Outstanding finance
Selling your cab with finance owing?
Most drivers we buy from have outstanding PCP, HP or business finance. We settle direct with your lender on collection day. No extra paperwork, no awkward gap to cover yourself.
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Two scenarios
Positive equity vs negative equity
The maths matters. Here's what happens in each case.
Positive equity
Our offer > settlement balance
Offer £9,800, Settlement £6,400, You receive £3,400
We send £6,400 to your lender. The £3,400 difference lands in your bank on collection day.
Negative equity
Our offer < settlement balance
Offer £8,400, Settlement £9,200, You owe £800
You'd pay the £800 gap (or roll into new finance) for the sale to complete. We'll walk you through whether selling, or Voluntary Termination, is the better move.
How settlement works
Three steps. We do the lender bit.
Get your settlement figure
Call your lender (Black Horse, VWFS, Mann Island, Close Brothers, whoever's on your agreement) and ask for an 'early settlement quote.' Legal right under the Consumer Credit Act, usually 5 minutes by phone.
Send the figure to us
Total + your lender's sort code and account number for settlement. We never need access to your finance account itself.
Collection day
Faster Payment to your lender first, usually 5 to 15 minutes. Once confirmed received, the balance goes to your bank. The vehicle is ours from that moment.
Voluntary Termination, when it might beat selling
If you've paid 50%+ of the total finance amount on a regulated PCP or HP agreement, you have a Voluntary Termination right under Section 99/100 of the Consumer Credit Act 1974. VT lets you hand the vehicle back without paying the rest, with only the VT note on your credit file.
For some drivers in negative equity, VT beats selling. We'll run both numbers honestly, we'd rather walk away than push you into a worse outcome.
We are not a regulated debt advice service. For complex situations, consider free advice from StepChange or Citizens Advice.
FAQ
Finance settlement FAQ
Can I sell my cab if I still owe finance on it?+
Yes. Most of our drivers have outstanding PCP, HP, or business loans. We settle direct with your lender on collection day, you don't pay anything.
What's positive equity vs negative equity?+
Positive equity: our offer is higher than your settlement balance and the difference goes to you. Negative equity: our offer is lower, and you'd pay the gap (or roll it into new finance) for the sale to complete.
How do I find my settlement figure?+
Call your lender (the finance company on your agreement, not your dealer) and ask for an 'early settlement quote.' Legal right under the Consumer Credit Act, must be provided within 28 days. Usually 5 minutes by phone.
How long does the settlement take?+
Same day as collection. We hold the bank transfer until the lender confirms receipt, then the balance goes to you. Typical end-to-end: 2 to 4 hours.
What if I have a Voluntary Termination right?+
If you've paid 50%+ on a regulated agreement, you may have a Voluntary Termination right (Section 99/100 CCA). VT can beat selling, we'll talk you through both routes honestly.
Can you refer me to alternative options if I'm in negative equity?+
Yes. StepChange or Citizens Advice (both free) for authorised debt advice, or refinancing options. We won't push the sale if VT or refinance is genuinely better.