Can I sell my car that I'm still paying off for?
Answers:
You Can Sell The Car..
But You Need Keep Up The Payments ..
of course you can but be careful and dont get in to too much debt
Yes, but you cannot keep up the payments, you must pay it off when you sell it.
If you took out an ordinary loan then yes. If you bought it under a hire purchase (hp) agreement then the car does not technically belong to you until the last payment is made. Therefore until then, it is not yours to sell.
No you can't, you have to pay off the loan. Until you have it is illegal. You can sell the car, but the loan has to be paid off at the same time.
No you are legally bound to pay for the car the person buying the car wil check to see if the car is on H.P before buying it off you
Yeah you can, its called take over payments. You just had them your keys and they pay the rest of it off.
Yes
No , the car belongs to the finance company until it is paid in full
If you do a part exchange through a motor trader they will get a settlement figure and pay it off as part of the deal !
If you raised the money to buy it with an unsecured loan you can do as you like with it !
You best bet! Phone the company who is doing the finance and ask them, they will know for sure or look up their terms and conditions their website (assuming they have one).
This depends on how you took out the loan. If is from a bank or loan company then you are fine to sell your car as long as your keep up the repayments. If you brought the car on HP (finance) direct from the dealer the car isn't technically yours to sell until the last payment has been made.
i dont think u can
SURE
no, not without the consent of the finance house which they will usually NOT give
Yes
You can sell it, but you have to be able to meet the full costs of the repayments..plus any buyer can run a check to see if money is still owed on the car.if there is outstanding finance most people will not but it or ask for a huge discount.
you can only sell it if the loan is a personal loan, if the car is purchased through a loan company the car is actually their property and you dont have the right to sell it. however if you part exchange the vehicle and the loan is paid off as part of the exchange that is ok. If you have a hire purchase loan through a loan company get in touch with them and they may come to some agreement with you, they will want the loan paid back when you sell the car though.
In the UK, you can. Within finacial services the definition on credit is: YOU get goods or services today, for a promise to pay at a later date. But please ensure the payments are kept up to date.
no Julie you cannot, you will have signed an agreement which is covered by the consumer credit act and you are legally bound to make the payments.
you may be able to get a settlement figure from the finance company though
You can if the credit you got was not for that specific car ie. you got a bank loan.
If you have a credit agreement you must declare any outstanding finance to any potential buyer and have it paid off before they take ownership, as technically it does not yet belong to you to sell, it is the property of the credit company.
If you live in Scotland you can get round this by making a voulintary surrender, providing you have paid more than 50% of the total credit value (Including interest). This means you hand the car back to the creditors and they sell it or whatever, and you stop making payments. This would show on your credit history but is not bad, like for example a defaulted account or something.
yeh but with the cash you can pay the rest and keep whats left ;)
no you can not sell it if you have it on finance as it does not legally belong to you until your final payment if you have a personal loan then it does'nt matter, if you do try to sell the car on finance it would also fail an HPI check for outstanding credit u can however swap it at a garage if your planning on buying another and they will settle/swap ur finance
No.
The car isnt yours to sell untill you have finished making the repayments.
The car is not your property until you complete the payments.You cannot legally sell it until then,but what the finance company doesn't know,won't hurt them.
If you took out a personal loan to buy the car then you can, as the finance is not secured on the car.
If it is HP or finance secured on the car you can't as it technically belongs to the finance company.
When the car is paid off you can do what you like but if you sell it before paying it off this constitutes fraud.& if you fail to settle all then a criminal you will become.
yes but don`t tell anybody.Hush Hush
If you bought this on Hire Purchase (finance) the outstanding balance stays with the car,not you as a loan from a bank would. So if you sold it and you never kept up the payments the new owner would have this repossessed You could however, still sell the car but ensuring that you pay the outstanding HP (finance) off. Most people have a HP check on a vehicle before buying.
You have the correct answers here already - you don't own it, better to check out with the loan company what your should do - or read the small print on the back of your contract with them - you will most certainly have the answer you are looking for.
No if you sell your car you must settle the outstandind debt to the HP company it is not your car untill you pay off the last payment it belongs to the HP company, read your agreement
When you sell the car,the car is still owned by the car company, and if you do not keep up payments they will repossess the car at any time. Any one stupid enough to buy the car off you,will have lost the car and money. Unless they try to take you to court for their money. You could write on the receipt "sold as seen" this may save you.
In the long term.
You'll find that you won't want to keep up payments on a car you don't even use
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