HELP TO SELL HUBDocuments

How do I sell my financed car on Car-Ma?


Selling your financed car on Car-Ma is free and easy. The dealers in Car-Ma’s network will handle the clearance of your finance with your lender using the proceeds from your sale.

To check your eligibility, see our FAQ: Can I sell a vehicle on finance?

Here’s how it works:

  1. Get an instant valuation: Start with a free valuation on Car-Ma to see what your car is worth now.
  2. Request your settlement letter: If you’re considering selling, ask your finance company for your settlement letter. This letter should include:
    • Total amount payable
    • Finance company’s bank details
    • Agreement reference number
  3. Time sensitivity: The settlement figure quoted in the letter is usually valid for 10 days. Check your contract to see if there are any additional fees for early settlement.
  4. Selling process: When you sell your car on Car-Ma to a verified dealer, they will use the sale proceeds to clear your remaining finance. Note that it can take up to 10 days for your lender to register that the finance is cleared. Any overpayment from your account will be refunded promptly.

About your settlement letter:

  • When you request a settlement letter, your vehicle finance provider is legally required to send it to you within 12 days, but you typically receive it within 1-3 working days.

Please keep these requirements in mind when uploading your settlement letter to Car-Ma:

  • Your settlement letter is usually only valid for 10 days, so it’s advisable to start the selling process as soon as you receive it. If you haven’t concluded the sale before it expires, you must ask your lender for a refreshed letter.
  • Upload or email the document in its original format (typically PDF).
  • Screenshots or forwarded emails of your settlement letter cannot be accepted.

What about the difference between the balance and the sale price?

  • If your car sells for more than the total amount payable to your lender, you are in positive equity. The dealer will clear the finance with the sale proceeds and pay you the surplus.
  • If the sale price is lower than the total amount payable, you are in negative equity. You can still sell your financed car (subject to your contract), but you’ll need to settle the difference with the dealer before they clear the total balance with your lender.