How do I sell my financed car on Motorway?

It’s free and easy to sell your financed car on Motorway. The dealers in Motorway’s network will clear your finance with your lender, using the proceeds of your sale. 

To check your eligibility, see our FAQ Can I sell a vehicle on finance?

Here’s how it works:

1. Get an instant, free valuation on Motorway to see what your car’s worth now. 
2. If you’re thinking about selling your car, ask your finance company for your ‘settlement letter’. This needs to show your total amount payable, the finance company’s bank details, and the agreement reference number.
3. The settlement figure quoted in the letter is valid for a short time – usually 10 days.
4. It’s also key to double-check your contract to find out if you pay any extra fees for settling your finance early.
5. When you sell your car on Motorway to a verified dealer, they will clear your remaining finance with the proceeds of the sale. 

Please note that it can take up to 10 days for your lender to register that the finance is cleared. Any overpayment from your account will be refunded quickly.

About your settlement letter:

When you request a settlement letter, your vehicle finance provider is legally required to post or email it to you within 12 days. But the figure is usually provided within 1-3 working days. 

Please note the following requirements when you upload your finance settlement letter on Motorway, to prevent delays:

• Your settlement letter is usually only valid for 10 days, so it’s worth starting to sell your car as soon as you get it. Otherwise, you will need to ask your lender to send a refreshed letter when it expires, if you haven’t yet concluded the sale of your car.
• Please upload or email the document in original format (normally PDF). 
• We can’t accept screenshots or forwarded emails of your settlement letter. 

What about the difference between the balance and the sale price?

• If your car sells for more than the total amount payable to your lender, you’re in positive equity. The dealer will clear the finance with the proceeds of the sale, and pay you the surplus.
• If your sale price is lower than the total amount payable to your lender, you’re in negative equity.
• You can still sell your financed car (subject to your contract) – you’ll just have to settle the difference with the dealer before they then clear the total balance with your lender.