Hi - I've been trying to sell my car. Got a potential buyer and he is concerned by the finance outstanding on the car. I have got the settlement figure and said that he can pay the finance company direct if he wishes for peace of mind, failing that I will pay it out of the proceeds of the sale. Are there any legalities with regards selling a car that still has an outstanding finance agreement?
I have already considered a loan to pay off the outstanding finance, then pay off the loan from the sale, but my credit history isn't fantastic.
2007-11-27 09:50:22 · 7 answers · asked by gclarke1985 1 in Business & Finance ➔ Personal Finance
If he takes guaranteed funds to your financial institution to pay it off along with a payoff order signed by you saying you want the title sent to you, then he can have the piece of mind wanted. If he doesn't pay it off, they won't release the title. You can talk to your LO to pay it off.
2007-11-27 11:14:32 · answer #1 · answered by moonman 6 · 0⤊ 0⤋
The ONLY legal issue is that the finance company won't release the title until they are paid. Until they release the lien on the title, the buyer can't get a new title in their name.
2007-11-27 19:22:59 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
If you still owe on the car, there is probably something in the financing agreement that you signed that FORBIDS you to sell the car.
If you sell it without the finance company's approval, you could be in all kinds of legal trouble.
2007-11-27 18:38:15 · answer #3 · answered by Anonymous · 1⤊ 1⤋
I,f you bought the car with a credit agreement you can do what you want with it, if bought on HP, then you can not, if you bought with a standard bank loan you can, it all depends on how you first obtained the finance, ( this is for the UK)
2007-11-27 17:57:37 · answer #4 · answered by casper 2 · 0⤊ 0⤋
cheque to be made out in the name of insurer. then phone for a settlement figure to clear off remainder. when its paid in full only then then will he own the car.
2007-11-27 18:31:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah i owed 11 g's on my 2004 300m and sold it for 15 grand
I made 4 grand out of it.
I know my dealer, Jim worked with me.
Just put your car on sale in an add, trust me it will sell. Most cars in good condition do. You will be surprised.
Also contact your dealer and let him/her know what you are trying to do, they usually help.
Good luck!
2007-11-27 17:58:40 · answer #6 · answered by Ray R 2 · 0⤊ 2⤋
you have to pay off the finance before you sell it, because technically it is not your car.
2007-11-27 17:58:32 · answer #7 · answered by My Sharona 5 · 1⤊ 1⤋