Selling a Vehicle on Finance: Settlement Guide

You can always sell your vehicle on finance through Motorway, as all of our network dealers are able to purchase financed vehicles. This guide clarifies how the outstanding finance is handled to ensure a smooth, debt-free sale.

1. Do I need to clear the Finance on my vehicle?

No, this will be handled for you with funds paid directly to your finance company (lender).

• Eligible Finance Types: Motorway’s dealers will only buy vehicles on standard secured loans, PCP (Personal Contract Purchase) or HP (Hire Purchase) finance plans. Unfortunately, they cannot buy cars on PCH (Personal Contract Hire) finance or lease.

2. Mandatory Step: Providing the Final Settlement Letter

To proceed with a sale, you must obtain a settlement figure from your finance company. This is required as a settlement agreement to define the final amount that must be paid before the contract can be ended.

• Timing: You are required to upload this official document during the document upload process, which happens after you accept an offer confirming the sale of your vehicle.
• How to Obtain It: When you request this over the phone, your car finance provider is legally required to post or email a final settlement figure to you within 12 days. In practice, the figure is usually provided within one to three working days. You will often be able to request this immediately via your provider's website. Validity: Once received, your settlement figure is usually valid for a period of several days. If your vehicle is not collected in this period, you will need to obtain a fresh settlement figure. 
• We recommend you request it once your vehicle goes to auction, or once you accept the offer to ensure it’s valid by the time your car is collected and paid for. 

3. What Happens to the Remaining Funds?

The total payment is calculated by subtracting the finance settlement figure from your vehicle's agreed sale price. There are two potential outcomes: