Does Car-Ma pay off a car on finance?

All Car-Ma dealers can purchase vehicles on finance and will settle any outstanding finance directly with the finance company on the day of collection. The remaining amount will be paid to you via a transfer to your nominated bank account.

Steps to sell a vehicle on finance:

1. Obtain a settlement figure:

   • You’ll need to request a ‘settlement figure’ from your finance company, which is a part of the settlement agreement.
   • Your finance provider is legally required to provide this figure within 12 days, though it usually arrives within one to three working days.

2. Settlement Validity:

   • The settlement figure is typically valid for 10 days. You must sell your vehicle within this period or request a new figure.

3. Payment of Settlement:

   • The dealer will guide you through the process of paying off the settlement figure once you choose to proceed.

4. Negative Equity:

   • If your settlement figure exceeds your offer (known as being in negative equity), you will need to pay the difference to the dealer, who will then settle the amount with your lender.

Note: Car-Ma’s dealers only buy vehicles on PCP or HP finance plans. They cannot purchase cars on PCH finance.

For more information, see our FAQ: How do I sell my financed car on Car-Ma?