Termination of PCP via VT - selling car

[Nic24]

Hello,

I am trying to come out of a pcp via vt due to awful after care serving and constant issues on the vehicle; I've still got 2 years until I've paid off 50%. I have found the value of my car on webuyanycar website. If I find out if I can sell the car now and find out the outstanding balance could I then get a private seller to buy the car, and then I give the remaining balance requested to the dealer. Will I no longer be in agreement with the dealer and I have no more commitments or outstanding payments to the dealer/finance agreement?

[xs2man]

Re: Termination of PCP via VT - selling car

You most likely need permission from the finance company to sell the car first. You can ask for this when you get the settlement figure. You then need the buyer to either pay all this off and pay you any amount that is left, or pay all their money to the finance company, and you make up the shortfall. Either way, it's not a VT. You are simply settling the finance.

But the private buyer would pay the finance company directly. And the finance will have to be fully settled at this point. Then you will be completely free and clear. You will not be allowed to partially settle the finance when you sell the vehicle.