Frequently Asked Questions - Zuto Finance

• Why is a monthly payment option on my private advert?

  Auto Trader work with a car finance broker called Zuto. Zuto is a car finance broker who work with a panel of lenders to help individuals buy their next vehicle on finance.

  Auto Trader has built functionality to allow buyers to search by their chosen monthly payment price. More and more people want to search & purchase their next vehicle on finance, having a monthly payment value ensures your advert is visible to those potential buyers.

• How is the Zuto monthly payment option calculated?

  The monthly payment option is generated from our finance partner Zuto. It's based on the vehicle's total cash value and you will receive 100% of the total value of the vehicle you agree with the buyer.

• Can I remove Zuto from my private advert?

  A monthly payment option is on all private adverts and dealerships are also starting to display their own finance options on Auto Trader.

  You cannot remove the monthly payment option from your advert.

• What happens if a buyer uses Zuto to buy my vehicle?

  You should expect to be contacted by a Zuto representative regarding the vehicle details and transaction. Zuto will ask for a copy of a number of the documents to provide security to both the buyer and the seller.

  Zuto will need to perform a number of checks on both the buyer and the seller before any money is transferred.

  Zuto will transfer the money to the seller directly and this will be the full value of the vehicle which is agreed with the buyer. So you don't need to worry about receiving cheques or cash from buyers.

• What is the process if a buyer wants to purchase my car using Zuto finance?

  • The potential buyer applies for finance with Zuto.
  • The buyer should tell the seller they want to purchase the car (with finance from Zuto).

  • Zuto will call the seller to explain the process and inform you of the documents that are required. Seller's documents:

    • V5 Copy
    • Driver's licence
    • A valid MOT (min of 6 months left)
    • Bank details/Bank Proof
    • Zuto Private Sale Invoice
    • Car and Seller Verification photo (selfie with the car).
    • Settlement letter if needed
  • When the price has been agreed with the buyer and seller, Zuto will send finance documents to the buyer and will request verification documents from the seller.
  • Both the buyer & the seller send photographs or scanned copies of their documents back to Zuto via email. Customer's documents:
    • Signed finance documents
    • Private sale declaration form
    • Copy of licence
    • Identity verification photo

  • All parties agree a day for the transaction to be completed (must be a week day).

    • Banking transactions cannot be completed on weekends and bank holidays.
    • Zuto request a photo of both the buyer, seller and the vehicle before the funds are transferred. This is to provide protection to all parties. This will avoid the possibility of a seller not exchanging the vehicle after the funds have been sent to them.
  • Once Zuto have received the photo they will transfer the funds to the seller. Once the seller is satisfied that the full amount has been transferred into their account, they can then release the vehicle to the buyer.

• When a buyer uses Zuto to purchase my private vehicle will I get less money for my vehicle?

  No, the monthly payment option is based on the total cash price of the vehicle. You will receive 100% of the total value of the vehicle you agree with the buyer.

• When a buyer uses a Zuto loan to purchase a private vehicle what documents will I need to provide as the seller?

  Seller must provide; V5 copy, driver's licence for identification purposed, a valid MOT, bank details (normally the first page of a bank statement), Zuto private sale invoice, car and seller verification photo (selfie with the car).

• When a buyer uses a Zuto loan to purchase a private vehicle why does the seller need to provide so many documents?

  As the seller is not a dealership, with a registered business and premise, they are not subject to the Consumer Rights Act 2015. So, we need ensure protection for the buyer as, unlike at a dealership, the buyer won't be able to return the car to the seller if there are any issues after the sale is completed. The documents relating to the condition of the car help Zuto make sure that the car is roadworthy and as described in the advertisement, before the sale is completed.

• Why must the Zuto transaction be on a week day?

  This is to protect both the buyer and the seller. We need both to be present when the funds are transferred, so that the seller can check the money has arrived in their account before they release the car to the buyer. Funds can only be transferred during banking hours, which are between Mon-Fri, so the sale can only be completed during this time.

  Some lenders are open on weekends, but there are no transactions taking place.

• When someone is purchasing my vehicle with a Zuto loan who transfers the money over to the seller?

  Zuto will transfer the money over to the seller, and confirm with the seller that the funds have been transferred. The seller can then check their account to make sure that the money has arrived, before they allow the buyer to drive away.

• How long does the Zuto loan process take?

  This is really in the hands of the buyer and seller, as the sale can only be completed when the required documents have been received from both parties. Zuto can approve a buyer's finance within an hour, so it really depends on how soon the seller and the buyer can scan and send their documents over to us. If they do it immediately, the sale could be completed in as little as a couple of hours, as long as it's a week day.

• Why do we need to provide a selfie with the car?

  This is so we can check that both parties are with the vehicle, and happy for the sale to go ahead, before we release the funds to the seller. Again, it's for the protection of both the buyer and seller.