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 your nominated 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. The dealer will explain the simple process of paying off your settlement figure when you choose to go ahead.
In the event that your settlement figure exceeds your offer (this is known as being in negative equity), you should 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 How do I sell my financed car on Motorway?
Motorway’s dealers will only buy vehicles on PCP or HP finance plans. Unfortunately, they cannot buy cars on PCH finance.