Rrsport

Hope someone can give me some information regarding the following.

I am selling a car for 200,000dhs
I currently owe 245,000dhs to the bank.

I have had an offer for 150,000dhs from a garage and all i need to do is make up the difference and in cash, they pay off the loan etc. (not an option)

I want to sell private but do not have the money to clear the loan fully first without selling it.

If a buyer is getting a bank loan to for the car do they make the cheque out to the bank who i have a loan with and i make up the difference, clear the loan, get the clearance letter from bank then proceed to RTA to change ownership?

Or do the banks sort all this out between themselves?

Blue Cat

what the hell are you selling for 245K! It was on the radio this morning that sales have dropped 45%.

TGFKASE

Im guessing its a Range Rover Sport, from the login name...

Think MM would raise her offer to 245K to help the chap out??

Rrsport

2007 Range Rover Sport HST Supercharged. Excellent condition lol

Only 200,000dhs

Blue Cat

so where you going to get the other 45k from to settle with the bank? if you do sell at 200 then the buyer will present you with a cheque but you won't be able to transfer ownership till you get clearance from the bank. Sounds messy. I feel for you though mate lots of people been caught out with this recession.

Rrsport

I have the 45k difference, its how it all works etc i need to know

Robbies

I think you can go to your bank with the buyer, they hand over 200k to the bank, you hand over 45k and the bank then gives you a clearance letter - some banks give you this on the spot, others take a few days to generate the document.

Essentially, once you have this, you go to the licencing centre with the clearance letter and transfer the ownership.

Check with your bank how quick they can give a clearance letter so you can explain to a potential buyer the process

From personal experience, selling a car at the moment is near impossible, and you will only get offers around half of what you are asking. We decided to hold on to our car for another year and see how things are after that.

Blue Cat

this is correct, but some Banks do it different ways. I would love to sell my car but I am not even going to try in this current market, waste of time and it's the summer!