When selling a vehical,?
Find answers to your legal question.
When selling a vehical,?
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is it illegal to sell it when it still has finance on it?
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radar
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You can sell it, but you'll be responsible for paying off anything remaining on the financeing that you had. |
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lozzielaws
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yes, as it doesnt belong to you, it belongs to the finance company.
people can easily check nowadays if there is outstanding finance on it, so bother trying to sell it until youve paid it off.
Unless you are selling to a garage, they ill take the car in, pay off the finance and give you any left over. |
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iritadragon
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Not if the first thing you do is pay off the finance company. Otherwise, a lien search is pretty much standard before changing registered owners. |
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CowboyBill
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No. It is illegal to NOT pay it off when you sell it. No dummy will buy it without first clearing all this with your bank or loan shark. |
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Insurance_Expert
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It all depends what type of finance you obtained to purchase the car.
If it was a personal loan then you can sell the car and continue to pay off the loan.
If it was a car loan such as a 'lease purchase' or 'contract purchase' then the car is still owned by the finance company until you pay off the loan. You can sell it providing you immediately settle the outstanding finance.
I would check the contract you signed to first see what type of loan you have and secondly who owns the vehicle.
Remember most car purchasers these days, whether private or in the trade, will carry out a HPI check or similar before parting with their money to ensure there is no outstanding finance on the vehicle. |
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deadcars42
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it is not Illegal to sell the vehicle, but you will have to use the money to pay off the loan in order to get the title and give it to the new owner |
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Sarah G
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According to my finance company you have to settle the finance BEFORE you sell it on. |
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AL
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If you do the check should be made out in both yours and the finance company so they get paid for what you owe on the car. |
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baalberith11704
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no it is not illegal...selling it makes no difference you still owe the money to the bank whether you have the car or not. |
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c.j.davies
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Only way to find out is contact the finance company |
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heleneaustin
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Yes it is, but few are prosecuted. I did it when i found out my ex partner had stopped making the finance payments. The guy i sold it to went to sell it on to a car dealer where it showed up the finance outstanding on it. Fortunately finance not in my name so nothing to do with me. Finance company took my ex to court, but they lost on a technical hitch to do with the car being in my name and finance in his name.
The car i swapped for was also on finance but the guy who swapped me settled the finance once the company released the car to enable me to sell it on. |
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finddaveluis
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surely it's not "illegal" - part of the new owner's purchase will go towards settling the vehicle, and anyone who buys a car privately without checking that a) it's not stolen and that b) it's been paid off is asking for trouble anyway.... |
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mat
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Dont know |
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♫♪♥mï®♥♫♪
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Contact your finance company. |
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