[MEGA]

You either pay the full balance of the finance agreement or you agree with the financial agency for the new buyer to take over the finance in writing, subject to a credit score on the person in question being undertaken.

Usually, say you got 18k for a car with 15k of finance owing, you'd go to a bank and the buyer would pay X to the finance directly to settle the finance, and the rest to you. Or vice versa if the finance exceeds the cars value, the buyer pays completely in to the finance company - and you also pay extra to the finance company the remainder.

To do this you need to get a settlement figure from the finance in either case.

Its not a big deal. Goes on, on a mass scale every day. Quite a small number of people actually see out 100% of their finance agreement.

[bmw330dconv]

thats an early settlement figure right? do they usually overcharge for an early settlement?

[Neil McRae]

depends on your deal, but typically if you didn't have a clue (which apologies seems to be the case in this post) and you didn't negotiate the finance deal properly you will probably be in for a trouser dropping moment.

[bmw330dconv]

no i definitely negotiated a good finance deal, even before the E93 when i bought the 1er on finance i got a good deal - when i p/x'd the 1 series the settlement figure was pretty good, after 1 yr the negative equity was around £1500 which i had to pay out of my own pocket of course

[Chucky man]

Originally Posted by bmw330dconv

thats an early settlement figure right? do they usually overcharge for an early settlement?

Depending on how far you are through your agreement when you settle you would normally get a rebate of any unused interest.