By Eoghan Flynn · Updated
Start with two separate figures
Ask the finance provider for a current written settlement figure, including how long it remains valid. Then obtain a purchase offer for the car. The monthly payment or optional final payment on its own does not establish the settlement amount.
If the settlement is €22,000 and the agreed car price is €20,000, the shortfall is €2,000. Those figures are an illustration only. The lender decides its settlement requirements and must approve how any shortfall is cleared.
Do not sell a PCP car as if it were finance-free
With PCP or hire purchase, the finance company normally retains an ownership interest until the agreement is completed. Tell the buyer about the finance before arranging a handover and do not rely on an informal balance shown in an app.
An unsecured personal loan works differently: you normally own the car, but selling it does not end the loan. Check the agreement or ask the lender if you are unsure which type you have.
How we handle an agreed purchase
If Give Me The Reg agrees to buy the car, we verify the settlement and pay the finance provider directly. Any remaining balance is transferred to you. If there is a shortfall, it must be dealt with under an arrangement accepted by the lender before we complete the purchase.
Keep the lender’s settlement confirmation, our purchase receipt and the ownership-transfer confirmation. These are separate records and each has a different purpose.
Useful next steps
Official guidance
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