OP Smart Contracts – safe and smooth car sales between private individuals

The OP Smart Contracts service makes car sales between private individuals easy

Free-of-charge service for anyone wanting to sell or buy a passenger car or a van

Know your business partner

Whether you are selling or buying, everyone uses the Service with strong identification. We also automatically check the car’s owner information. Car sellers can sell a passenger car or a van of which they have sole ownership.
The OP Smart Contracts service is used with strong identification

Draw up your deed of sale easily and correctly

The service allows you to easily draw up your deed of sale. The deed of sale includes vehicle information verified by Traficom.
The OP Smart Contracts service allows you to draw up a deed of sale for your car correctly, in one go

Safe payment and transfer of ownership

You can file your transfer notification smoothly in the service. The transaction price can be paid by online payment or OP’s financing, and it will only be transferred to the seller when the transfer notification is made.
The OP Smart Contracts service allows you to pay and to change ownership with ease

Insurance and registration right away

After a successful purchase, you can easily insure and register your new car in the service. Drive safely!
The OP Smart Contracts service allows you to quickly take care of the registration and the insurance of your car
 

Apply for financing for your car purchase in advance online

  • Apply for financing in the OP Smart Contracts service, and you will get your financing decision immediately in most cases.
  • You can apply for financing even if you have no car purchase ready.
  • The application is free of charge and does not obligate you to use the financing.
Apply for financing

Insure and register your car smoothly

  • You can buy Pohjola motor vehicle insurance and register your vehicle in the OP Smart Contracts service when you purchase the car.
  • Our motor liability insurance’s starting bonus is at least 40 %, with a maximum bonus of 80 %.
  • Extend the coverage with comprehensive motor vehicle insurance for your car.
  • In the event of an accident, Pohjola Repair Advisor will take care of your repairs and claims.
Learn more about comprehensive motor vehicle insurance

How the OP Smart Contracts service works

Seller:
Open the service and enter strong electronic identification. Add a new car for sale and follow the service’s instructions. Finally, invite a buyer to the service by entering their contact information.

Buyer:
Open the service and enter strong electronic identification. Log in to the service as a buyer and search for the deed of sale by entering your phone number in the search field. Fill in, check and accept the deed of sale.

Next, you must pay the transaction price. You can decide how much of the transaction price you wish to pay by online payment, and how much with OP’s financing. The payment will be held in OP’s customer asset account until the seller has made a transfer notification. If you apply for financing, you will receive your financing decision immediately in most cases. The amount of financing granted to you is displayed on the My sales page.

Seller:
File a transfer notification for the car. We will transfer the transaction price paid by the buyer from OP’s customer asset account to the account indicated by you when the transfer notification has been filed. It may take a few weekdays for the transaction price to be transferred to your account. Congratulations on a successful car sale!

Buyer:
The car must have valid motor liability insurance before it can be registered. You can buy motor liability insurance and an optional comprehensive motor vehicle insurance for your car easily in the OP Smart Contracts service.

Buyer:
Register the car within seven days of the seller’s transfer notification. After the transfer of ownership, insurance and registration are taken care of, you’ve finished! Congratulations on your new - and safe driving!

You can apply for 2,000 - 20,000 euros of financing for a vehicle sale conducted through the OP Smart Contracts service.

  • You do not need a down payment, collateral security or guarantors. Available for any bank’s customers.
  • The car will be yours right away.
  • You can pay some or all of the transaction price through financing.
  • Apply for financing and get a decision quickly. Applying for financing does not oblige you to use the financing.
  • Repayment all at once or in flexible instalments. The first invoice comes with no interest or charges.

Financing is a one-off loan. For a loan of 10,000 euros, the effective interest rate is 10.28% – with an interest rate of OP-prime + 5.40% (8.90% on 11/23), an establishment fee of 0 euros and a billing fee of 6 euros per month. The estimated total amount payable is 13,706.15 euros. The calculation is based on the assumption that the entire credit is used, the credit interest rate, fees and charges remain constant through the loan term, and the credit is repaid in minimum monthly instalments of €170 euros (1.7% of loan amount) with a loan term of 81 months. The creditor is OP Corporate Bank plc, Gebhardinaukio 1, FI-00510 Helsinki.

Frequently asked questions about the OP Smart Contracts service 

Does the OP Smart Contracts service cost anything?  

The OP Smart Contracts service is free of charge for users. Only registering a car is subject to a payment, and Pohjola Insurance transfers the payment to Traficom.   

Who can use the OP Smart Contracts service? Do I have to be an OP customer? 

The OP Smart Contracts service can be used by any private person, and the service is intended only for car sales between private persons. The service allows you to easily arrange the sale or purchase of a used car with another private person. Using the service does not require the seller or buyer to be an OP customer. Users log in to the service using their bank’s online user identifiers. 

Is it safe to use the OP Smart Contracts service?  

Using the OP Smart Contracts service is safe. Both the seller and buyer use the service with strong identification. When concluding the sale, the transaction price is only transferred to the seller once the seller has made a transfer notification for the car. 

How do you process my personal data?

We will keep your data safe and process it in the manner required by law. Read more about the processing of personal data in the service's Privacy Notice.

Read the Privacy Notice

Do you use my personal data for marketing? 

The service separately asks for marketing consent. If you consent to marketing, we can market services related to the OP Smart Contracts service for you. You can cancel your marketing consent at any time, after which you will no longer receive marketing communications from us. 
 
Where can I find the service's terms of use? 

You can find the terms of use of the OP Smart Contracts at op.fi.

Read the terms of use
 
Where can I find the service's accessibility statement?

You can find the accessibility statement of the OP Smart Contracts service at op.fi.

Read the accessibility statement 

What vehicles can I buy or sell in the OP Smart Contracts service?  

Currently, only used cars and vans can be bought or sold in the service. 

Who can I sell used cars to in the service? 

The OP Smart Contracts service allows you to sell a car to persons aged 18 or over with a Finnish personal ID code. The person must not have a prohibition on the disclosure of their personal information. 
 
I have a used hire-purchase car. Can I sell it in the service? 

You can only use the service to sell cars of which you are the sole owner. If your car is owned by a finance company, unfortunately, you cannot sell it in the service. 
 
Can I sell a vehicle of which I am the holder? 

No. You can only sell a car of which you have sole ownership. 
 
Why am I unable to retrieve my vehicle's details for the deed of sale? 

Traficom's vehicle register may have a prohibition on selling the vehicle or a similar reason.

Read more about the terms of use of the service

How do I get my vehicle's deed of sale from the service? 

You will receive the vehicle's deed of sale in PDF form, and you can also print it in the OP Smart Contracts service if you wish. We store the vehicle's electronic deed of sale for one year in the OP Smart Contracts service. 
 
How long do the buyer and seller have to conclude the sale, and how long is the information about the sale stored in the service? 

An incomplete sale will be stored in the service for the seller for six months. A buyer invited to a sale has three days to accept the deed of sale and pay the transaction price for the car. If the time limit of three days is exceeded, and the sale expires, you can restart the sale. Information about concluded sales will be stored for one year for both the buyer and seller.  

The time limit for my sale was exceeded – can I restart the sale? 

You can always restart the sale and make a new deed of sale if necessary.
 
Can I cancel the vehicle sale during the sale process? 

Yes, you can cancel the sale at any point. The sale also automatically expires if the buyer has not accepted the deed of sale and paid the transaction price within three days of the start of the sale, or if the seller does not make a transfer notification within the time limit. 
  
Can I test drive the car or request a condition inspection for it before the sale? 

You can discuss any test drives or condition inspections with the seller. OP is not a party to the sale and is not responsible for the vehicle being sold. 

How quickly will the transaction price be transferred from the buyer to the seller?  

The transaction price will be securely transferred first to OP's customer asset account and then to the seller. 

The transfer of the transaction price from the buyer to the seller depends on multiple factors such as payment traffic between banks, and how quickly the seller makes their transfer notification. When the seller is notified in the service that the buyer has paid the transaction price, the seller can safely make the transfer notification and trust that the transaction price will be transferred to them.
 
What is OP's customer asset account?  

OP's customer asset account is a temporary account that ensures the secure transfer of the buyer's money to the seller of the vehicle. The buyer's money will be held in OP’s customer asset account until the seller has made a transfer notification. 
 
Can I pay some of the vehicle's transaction price in cash and some with financing? 

If you wish, you can pay some of the transaction price in cash as a credit transfer and some with OP's financing. You can easily determine the amounts when you pay. 
 
When is the ownership of the car transferred from the seller to the buyer? 

The ownership of the car will be transferred to the buyer when the buyer has paid the transaction price, and the seller has made a transfer notification.
 
What should I do if the seller does not make a transfer notification, and I have already paid the transaction price?

Don’t worry! The transaction price you paid is safe in OP's customer asset account and will be returned to you if the seller does not make a transfer notification for the car. 

The seller has three days to make a transfer notification, starting from when the buyer was invited to the service. Our service checks whether a transfer notification has been made within 12 hours of the conclusion of the sale period. If the transfer notification has not been made, the transaction price will be returned to the buyer from OP's customer asset account.

 

Who is eligible for financing in the service? 

Any bank’s customers can apply for financing. To apply for financing, you must be at least 20 years old, have a permanent address in Finland, have sufficient regular income and be known for financial prudence.
 
How much vehicle sale financing can I apply for in the service?  

You can apply for 2,000–20,000 euros of financing in the OP Smart Contracts service. 
 
How quickly will I get my financing decision?  

In most cases, you will receive a financing decision immediately in the OP Smart Contracts service. In some cases, the processing of the financing decision may be postponed until the next weekday.
 
Do I need to use all the financing I applied for? 

You don't need to use all the financing you applied for, so you can use only part of it if you wish.

When will I receive the first bill for my financing, and how often will I be billed? 

You will be billed about two weeks before the due date. The due date of the first bill is one month from the financing being used for payment. The first invoice always comes with no interest or charges.

Bills are sent monthly as paper invoices or e-invoices. You can order an e-invoice in your online bank. 

How do I order an e-invoice?  

You can order an e-invoice in your online bank:  

Are you an OP banking customer? See the instructions on how to order an e-invoice here

If you are not an OP banking customer, you can order an e-invoice from your own online bank.  

When ordering an e-invoice, select OP Corporate Bank Plc as the payee and OP Smart Contracts as the subject of invoice.

Where can I check my outstanding balance and minimum monthly instalment for the financing? 

The bill includes the items “buyer’s outstanding balance”, which states the entire outstanding loan as of the due date and the alternative minimum monthly instalment. If you wish, you can pay a larger sum than the minimum instalment to reduce the repayment time. 

You can check your agreement's payment information and outstanding balance by logging in to OP's online financing service. You can log in by using the online banking user identifiers of any bank. 

Go to OP's online financing service (in Finnish)

I am having problems with billing. Who do I contact?   

If you have not received a bill or are having trouble understanding it, please call our customer service at +358 10 252 5811.

How can I apply to change the due date of my monthly instalments? 

You can apply to change the due date of your monthly instalments in OP's online financing service. You can log in to the online service using the online banking user identifiers of any bank.

I want to pay a larger sum than the minimum instalment or repay the entire loan. What do I do?  

You can repay an amount larger than the minimum at any time at no additional cost. Use the reference number on your bill. You can also repay the entire outstanding loan balance at once. You can see the current date's outstanding balance and instructions for paying it in OP's online financing service.   

The total amount outstanding is also shown in the bill under “buyer’s outstanding balance”. If you want to use this amount to pay off the debt, please make sure you pay the amount on the due date marked on the bill.

How do I apply for a grace period, lower monthly instalment or change in the repayment plan?  

You get two grace months for your loan per calendar year. You can start using the grace month if your bill has not yet fallen due for payment. Please note that the grace months may not be consecutive months. If you want to use a grace period, contact our Customer Service at 010 252 5811.

If you are having temporary financial difficulties, you can apply to reduce your monthly instalment temporarily in OP's online financing service. You can apply for a change in the repayment plan for compelling reasons such as a significant decrease in your repayment capacity or a serious illness.

I have applied to reduce my monthly instalment. When will my application be processed?  

We process applications within about two weeks.

How do I terminate my financing agreement?  

The financing agreement is terminated once the loan is repaid in full. Check the total amount outstanding in OP's online financing service and pay off the loan after that. Use the reference number in your bill to pay off the outstanding balance. 

Go to OP's online financing service (in Finnish)

Can I buy insurance for my car directly in the service? 

You can easily buy statutory motor liability insurance and optional comprehensive motor vehicle insurance in the service. To buy insurance in the service, you must first conclude a vehicle sale. 
After the seller makes a transfer notification, you have seven days to register the car. The car must have valid motor liability insurance before it can be registered. You can easily buy motor liability insurance directly in the service. 
If you want to buy Pohjola Motor Vehicle Insurance for your current car, the easiest way to do so is through our online insurance store. 

Buy Pohjola Motor Vehicle Insurance
 
If I buy a used car in the service, do I need to buy the insurance in this service as well?  

Using the service does not require you to buy insurance. If you wish, you can purchase the insurance later. However, please remember that the car must be registered within seven days of the transfer notification. The car must have valid motor liability insurance before it can be registered. 
 
Will I get a discount and OP bonuses for the insurance if I am an OP customer?

Insurance purchased in the OP Smart Contracts service accumulates bonuses for OP cooperative banks' owner-customers just like Pohjola Insurance products purchased in other channels. Any discounts will also be taken into account in the insurance pricing.

OP is not a party to the sale and is not responsible for the vehicle being sold.

The OP Smart Contracts service is provided by Pivo Wallet Oy. The financing is granted by OP Corporate Bank plc, and the insurance is issued by Pohjola Insurance Ltd.