Outstanding finance on vans, is a very common area of question, as many van owners needed to take out finance when buying their van. Read below to learn the circumstances under which We Buy Broken Vans can buy your van even if it has outstanding finance.
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Outstanding finance is a frequently used phrase in the used vans sales industry. This is a phrase used to describe where the owner still owes money to a finance company from the original purchase of the van.
Where money is owed to a finance company and a van is sold (whether innocently or deliberately) this is a fraud. The new van buyer won’t own the van as legally this is still owned by the finance company. Therefore, it is critical for owners to declare whether there is finance owing during discussions with us. We will complete checks to verify that finance isn’t owing anyway, but owner declarations help the process greatly.
Our process for buying a van with the outstanding finance is detailed below:
• Declaration – Van owner declares to us that there is (or is not) outstanding finance on the van
• Finance Company contact – Once we have finance company details we contact them and pay all finance owing. Two potential scenarios arise now for van owners:
o Where o/s finance is higher than online valuation – We need a payment from you
o Where o/s finance is less than online valuation – We pay you the difference (e.g. if we paid £3000 for a van with £1000 o/s finance, we would send you £2,000)
• Usual process applies – once the finance is paid our usual process will apply. Note: We Buy Broken Vans will never buy a van, without clearing finance, as this is illegal
We hope this FAQ has answered all of your questions about how we buy vans, even if they have outstanding finance. If not, don’t hesitate to contact us on 0121 285 9859 or 07582 859 859, we can answer any questions you may still have. Sell your van to us in just 2-3 days after the finance has been settled.
Do you have a van to sell? But you want a fair price, no hassle and quick payment? Then you have come to the right place!