is it illegal to sell it when it still has finance on it?
2006-09-11 00:55:07 · 15 answers · asked by stokecity_casuals 1 in Cars & Transportation ➔ Insurance & Registration
You can sell it, but you'll be responsible for paying off anything remaining on the financeing that you had.
2006-09-11 01:00:35 · answer #1 · answered by radar 3 · 0⤊ 0⤋
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.
2006-09-11 19:36:45 · answer #2 · answered by Insurance_Expert 2 · 0⤊ 0⤋
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.
2006-09-11 01:01:02 · answer #3 · answered by lozzielaws 6 · 1⤊ 0⤋
Only way to find out is contact the finance company
2006-09-11 06:00:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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.
2006-09-11 01:00:54 · answer #5 · answered by heleneaustin 4 · 0⤊ 0⤋
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.
2006-09-14 04:47:01 · answer #6 · answered by AL 6 · 0⤊ 0⤋
According to my finance company you have to settle the finance BEFORE you sell it on.
2006-09-11 06:06:23 · answer #7 · answered by Sarah G 3 · 0⤊ 0⤋
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.
2006-09-11 01:03:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Contact your finance company.
2006-09-11 07:33:38 · answer #9 · answered by ♫♪♥mï®♥♫♪ 4 · 0⤊ 0⤋
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
2006-09-13 02:18:56 · answer #10 · answered by deadcars42 3 · 0⤊ 0⤋