Does Motorway pay off finance?

All of Motorway’s dealers can buy vehicles on finance. On the day your vehicle is collected, the dealer will settle the outstanding finance directly with your finance company, and the remaining amount will be paid to you via a transfer into the registered keeper's bank account. 

To sell a vehicle on finance, a ‘settlement figure’ from your finance company is required as a ‘settlement agreement’. This gives you a final amount that must be paid before the finance contract can be ended. When you request this, your car finance provider is legally required to post or email a final settlement figure to you within 12 days. However, in practice, the figure is usually provided within one to three working days. 

Once you have received your settlement figure, it is usually valid for a period of 10 days. Consequently, you will need to sell your vehicle within this time frame or apply for a fresh settlement figure. 

How the finance payments are made depends on whether the dealer pays directly, or uses our Motorway Pay Service. Either way, the finance will be paid first, before any remaining balance is paid to your bank account.

If your settlement figure exceeds your offer, this is known as being in negative equity. With negative equity sales, the process differs slightly depending on how the dealer is paying for the vehicle.

• If the dealer is using our Motorway Pay service, you will pay the difference to Motorway who will combine it with the dealer's payment in order to settle your finance.
• If the dealer is not using the Motorway Pay service, you will pay the difference to the dealer, who will then write off the sum in one go with your lender. For more information, see our FAQ Selling a Vehicle on Finance: Settlement Guide.

Negative equity payments must be paid via bank transfer - we do not accept manual credit or debit card payments.

Motorway’s dealers will only buy vehicles on PCP or HP finance plans. Unfortunately, they cannot buy cars on PCH finance.