Buying cars

[joeculvin]

i have recently bought a car on finance over 3 years. if i wanted to change my car for another, what happens to the finance???

[tubeway]

If you part exchange the car then they will deduct the outstanding finance and you will have the balance (if their is any) - If you sell the car privately then you will have to settle the balance

[Catso]

You are supposed to settle the outstanding debt BEFORE you sell the car but most people bend the rules a bit and usually pay it off from the proceeds of the sale.

If the buyer does his homework, the fact the car is on finance may well come to light.

[Catso]

PS, forgot to say my comments were meant to be in relation to a private sale. Tubeway is entirely correct about trade sales.