How It Works - Selling Process
Do you have a vehicle that has a lien on it?
Do you want to transfer your finance contract?
If so, we have the solution. We can help you transfer the balance of your finance payments by connecting you with buyers interested in a finance takeover.
A finance takeover is about selling both the vehicle and the finance contract attached to the vehicle as a combined package to the new buyer. As the seller, you must fully payout your finance contract using the proceeds from the sale of your vehicle.
We have outlined the steps to make the finance takeover transaction for sellers as easy as possible.
Note: If you're a buyer, click here to review the steps of the buying process.
- Post your vehicle on FinanceFolks.com to find someone to take over your finance contract
- Buyers search vehicle listings and contact you directly to discuss the details about your vehicle
- Respond to buyer inquiries, negotiate terms and come to an agreement on the sale price of the vehicle and transfer conditions
- Once you and the buyer reach an agreement, contact your existing finance company to determine the exact process that must be undertaken to perform a finance takeover
- Obtain a credit application from the finance company and provide it to the buyer as well as the submission instructions to apply for credit approval
- The buyer will need to supply a check for the agreed upon sale price
- Use the proceeds from the sale to pay off your existing finance contract. Note: If it's an outright purchase, skip the last steps below
- Once the buyer receives credit approval, simply sign off on the finance transfer documents resulting in the finance contract now belonging to the buyer. The buyer in turn will sign on as transferee
- If agreed previously, supply a cash incentive to the buyer
- Once the deal is done between you and the buyer, you will be released from your finance contract
To start the process and become a seller, click on the Register & Sell button below and follow the easy instructions to list your vehicle.
At FinanceFolks.com we help clients like you arrange to transfer their vehicle to a new owner. We act as the intermediary between the seller and the buyer. We don’t however purchase your vehicle and arrange any financing. We leave these details to the seller and buyer as each situation is unique.