2006-12-10 09:25:38 · 10 answers · asked by Sahib Q 1 in Politics & Government ➔ Law & Ethics
In fact this has happened a few times. If the HP contract specifies that the car is security for the loan - and I don't know of one motor vehicle finance company which would do otherwise - then you have just sold someone else's property. If you make every payment on the HP contract there is no reason that they will ever know, but that doesn't mean what you have done is legal. Worst case scenario - you default on the payments, the HP company comes for the car. You haven't got it and it is the work of a moment to find out who does, and they go and repossess it from the new "owner" instead. You are now facing multiple charges - fraud, obtaining financial advantage by deception, probably theft, too. You're facing a civil case for breach of contract from the HP company and much the same from the schlub who bout "your" car, too. If he's bigger than you, you might even get a right kicking.
Short answer - don't do it.
2006-12-10 09:40:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Technically, you are still responsible for paying the HP that is in your name, and you are allowed to sell the car, but you still have to pay the loan amount with the Lender. Generally they will have a settlement value on the HP loan which is generally lower than the existing outstanding balance. So if you sell the car for more than the outstanding balance, you could pay the car off and still make a buck or two!
If you say, trade the vehicle in on another, they will obviously find out and settle the amount that you owe first and the difference can then be used as a deposit...
2006-12-10 09:38:08 · answer #2 · answered by joburg 2 · 0⤊ 0⤋
The car isn't legally yours until you've settled the HP. Until then it belongs to the HP company. If you try to sell it, the sale is not valid. The car still belongs to the HP company who can take possession. Then the HP company, the person whose money you took and the police will all come looking for you.
2006-12-10 09:31:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
All vehicles promote. some take longer yet all vehicles finally promote. A broking service ought to take some very sluggish shifting fashions to the established public sale even though it truly is rare. many of the time they only grant their sales crew vast incentives to bypass those slower promoting fashions. this is not unusual to ensure a a million or maybe 2 365 days previous (style years) sparkling vehicles sitting unsold on a sellers lot. i purchased my 2004 sparkling, 0 miles from a broking service at a time even as the 2006 fashions were beginning to attain. My vehicle replaced into if truth be told 2 years previous the day i purchased it.
2016-11-30 09:56:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
as the car isn't yours yet it'd be illegal and you could be in a lot of trouble not to mention out of pocket as you won't get the same amount of money that you paid for the car and maybe not even enough to cover the rest of the payments so there's really no point. could also throw up some trouble if the new "owner" tries to insure it or makes a claim.
2006-12-10 09:35:51 · answer #5 · answered by Kirsty 3 · 0⤊ 0⤋
To all intents and purposes you have stolen the car, by selling without the owner's permission.
2006-12-10 09:29:02 · answer #6 · answered by freelander 5 · 0⤊ 0⤋
If anyone tries do buy it using a car loan it will show up on the HPI register and you will be in trouble.
2006-12-10 09:28:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I had a client who went to prison for doing this, though he had done it with a number of vehicles, he was a used car dealer.
2006-12-10 21:34:03 · answer #8 · answered by V 3 · 0⤊ 0⤋
It's against the law. You could get into some serious trouble.
2006-12-10 09:53:10 · answer #9 · answered by Jeddaknight 2 · 0⤊ 0⤋
You'll have all that trouble mentioned above, plus you may never get H.P again.
2006-12-10 09:40:41 · answer #10 · answered by Hi T 7 · 0⤊ 0⤋