we brought a car through finance however our curcumstances have change and we need to sell.can we do this if we still make our monthly payments. thankyou?
2007-11-01 03:28:32 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
yes but you have to make sure that your car is worth what you owe on it or you will have to pay the balance to tranfer ownership to the new owner
2007-11-01 03:31:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Technically speaking it is the property of the HP company until you make the final payment but to be practical if the car is registered to you then you can sell. However proper title does not pass to the new owner until the final payment is made or if you do not keep up the payments. If you do not pay the new owner gets good title by being a boni fide purchaser without notice. This way of passing of title only applies to cars. You are then guilty of theft and can be charged under the theft act. If you keep up the payments no problem because the prosecution cannot show an intent to steal
2007-11-01 10:37:25 · answer #2 · answered by Maid Angela 7 · 0⤊ 0⤋
no you cannot do this it is illegal even though you intend to carry on paying it is still illegal the car is not your property to sell it belongs to the hire purchase company TAKE NO NOTICE OF THE NUMPTY THAT AS TOLD YOU DIFFERENT.
apart from anything else the car will be recorded in the HPI REGISTER and anybody who checks this will receive a negative answer to the question is there clear title to the car.
at this point you have committed the offence of an attempt to sell something that does not belong to you. the following day you will receive a visit from the finance company that owns the vehicle and they will repossess so then you will be left with no car no money and a possible criminal prosecution
2007-11-01 10:47:53 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If it is a classic HP agreement the car remains the property of the HP company until the last payment. Check your agreement on the procedure for selling the asset. There will be one there.
xxR
2007-11-01 10:32:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Under a finance agreement it's not yours to sell but if you do, you must pay off the finance with the proceeds, if you fail to do so, you are committing an offence.
2007-11-01 10:43:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋