Can I sell a car on finance?
Yes. Motorway’s dealers buy cars on finance, such as a PCP plan.
On the day your car is collected, the dealer will settle the outstanding finance directly with your finance company, and the remaining amount will be paid to you via a transfer into your nominated bank account. To complete this process, a ‘settlement figure’ from your finance company is required.
This gives you a final sum that must be paid before the finance contract can be ended. When you request this, your car finance provider is legally required to post or email a final settlement figure to you within 12 days – however, in practice, the figure is usually given to you within 1-3 days. Once you have received your settlement figure, it is usually valid for 10 days.
So, you need to sell your car within this window, or otherwise, you’ll need to get a fresh settlement figure. The dealer will explain the simple process of paying off your settlement figure when you choose to go ahead. If your settlement figure is less than the offer, you can either pay the difference to the finance company yourself or pay the dealer to write off the sum in one go.
Unfortunately, Motorway cannot buy cars on PCH finance
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