[simon909]

Hi all,

Quick question. For those of you that have sold a car back to a dealer, can you recommend any dealerships that are more receptive to buying cars, particularly M3’s from Joe Public?
Took my car to the local dealer where I bought it from and they weren’t interested.
Thanks,
Simon

[BGM]

if you are actually looking to sell it, and not PX it.. just sell it privately..

why would you want to get stitched by the dealer if you could avoid it?

[F31-340i]

Assuming its a nearly new M3, and you can't be bothered to private sale it (the best option), then

a) ring around as many dealers as possible - ask to speak to their "buyer" - this maybe a group buyer, not at the dealer in question. Some will be interested, some won't - depends usually on their current stock. This is business so no hard feelings.
b) make sure you call London dealers - odds are you'll get most interest/best price.

[BGM]

Yeah, I would also suggest some of the london dealers. gl

[simon909]

Thanks guys. Will give some of the London dealers a go. Did think about a private sale but there is some finance left on it so I'd just assume some private buyers could be put off.

[kaishang]

If you have the resources, pay off the finance on the car, then sell it privately. It removes one potential complication for a purchaser.

Additionally, if the purchaser needs finance it is going to be logistically very difficult to buy a car privately which has outstanding finance on it. A lot of private buyers will say "$!%-it, and spend an extra £3000 at a dealer just because it is easier and safer than working through a deal on a private sale car with outstanding finance.

Originally Posted by simon909

Thanks guys. Will give some of the London dealers a go. Did think about a private sale but there is some finance left on it so I'd just assume some private buyers could be put off.

[Mr. ///M3 RD]

I would also recommend to sell your car privately you be better off , I sold my M3 this spring 2002 M3 had 96000 KM sold it for $25,000.00 Canadian my car was in good condition (I baby my cars) it was a cash sale.

I sold my winter wheel/tire set separately

[kaishang]

I bought a motorbike off a guy recently who had finance on it and here's why I think you need to pay off the finance if you can:

- I didn't realise it had finance on it when I first test rode it. If I had, it probably would have gone in the too-hard-basket
- I bought it by paying about 90% of the price direct to his finance company and giving the seller the rest in cash

Sounds simple so far but here is where it can go wrong and why I probably wouldn't buy another vehicle with outstanding finance on it:

- Everything needs to happen in the same place at the same time for the seller to have confidence in you and for you to have confidence in the seller. If there is finance on the vehicle then chances are it can't all come together at the same time
- In my case everything was only able to happen in the same room at the same time because I had the entire purchase price available to me in cash. I phoned his finance company myself (checking the phone number matched what was on their website) and paid out of my bank account by direct debit. All this was on speaker phone so the seller knew what was going on. The seller had filled in the V5C transfer form and it was on the table in front of us. However if I had needed finance myself it would have been a case of finding a finance company to pay off a loan to another finance company on a vehicle which was not even in my name yet. I can't see how this is going to happen and I can't see how a vendor and a buyer could trust each other enough for a transaction which is likely to take several days.

In the end I got a bike I liked at a good price and the vendor was reasonably happy - but he was also lucky. Nobody else was interested in the bike and if I hadn't had 100% of the price in cash, the deal would have fallen over.

[rogerxp]

Don't think there's a problem selling a car privately with some finance left. Yes, it's a tad more complex, and you need to have some faith in the buyer (likewise they do with you). You do it all together, in the same room, take you time, and ensure you've both checked with who you need to that all is clear. Most companies will fax you confirmation the finance is clear.

I've done this and haven't had a problem however I'm sure there are also some w@nkers out there who will p!ss about. I'd hope you could judge, fairly accurately, the buyers intentions.

Just be cautious and upfront with the buyers in your advert. If people are put off in the first instance then fair enough, nobody has wasted any time.

[kaishang]

I've never done this but how does it work if the vendor has finance to pay off AND the buyer needs finance to buy the car as well?

[rogerxp]

Well, you need a certain degree of trust but essentially like this (I'll use myself as an example).

I was selling my 335i with outstanding BMW finance. Chap buying has cash (if he's raising finance then it's easier to do this in advance so he's physically got the cash) -:

Buyer arrives, checks over car, test drive, agrees the deal
Buyer CHAPS settlement figure to BMW finance (both buyer & seller speak to BMW)
Buyer CHAPS balance figure to Seller (or hands over cash)
Wait for CHAPS payment to be made from bank
Wait for BMW Finance to confirm payment has been received (they can fax you)
Buyer drives off with new car

I'd already gained a good level of trust from the buyer. He'd sent me a deposit in advance and he flew down from Scotland to meet me at my home. The deposit plus the effort he'd gone to (plus I knew there was nothing wrong with my car) was enough for me.

It really isn't as bad as you'd think. Just take things slowly and be cautious. It can take a number of hours for the CHAPS payment be received by the finance company as sometimes the bank only have 2 payments a day (not quite instant!!!) and then it's a matter of someone at the finance company checking their banking records.

[kaishang]

That's very similar to what I did above when I bought a bike - but what happens if the buyer DOESN'T have the cash and needs a loan to finance the purchase? And this could be a 30k purchase so it is a realistic scenario.

The possibility you mention of the buyer getting a loan in advance - this means that it would probably be an unsecured loan instead of being secured against the car, which means it would probably be at a higher interest rate, which means the price advantage of buying privately starts to dissappear.

Originally Posted by rogerxp

Well, you need a certain degree of trust but essentially like this (I'll use myself as an example).

I was selling my 335i with outstanding BMW finance. Chap buying has cash (if he's raising finance then it's easier to do this in advance so he's physically got the cash) -:

Buyer arrives, checks over car, test drive, agrees the deal
Buyer CHAPS settlement figure to BMW finance (both buyer & seller speak to BMW)
Buyer CHAPS balance figure to Seller (or hands over cash)
Wait for CHAPS payment to be made from bank
Wait for BMW Finance to confirm payment has been received (they can fax you)
Buyer drives off with new car

I'd already gained a good level of trust from the buyer. He'd sent me a deposit in advance and he flew down from Scotland to meet me at my home. The deposit plus the effort he'd gone to (plus I knew there was nothing wrong with my car) was enough for me.

It really isn't as bad as you'd think. Just take things slowly and be cautious. It can take a number of hours for the CHAPS payment be received by the finance company as sometimes the bank only have 2 payments a day (not quite instant!!!) and then it's a matter of someone at the finance company checking their banking records.

[rogerxp]

Originally Posted by kaishang

The possibility you mention of the buyer getting a loan in advance - this means that it would probably be an unsecured loan instead of being secured against the car, which means it would probably be at a higher interest rate, which means the price advantage of buying privately starts to dissappear.

True, but that's up to the buyer I suppose, I've always funded a car through unsecured as I just found it easier & quicker. Just need to be upfront with people, if you put people off then hey-ho, at least those who do get through are more genuine buyers.

[MOB]

What about something like webuyanycar.com?

I got a quote from them online for my 120d which seemed fair - I have heard of them reducing their offers when they see the cars, but it wouldn't hurt to see if their valuation is close to what you want?

[zedman]

Years ago i bought a Polo Gti from a lady in Newcastle, we agreed a price of 6k and off I went to check/buy the car one Thursday night from Sheffield. Got there, car was ok, just did a quick HPI check and guess what? The car had finance on and the seller had EXPLICITLY told me when i asked her that it was clear. She then said she didn't realise she had to tell me/claimed she had mentioned it and she would have paid her finance off.

Cow.

So me being an idiot agree to pay her finance co. the entire 6k (she owed it all) and do this whilst collecting the car in the evening next week. I said i'd do this by posting the finance co. a draft in front of her. She agreed.

Then she called and said could she have it paid by bank transfer. I agreed.

The her husband called and said his bank manager recommended only a chaps tfr as a bank tfr or a draft can both be recalled. This involved me taking a day off work.

I agreed.

Then she called me up and said could I make it early as they wanted to go to the bank with me and watch me CHAPS the money. I then got shirty and told them they were the ones who tried to mislead me and were now wasting a day of my time, her husband came on the phone and told me I could be anybody. Yes I said, but to be fair i turned up with cash and a passport to buy your car. You were the ones who expected to be trusted to pay off a car that was ENTIRELY financed and now you're assuming the i'm the thief? I stupidly agreed to their request.

I then turned up at her work as agreed (an Audi garage????) and she told me she would be keeping the V5 until the finance cleared for 'piece of mind'. This was even though I had come with my passport, taken a day off work, she was coming with me to the bank to observe the CHAPS transfer that SHE requested. Like an idiot I agreed.

Got the car, took it home.

It was crap and I sold it six months later, albeit for £100 less than what I paid.

I still get annoyed at myself for that one. Never again will i buy a car thats on finance, if you or the seller have any element of mistrust it sours the whole transaction.

[zedman]

Originally Posted by MOB

What about something like webuyanycar.com?

ANY! ANY! ANY! ANY! ANY! ANY!

[MOB]

Sponsors motoring on Dave

[simon909]

Thanks for the advice. Gave weundervalueyourcar.com a go and wasn't impressed with the offer

Found a dealer who seems keen on the car and is offering a decent price. So fingers crossed.

[themetz]

Try Rybrook Warwick 01926 333888 - gave me best cash price by a long way for my M3.

[Jamese93]

try www.wewillbuyyourcar.com - sold mine through them - fair near trade price and the market was completely stuffed at the time a few months ago - just gave up as I couldn't be arsed watching it depreciate any more.

Sell privately if you can for your own bank balance sake!