Tarkers

Hi All,

I'm no stranger to selling cars in the UK, but this is the first time I've had to do it over here, so anyone have any idea about selling a car that still has finance owing on it?

If the guy offers me cash, I can then take the cash to the bank and hand it over clearing the finance, however, do I need to get some sort of letter (probably called an NOC - every other letter of this type is) from the bank saying its free from finance etc, etc?

Also how do I transfer the ownership, is it a trip to the RTA with the new owner in tow?

Finally a bit of advice - if he's given me the cash to take to the bank, do I give him the keys and expect him to turn up later to meet at the RTA? Or do we both go to the RTA first and then exchange cash/keys?

I know I would never do this in the UK until the cash/cheque was in the bank, however is it any different here?

Just after a little sequence of events that I need to follow, rather than doing the usual 3 trips to get anything sorted!

Apologies if this has been covered lots but the search I did didn't turn up these answers.

TIA
Tarkers

PS if anyones interested its a 2007 Prado VX Limited (ID4 model top of the range), silver, grey leather, 71000kms asking 99k OVNO on Dubizzle - http://tnydu.biz/CeF9z

Jeeper

in red above.

Tarkers

Hi Jeeper,
Thanks for the quick reply.
The first point highlights my confusion a little though.

If anyone has a car on finance, its usually because they dont have all the cash up front to purchase the vehicle outright initially.

How then can anyone sell the car unless the finance is fully cleared (which it isn't in this case)?
Is it a case of me and the new owner going to my bank with his wad of cash, him giving me the cash in front of the cashier, me handing it to cashier, getting the letter, then immediately heading off to RTA together - do the banks (Emirates in this case) give you the letter that quickly?

I'm sure I'm not the first person to sell a car that has finance outstanding on it?

Just to note, I'm not in a hurry or in a "distressed" state, so time is not an issue, just want to get rid as its replacement has turned up.

Jeeper

Yeah - it's a point of confusion for a lot of people. I'm sure people work around it with a bit of trust....either going there together or some form of colateral or whatever, maybe just blind faith in each other.

But you're right....it is a bit of a conundrum.

I think the letter can be generated pretty quickly....maybe call the bank first to let them know you're coming to settle the finance.

As I say, i've never done that part of the process...but someone will post who has.

Wait for BB2 to come online...she'll 'help' you.

Millhouse

As jeeper says, you need blind trust, stupidity or something else to get this to actually work.

You and your buyer don't know me from Adam... I'm happy to be the Escrow you need...

...for a fee of course.

Blue Cat

we have done it, the buyer went to the bank with my husband, cleared the finance then they both went to the Car Registration place and did the transfer, what's the hassle?

Tarkers

Hi Bluecat,
Just wondered if that was the usual way of doing things, no hassle.

Having lived here two years, the one lesson I have learnt is that nothing is ever as simple as it seems/could be/is at home!! I'm sure you understand.

Maybe I'm becoming Dubai-fied when I'm too cynical to believe a process is actually as simple as I think it should be!

Blue Cat

it's pretty easy, the only thing you might come across is that they won't give you a letter straightaway to say that the finance has been cleared, if that is the case give the buyer the registration card for the car and arrange to meet him the next day once you have the letter, then go to the RTA and do the transfer.

busybee2

just as bc says etc.... yes the letter from your bank to say loan is settled, sometimes it can take 3 days for them to do this letter, without this letter you cannot transfer over registration etc so if the buyer is paying cash thats not the prob the problem will be how long the bank takes to issue the letter.

Tarkers

Thanks all!




.......No takers for the motor then....?

admon

for 99k, people can pick and choose, without the hassle factor of dealing with someone that has to clear outstanding finance.

Now 60k would be a different story.

Tarkers

Hahaha! Yes true!
Also true however is that 60k would be a Rav 4!

Jeeper

I was going to say 60k and it's sold. I'd take it for 70 even (this is how good I am at negotiating!)

Jeeper

You never let me down.