Car Finance Settlement Figure
Sell Your Car 2 Jack can settle any outstanding finance immediately. We then pay you any difference that you are due (if there is any) straight in to your bank. Its really quite simple, 2 transactions 1 to you, 1 to the finance company.
With a HP or PCP agreement you have to settle the finance on the car or terminate the agreement by paying off money owing (called the early settlement figure) before you can sell the car on. At Sellyourcar2jack.com we can help you do this.
How do I get a settlement figure on my car finance agreement?
All you have to do is get in touch with your finance company and ask them for a “settlement figure”. By law your lender has to post a settlement figure to you within 12 days – usually it will arrive straight away via email or in the post. It must be a letter headed official document. Sometimes you may have an online portal where you can log in to view your outstanding loan amount.
You will have an expiry period – usually 10-20 days – in which to actually pay the amount off. If you pay by Direct Debit (DD), and your payment is around the time that we clear the finance please ensure this payment still goes through as normal and you will get refunded for over payment when the account is drawn down.
Can I save money by paying off my car finance early?
The short answer – mostly – is yes, you will save money by paying off your car finance agreement early. You get a rebate of interest, an amount laid down by the Consumer Credit Act 1974.
If you clear the balance early don’t take the whole amount outstanding and send the money – make sure you get your rebate of charges. All you have to pay is a couple of month’s interest and possibly some administration fees but check your credit agreement for your exact terms.
Can I settle my finance at the same time as I sell my car to sellyourcar2jack.com?
Yes we settle the finance there and then. Even better you do not need to settle the finance first we will pay that for you. Sellyourcar2jack.com pays millions of £££s every year to finance companies on behalf of motorists who sell their car to us. Bring your settlement figure along and we’ll simply net off the outstanding amount and pay that directly to your finance company on your behalf. You’ll receive any cash left over. If you have already paid the finance agreement before you arrive, we will require a cleared funds letter from the lender or for it to be cleared of HPI or Experian checks.
Can I sell my car to sellyourcar2jack.com if I have a PCP agreement?
You should be able to settle off a PCP agreement. In fact – when it comes to paying the final amount you should really check with us. Many agreements give you the right to give the car back. Don’t do that until you find out how much it is worth. Customers can sell to us rather than hand the car back as they get the additional cash because the car is worth more than the final payment.
What if my car is worth less than the settlement amount needed?
In order to get freedom from paying car finance every month on a car where you owe more than it is worth, Sell Your Car 2 Jack can pay off the loan provided, however you must advance us with the exact amount to make up the difference. This is known as negative equity. It’s sounds quite worrying but we really do make it simple for you.
How do I find the right person to contact in my car finance company?
In order to settle your finance you’ll find the finance company’s address on the agreement you signed when you bought it. If you do not have them details, then just google the company who you make the monthly payments too and ask for customer services.
Please take note!
We cannot offer advice. This web page is to giving you information only. We will advance money to a finance company but this is only at the request of a customer and is merely for your convenience.
If you have a finance agreement on a car and settlement is not made then we will be unable to buy your car. Individual finance agreements will vary between finance companies and even within the same company. Therefore you are advised to read the agreement you signed with your finance company.