Selling a financed car?

[vex]

Hi all,
im currently driving a vx s pack sedan, im off my p's and really want to buy a ss ute. Im still paying the vx off and probably wont sell it for enough to cover the loan. Pretty much what im asking is does anyone know or has anyone ever got the original loan rolled over to a new car loan and the security put onto the new car? i know i should just wait a couple of years but hey, wheres the fun in that?

[simon-t]

yes you can do it

the easiest way ive seen it done is to take it to a car yard, tell them it has finance owing, and you wanna trade it on the car u want.

from there, they usually pay off ur car. then they add the loan payout on to the "new" car cost, and MINUS the trade in value from that price.
eg:
new car you want = $25000 +
loan balance owing = $10000
= $35000 -

trade in value = $6000

NEW CAR COST NOW = $29000

the PRO is that u can offload ur old car whilst still owing finance with no hassles
the CON is that ur effectively paying more for the car you want (+ more interest + higher repayments)

as far as i know, i dont think you can do it privately unless u make enuff from the sale to pay off the loan, OR have enuff put aside to cover any shortfall in selling price

i think ive got this right, someone please correct me if im wrong, or add anything i may have missed

hope this helps mate!!! best of luck with whatever u do!!!

[james91]

get a private loan threw the bank to pay out your old car aswell as enough to buy the new one? commonwealth bank should give you one. you need current pay slips to prove your pay aswell as a letter from your boss to prove your full time employed and birth cert. thats all i can remember when i got a loan from them hope it helps

[vex]

cheers mate. good reply.

[chargedvx6]

sell it for cash n run

[VTLS1]

matey,my brothers been down your road & done what you want to do. the first reply you got by simon-t is right on the money but thats what it ends up costing more of. my brother still in debt upto his eyeballs because of changing cars,trying to reduce his debt etc & going through car dealers. take advice & warning,doing this will end you up in deep doggy doo doo

[sleepa]

You can sell privately, but legally you need to pay off the loan when you do so. Hopefully you get out of it in profit, then get a personal loan from a bank (or a dealer),
(I got an unsecured personal loan of $19,000 from the commonwealth bank through a dealer with an interest rate of around 10% fixed, so some dealers out there have plenty of pull as that was better than any bank was offering at the time).

Or, you could get an unsecured loan through the bank or a dealer, for the cost of the new car AND the rest of the current loan, then PAY OFF the current loan, and try to sell the car.

Or, just get a new car loan for the new car, then sell your old car off and pay out that loan.

I'd recommend unsecured, I was able to sell my car with a few grand owing then I had the choice to pay it out if I wanted. And you don't get stuck with the car if it is worth heaps less than the loan and you can't sell it to pay out the loan.

[moose man]

The finance company own your car until you have paid it off in full. Talk to them before you do anything.
Sell it without them knowing and the authorities will reposess the car from the new owner, then he and the financier will sue you for all costs. Messy.

[VTLS1]

Sell it without them knowing and the authorities will reposess the car from the new owner, then he and the financier will sue you for all costs. Messy.

but that wont happen unless you sell it to a complete dunce who doesnt do a revs check to make sure no finance is owing before handing over the cash. i think your also obligated by law or something to reveal wether finance is owing on the vehicle when selling it.
like the moose man says,tell your finance company your selling it before you do. ask them wether theres any extra cost involved in paying out your loan earlier than your supposed,wether you will receive a reduced cost to pay the vehicle out etc