Furby VRS trade-in

[ibex777]

I am looking to trade-in my Furby VRS with our local Skoda dealer to take advantage of the VAT-free offer on the current stock of '08 model Octy's.

The trade-in offer from the dealer sucks (won't go into details as I am not trying to advertise the car on here as I am not a Freedom member).

I reckon I could get more for a private sale looking at the recent prices mentioned elswhere on Briskoda and the dealers have offered to give 2-3 weeks to do this failing which they will honour the existing (lame) offer.

The Furby is financed on Solutions so my question is how I go about doing this (i.e. what I need to do to sell to a private buyer if there is finance outstanding on the car - presumably they need some way to be sure that the necessary chunk of their money is going to pay off the settlement figure on the finance?).

Anyone done this? I would have thought there would be stacks of stuff about this on the internet, but I have googled it this morning without much luck.

[Rustle]

I'm pretty sure you cannot sell the car privately as technicaly you dont own the car until the finance is paid off until then it belongs to the finance company even though your name is on the v5. I for one would not buy a car from someone unless they could prove the finanace was already paid & they had right of ownership from the finance company. Your dealer is giving you a low price for your car because of several reasons 1. it's a p ex deal & they have either got to get rid of your car or sort it to sell 2. you have outstanding finance on your vehicle that they have to settle in advance 3. the current economic climate means that they are not very keen on settling finance when they dont want to put cash up front to a finance company for something they may ultimately loose money on if they have to trade it ( hence the low price to you).

If you want my advice never never get a car on finance if you need the cash for a car borrow it from the bank, unless it's a new car on 0% & then you have to consider your future options when you think you might want to purchase another vehicle before the finance is paid off.

Sorry this sounds a bit doom & gloom but you will have to pay the finance off before you can sell privateiy.

[RallyRed]

agreed but its not technically its legally you cannot sell the cars as its not yours. You are committing an offence if you sell it regardless of any arrangement you make with the buyer.

The best way out is to if you can get a settlement price from the finance company and get a personal loan for that amount. Then you can sell the car privately.

You might find you're paying less for it too.

[Rustle]

Thought it was illegal but didnt want to say for sure, personal lone always the best way at least you own the vehicle

[ibex777]

this is pretty much what I thought, but as the dealer suggested they have done it before (and they are aware there is outstanding finance) I wondered if it was me being stoopid:confused:

Will talk to them and find out whether I am missing something, but otherwise the personal loan option sounds like the way to go.

I know that generally they would rather not take trade-ins at all and that the price has to reflect all their costs etc. etc., but I know they have had two fairly similar (but older) VRS's walk straight off the forecourt recently for really good prices. What I would like to do is agree the figure they are offering, but on the basis that if they sell it on for a profit they will give me 25% of it - can't see them going for that though!

[x4cs]

I am looking to trade-in my Furby VRS with our local Skoda dealer to take advantage of the VAT-free offer on the current stock of '08 model Octy's.

The trade-in offer from the dealer sucks (won't go into details as I am not trying to advertise the car on here as I am not a Freedom member).

I reckon I could get more for a private sale looking at the recent prices mentioned elswhere on Briskoda and the dealers have offered to give 2-3 weeks to do this failing which they will honour the existing (lame) offer.

The Furby is financed on Solutions so my question is how I go about doing this (i.e. what I need to do to sell to a private buyer if there is finance outstanding on the car - presumably they need some way to be sure that the necessary chunk of their money is going to pay off the settlement figure on the finance?).

Anyone done this? I would have thought there would be stacks of stuff about this on the internet, but I have googled it this morning without much luck.

what about such an idea....take a bank loan out (over a short term, say 12 months) and clear your finance agreemet....now you own the car ....sell it privately and pay off the loan when its sold...for clearning the loan early you will be penalised for early repayment, companies usually charge a fee per £1000 left on the loan, but over 12 months this may only be £200-300....with the excess money, go about buying your new car....

[Kandy]

It's not illegal to sell as long as you are open about the outstanding finance to the buyer.

As suggested get a final settlement figure from the finance co. & either pay off with a lone or allow the buyer to pay it directly to the finance co. (obviously it is in your interests to ensure that you see this is done before you release the car). Not a particularly unusual situation TBH and if you phone the finance co. I'm sure they'll have a 'process' in place for just such an eventuality and take you through it.

[Beerbelly]

I've been around a few garages today, looking at changing the VRS, it's seems to be the case that the bottom has indeed fallen out of the market, that said it naturally has a knock on effect upon the trade in values being offered. Mine is a silver 2005 '55', 24k miles, mint condition, no one seems to budging on a trade valuation of £5,000. Think I need to be re visiting my finaces!:thumbdwn:

[redbaron]

dont get misled with a regard to what your car is worth...... Fabia vRSs are regularly offered at crazy prices on here the px bids will be not far off its real value.. and dont forget its quick and easy with no bouncing cheques etc.

[markyvrs]

If you have a hire purchase agreement regulated by the Consumer Credit Act and you are at least half way through (i.e. payed at least 24 payments on a 48 month agreement), you can simply hand the vehicle back to the finance company without charge and without any adverse effects on your credit rating.

I did this recently and handed back £1500 of negative equity along with it. I then simply started a-fresh with a new car.

This is known as a Voluntary Termination, and you are well within your rights to do it. The finance company is quick enough to lay claim on your car, so let the buggers have it (and the negative equity)!!!

[wja96]

As an idea of what Skoda reckoned my car's true value was when I leased it 3 years ago, the final settlement figure with 75,000 on the clock at 3 years old was £4109 and that was in an excellent market.

When you see moderate mileage 5-year olds being offered out at £7500, you do have to wonder if people are being realistic about what they are asking.

What are you being offered as a part-ex on the Octavia?

[DriveMeBananas]

Dealers will always offer you the lowest amount for a trade in, it is always better to sell privately and go in as a cash buyer. This has always been the case.

I gave them a scrap car (K plate clio) with no MOT as a deposit on my current car, could of got £800 for it on the open market they took it for £200, they could have it as far as I was concerned saved me the hassle of disposing of it.

[Adam K]

i just sold my 05 plate with 70k on the clock for £4500 privately yesterday if that's any indication as to whether you are getting a fair price.

IMO i'd take that trade in gladly just to get rid of the hassle of selling the car, although in all honesty at £4500 i had so much interest i had to turn 3 people down.

[Beerbelly]

I've been around a few garages today, looking at changing the VRS, it's seems to be the case that the bottom has indeed fallen out of the market, that said it naturally has a knock on effect upon the trade in values being offered. Mine is a silver 2005 '55', 24k miles, mint condition, no one seems to budging on a trade valuation of £5,000. Think I need to be re visiting my finaces!:thumbdwn:

Well she's going in a couple of days, sad to see it go but on to pastures new. Couldn't better the £5k trade in but I got an absolutely superb deal on a new MX5 Sport. Nothing wrong with the VRS, just lacking a bit in character for me. Higher fuel & VED bills here we come (will I ever learn- probably not).

This has been an excellent forum, very informative & entertaining.

Bon Voyage.