Instalment loan: the car belongs to you
With a classic instalment loan you own the car; the bank lent money, not the car. You can sell it at any time. You only need to repay the outstanding balance, with the early-repayment fee set by law (at most one month of interest if the balance is under €10,000, three months above, in most cases).
Ask your bank for an early-repayment statement: it shows the exact amount to pay and its validity date. It is the only document you need.
Private lease and hire with purchase option
Under a lease or private renting, the car belongs to the finance company until the last instalment or the exercise of the purchase option. You cannot sell it yourself. First ask the leasing company for the early buy-out price, then either buy the car back to resell it, or arrange a direct purchase by a professional, who pays the leasing company and transfers you any difference.
How it works with us
You send us the statement from the bank or the leasing company with your request. If our offer exceeds the balance, we pay the balance directly to the lender and transfer you the difference on the day of collection. If the offer is below the balance, you only pay the shortfall and the debt is settled. In both cases you walk away with no loan and no car to manage.