Below steps helps you to sell your car with outstanding finance.
1. Car Valuation
First thing you need to check vehicle details to know the value of the car. A simple car valuation reveals the total value of the car.
2. Contact lender
The second thing you need to contact the lender of the vehicle and let them know that you are willing to sell the vehicle. Request them to tell the exact settlement figure and get that as a written confirmation from them. You should directly contact the lender in-person to get the written confirmation. In case the vehicle valuation is less than the amount owed to lender, you should discuss about the option of selling with them like how to progress with vehicle sale and about settling the negative equity with them.
3. Settlement Agreement
Finally, if someone who is willing to buy your vehicle you should intimate them about the outstanding finance of the vehicle. Most of the times buyers always perform a vehicle check to check if there is a outstanding finance on car which they intend to buy. So informing and showing them the written confirmation shows your genuinity towards the deal.
If they are okay with the outstanding finance, you should settle the amount which you have got from the sale to the lender and give buyer a settlement copy of the outstanding finance on the vehicle.
A vehicle history check can help the sellers know the total valuation of their vehicle.
Know the worth before you sell. Don’t regret after selling it.