyer passes the credit checks.

What you can do is get the buyer to right 2 checks, 1 for you and 1 for the settlement figure.

 

When I sold Chris the Iveco, I gave my finance guy his details, Chris gave his finance guy my guys details and they did the work and I got a cheque back with the change and Chris got the truck.

It does take a week of emails and calls since the 4 of us stayed in different parts of the country .

[ArthurBottlesworth]

Why notcheck this with finance company before youbuy

They are keen to get business and may improve the deal if you negotiate first