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For Sellers

What do Financefolks do?

Financefolks is a new innovative vehicle remarketing service that connects sellers who want to transfer their finance payments with buyers looking to take over payments. We have thousands of people looking to buy late model used vehicles and take over payments.

Financefolks is a division of Leasefolks, America's premier lease transfer marketplace, and specializes in serving the needs of consumers who prefer to finance the purchase of their vehicles. Using the Financefolks.com marketplace, buyers and sellers come together to trade vehicles and quickly and efficiently pass vehicles from seller to buyer while saving money in the process.

What is the process to transfer finance payments?

To review the steps of the finance takeover process for sellers, please refer to the Selling Process webpage. Click here to go directly to that page.

Can a financed vehicle be purchased rather than assumed?

Yes. All car loans can be paid out early before the expiry date. As a seller, you have the option of selling your vehicle outright since many buyers would simply prefer to pay for their vehicle in full. You can then use the proceeds from the sale to pay off your car loan. If you choose this option, then simply proceed with listing your vehicle on our site indicating that it is available for outright purchase.

However, selling a vehicle that has a lien on it can often be tricky especially if the market value of the vehicle is not aligned with the outstanding balance on the finance contract. Generally a better option is to sell both the contract and the vehicle as a combined package to the buyer. Selling the vehicle and the loan together as a package deal can save you a great deal of money. It also offers many benefits to the buyer. Many buyers are looking for used vehicles that have excellent payments as part of the deal. They also benefit from not having to put money down and get subsidized low interest rates that are normally only available on new vehicles. If you choose the finance takeover option, then simply list your vehicle on our site including details of the finance contract attached to your vehicle.

Can you guarantee success that someone will assume my finance contract?

Similar to other advertising and marketing mediums, Financefolks does not guarantee a successful result or transfer. There are many variables that are beyond our control that prevent us from offering a guarantee of transfer including mileage, vehicle condition, geographic location, color, monthly payment, cash incentive etc. However, we do guarantee that we will continue to market your vehicle to buyers interested in taking over finance payments until your vehicle sells. We have helped countless people successfully transfer their payments to satisfied buyers. Please visit our Testimonials section to see what some of our customers have said about using our services.

How do I list my vehicle with Financefolks?

To list your vehicle, simply click on the Register and Sell button from the home page. From there simply follow a 3-step listing process where you will be asked to provide your contact information and details about your finance contract. At the end, a fee associated with your listing package is collected. Payment information is handled via secure payment processing service from PayPal. You will not need to open an account with PayPal to submit your payment information.

How do I edit my vehicle listing?

You can edit your listing at any time by logging in with your user id and password you provided during registration. Once you enter your username and password from the home page, you will see [My Listings] link at the top. From there click on [My Listings] to make changes.

How long is my registration valid for?

There is no expiry date on your membership with Financefolks. Depending on the type of your advertising package, there may be expiration on your vehicle listing. Basic listings are valid for 180 days. Premium and Gold listings will be advertised until the vehicle has been sold.

What fees are involved in a finance transfer?

There are two types of fees involved in transferring a finance contact. First a fee to promote your vehicle to interested buyers on our website. In addition there is a finance transfer fee charged by your finance company. These fees vary from finance company to finance company. Simply contact your finance company and ask them to provide you with the transfer fee amount.

What does a listing cost?

Our Basic Listing is only $59.95 and allows a Seller to advertise their car on our website for 26 weeks. Our Premium Listing is $69.95 and allows a Seller to advertise their vehicle until the vehicle has been sold. Our Gold Listing (sample) is $99.95 and allows a Seller to upload multiple photos of their vehicle. Click here for complete description of our fees and services. Payment information is handled via secure payment processing service from PayPal. You will not need to open an account with PayPal to submit your payment information. We do not charge any fees other than our listing fee. Once a person has been found that will take over your finance contract, you can communicate with them directly.

How soon will my vehicle listing appear on the website?

The cars listed on our website are updated in real-time. Your listing will be posted immediately after a payment has been made. If you attached a photo of your vehicle, we will professionally edit and upload your photo on the same business day so that it is displayed with your listing.

How will buyers be able to contact me?

Registered buyers will be able to view your contact information directly from your vehicle listing page. We protect your email address and contact information by requiring registration on our site prior to viewing your contact details. If the buyer is not registered, they will see a Contact Seller button and will be able to view your contact information after registration.

Do I still remain liable once my finance contract has been transferred?

Most finance companies will remove the original owner from liability once the contract has been transferred to a new owner. However, you should carefully review the credit approval and transfer documents before signing the agreement to transfer your finance contract.

Is there a phone number to call for questions?

You will receive the best customer service from Financefolks by contacting us via e-mail using the online form in the About Us section rather than calling by phone. We respond to all e-mail inquiries promptly.

How do I upload multiple photos of my vehicle?

You can upload one photo if you purchased a Basic Listing. With a Premium Listing, you can upload up to 2 photos. With a Gold Listing, you can upload up to 6 photos of your vehicle. All photos will be professionally cropped and added to your listing within a few hours.

How do I cancel my listing?

If your vehicle has been sold, simply login with your user id and password from our home page. Then select [My Listings] link and click the "Cancel" button for the ad to be cancelled.

For Buyers

Are there any fees for buyers on Financefolks.com?

Absolutely not! Buyers are free to browse all vehicle listings on Financefolks.com. To view seller information, buyers will need to register. There are no fees to register and it only takes a few seconds. During registration, they can opt in to receive our monthly email newsletter. Once registered, buyers can view seller information and initiate contact with sellers.

What is the process to take over a finance contract?

To review the steps of the finance takeover process for buyers, please please refer to the Buying Process webpage. Click here to go directly to that page.

Why should I take over a finance contract?

Taking over a finance contract allows you to save thousands of dollars. When taking over a contract, keep in mind that the original owner has already made several payments on the contract and consequently it has fewer months remaining than a conventional loan. This allows you the buyer to pay off your loan faster without any long-term commitment. You can also take advantage of low subsidized interest rates that are normally only available on new vehicles. This is because many original owners put a large downpayment when they first signed the contract in order to secure a lower interest rate. With a lower interest rate, you can pay less in interest and pay off your loan faster.

In addition, many sellers offer a cash incentive to make the deal more attractive and to make the vehicle sell faster. This incentive often equals to a few hundred or even thousands of dollars. Also, when you take over a finance contract, you do not need to pay the additional taxes that are usually associated with the purchase of a new vehicle such as freight, air conditioning and sales taxes.

Do I own the vehicle at the end of the term?

You will become the owner of the vehicle once all the paperwork has been signed and the transaction has been finalized. At the end of the finance contract, your vehicle will be lien-free meaning that you own it outright with no outstanding loans against it.

Can I put a downpayment or trade-in on a finance takeover vehicle?

The finance contract has initially been established with the original owner of the vehicle. In all likelihood, the owner had put a downpayment to reduce the amount of the loan or to secure a more favourable interest rate. Since the terms of the contract had previously been set between the original owner and the finance company, it cannot be re-worked to accomodate a downpayment or trade-in in a finance takeover transaction. If you have a vehicle to trade in, you can sell the vehicle privately and apply the proceeds of the sale towards the finance takeover vehicle.

What if I have bad credit?

You will need good credit to take over finance payments

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