On an Ioniq 5 the first question is usually not the price.
A lease or a loan sitting behind the car is the reason a lot of these sales stall long before anybody has looked at the car itself.
We start there instead. Your financier gives us the payout, we pay them, and what is left over is yours.
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Who is owed what
The payout is the first conversation, not the last one
Money owed on the car does not stop the sale. It decides the order things happen in, which is why it is worth getting straight at the beginning.
A lot of these cars did not arrive the way a used car arrives. The Ioniq 5 is very often bought new, and very often through an arrangement at work, which means there is a financier in the background who has been taking money out of your pay since the day you collected it. That is an entirely ordinary way to own a car. It is also why the first phone call about selling one tends to be about paperwork rather than about the car.
Here is the part worth knowing. We do not need the finance cleared before we will talk to you, and we do not need you to work any of it out first. We ask whoever holds the contract what it takes to close it out, and we pay them rather than handing you a cheque and wishing you luck. Anything above that figure comes back to you. If it lands higher than the car is worth, the gap is written down and put in front of you before there is anything to sign.
The thing to be careful about is who you are actually dealing with. On a salary packaged car there can be an employer, a packaging provider and a financier involved, and they are not the same organisation even when the emails all look alike. Tell us what you know and we work out who has to be called.
The paperwork side
What we ask before we talk about the car
None of this is a credit check and none of it decides whether we are interested. It decides who gets called, and in what order.
- Who actually holds the finance?
- The name taking money out of your pay and the name that owns the contract are often two different companies. If you are not sure which is which, read us whatever is on your most recent statement. This is the call that has to happen first, so it is the one worth getting right.
- Is it a novated lease through work, or an ordinary car loan?
- Both are settled the same way, straight with whoever holds the contract. The difference is which door we knock on for the figure, and how much of it lands on you, which is very little in either case.
- Do you have a payout figure, and how recent is it?
- If there is one in your inbox already, read it out, it saves a step. If it has been sitting there a while we ask for a current one anyway, because the offer has to be built on a figure that is still good on the day you sign.
- Are the cables and the wall box yours, or did they come through work?
- This one catches people out. If the charging gear came as part of a packaging arrangement it may not be yours to sell. If you paid for it yourself it absolutely is, and it belongs in the number. Where you genuinely do not know, that is a good question to put to your provider before the inspector arrives.
- Has anything changed at work, or is it about to?
- People sell these because a role changed, an employer changed or the arrangement stopped suiting them, and that usually arrives with a date attached. It changes when things need to happen rather than whether they can, so knowing early means the inspection and the payout are lined up instead of chased.
Whatever the payout says
Three things the finance does not change
- The car is still valued as a car. What is owed decides where the money goes. It has nothing to do with what the car itself is worth, and the inspection runs exactly as it would on one that is owned outright.
- Owing more than it is worth is not the end of it. The contract is closed out directly with the financier and the shortfall is written down before you sign, so it is a number you agreed to rather than one that lands on you afterwards.
- None of the arranging falls to you. We deal with the financier, the inspector comes to your home or your work rather than the other way around, and the paperwork is signed on your phone.
The money questions
What sellers on finance ask us first
Can I sell it while it is on a novated lease?
Your own contract is the thing to check, and it is worth reading before you go far. What we can tell you is that a lease does not put us off. We go to the financier directly for the payout, including where it comes to more than the car is worth, and you get the shortfall in writing before anything is signed.
What happens if I owe more than the car is worth?
You are shown the exact gap and you decide. We pay whoever holds the contract what it takes to close it out, the difference is yours to settle, and it is set out beforehand rather than discovered at the end.
Do I need the payout letter before I call?
No. Read us whatever you have and we ask your financier for the rest. Plenty of people call knowing only that there is a lease behind the car, and that is a perfectly good place to start from.
Find out what is owed and what the car is worth on the same call.
Or call us on 03 9000 0075 and talk it through first.