Selling a car with money owing on it might sound like a complicated process, but it’s not entirely impossible. If you have a vehicle loan agreement and want to sell your car, you’ll need to address the financial obligations tied to it. Car wreckers in Forrestfield offer a hassle-free way to deal with such situations, making it easier to sell your vehicle while resolving the outstanding debt.
In this blog, we’ll explore how you can sell a vehicle with money owing to auto wreckers, what steps to take, and why it’s a beneficial choice.
What is “Money Owing’ All About?
When a car has “money owing,” it means there’s an unpaid loan associated with it. The lender has a legal interest in the vehicle, known as “hypothecation”, until the debt is fully repaid. This can complicate the selling process as the lender’s consent is required.
Leading car wreckers specialise in buying vehicles of all types, including those still under finance. They assess the vehicle’s value, provide a competitive price, and assist in the paperwork. Whether your car is damaged, unwanted, or simply old, auto wreckers can help you sell it without unnecessary complications.
Can You Sell to Car Wreckers with Money Owing?
Yes, you can sell a vehicle to car wreckers in Forrestfield even if it has money owing on it. However, the process requires careful handling to ensure the debt is settled before transferring ownership. They are experienced in dealing with such situations and can guide you through the process.
Here’s how it works:
Step 1: Verify the Outstanding Amount
Obtain a payout figure from your lender, which is the total amount required to settle the loan.
Step 2: Provide Proof of Ownership and Finance Details
You’ll need to disclose the hypothecation details to the cash for cars company, as they must confirm the vehicle’s financial status.
Step 3: Negotiate the Price
Next, they will evaluate your vehicle and offer a price. If the offer exceeds the loan amount, you’ll receive the difference. If it’s lower, you’ll need to pay the shortfall to the lender.
Step 4: Settle the Loan
The wrecker may directly pay the lender to settle the debt or provide you with the funds to do so.
Step 5: Transfer Ownership
Once the loan is settled, ownership is transferred, and you’re free of the financial burden.
Why Choose Car Wreckers to Sell a Financed Car?
Selling it to cash for cars in Armadale offers numerous advantages, such as –
- Quick and Hassle-Free Process: Wreckers simplify the process by handling the paperwork and guiding you through loan settlement.
- Acceptance of All Conditions: Whether your car is damaged, old, or still on loan, wreckers will buy it.
- Convenience: Most wreckers offer free vehicle removal, saving you time and effort.
- Competitive Pricing: They offer fair market value for your car, ensuring you get the most out of the deal.
In case you’re wondering when do you need the services of car wreckers, this guide can help you decide the right time to part ways with your car.
Call WA Auto Wreckers Pty Ltd for Same-Day Car Removal
Get in touch with car dismantlers today for a FREE quote. We’ll just need a few mandatory details to hand you an exact estimate. Call 0421 102 282 to get started.
