Outstanding finance
Selling your cab with finance owing?
Most of the drivers we buy from have outstanding PCP, HP or business finance on their vehicle. We settle directly with your lender as part of the collection process, no extra paperwork from you, no awkward gap between accepting our offer and the vehicle changing hands.
Free quote
Get your offer first
Reg + mileage. We'll handle the lender side after.
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 directly to your lender. The remaining £3,400 lands in your bank account on collection day.
Negative equity
Our offer < settlement balance
Offer £8,400, Settlement £9,200, You owe £800
You'd need to pay the £800 gap for the sale to complete (or roll it into a new finance agreement). We'll talk you through whether selling is the right move OR if Voluntary Termination is better for you.
How settlement works
Three steps. We do the lender bit.
Get your settlement figure
Call your lender (e.g. Black Horse, Volkswagen Financial Services, Mann Island, Close Brothers, whoever's on your agreement). Ask for an 'early settlement quote.' Legal right under the Consumer Credit Act 1974. Most lenders provide it in 5 minutes by phone.
Send the figure to us
Just the total amount + your lender's bank details (sort code + account number for settlement). We use these to settle directly. We never need access to your finance account itself.
Collection day
We collect the vehicle. Bank transfer goes to your lender first (typically 5-15 minutes via Faster Payment). Once confirmed received, the balance goes to your bank account. We hand keys back to nobody, the vehicle is ours from that moment.
Voluntary Termination, when it might beat selling
If you've paid 50% or more 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 to the lender without paying the rest, no impact on your credit beyond the VT note itself.
For some drivers in negative equity, VT is financially better than selling. We'll honestly run the numbers both ways with you. We'd rather walk away from a sale than push you into a worse outcome, long-term relationships matter more than a single deal.
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 on their cabs. We settle directly with your lender as part of the collection process, you don't pay anything; we handle it.
What's positive equity vs negative equity?+
Positive equity = our offer is HIGHER than your settlement balance. The difference goes to you on collection day. Negative equity = our offer is LOWER than the balance. You'd need to pay the gap (or roll it into a new finance agreement) 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.' It's a legal right under the Consumer Credit Act, they must provide one within 28 days. Most do it in minutes by phone.
How long does the settlement take?+
Same day as collection. We hold the bank transfer until the lender has confirmed receipt of their settlement, then the balance goes to you. Typical end-to-end: 2-4 hours.
What if I have a Voluntary Termination right?+
If you've paid 50%+ of the total finance amount on a regulated agreement, you may have a Voluntary Termination right (Section 99/100 of the Consumer Credit Act). VT may be financially better than selling, we'll talk you through both routes honestly when we offer.
Can you refer me to alternative options if I'm in negative equity?+
Yes. We can refer you to authorised debt advice services (StepChange, Citizens Advice, both free), or explore refinancing options. We won't push the sale if VT or refinance is genuinely better for you.