Ben D
Member
Registered: 25th Apr 05
Location: South West
User status: Offline
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If you buy a car on finance is it illegal to sell the car on even if you intend to keep the payments up?
Or do you just have to clear the outstanding balance at the time of sale?
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paul.mitchell1984
Member
Registered: 31st Aug 06
Location: Wakefield
User status: Offline
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as far as im aware the balance has to be paid off before you pass the car on
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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get a personal loan, much easier / cheaper
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Ben D
Member
Registered: 25th Apr 05
Location: South West
User status: Offline
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I think i will as im hoping to buy a new Car which is fun and an aprilia RS 125 as I'm tired of driving my 307 1.6.... it is super Boring after owning a 206 GTi 
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orangio
Member
Registered: 6th Jun 06
Location: Warrington, Cheshire
User status: Offline
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if you get a personal loan its not against the car, but if its hp finance it is against the car.
and yes you have to clear all finance before selling
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Lee Wilson
Member
Registered: 20th Feb 06
Location: Fareham, Hants Drives: XE Corsa
User status: Offline
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Better off getting a loan TBH. Probably get a better rate too.
Also you don't have to worry when it comes to selling it. Can always pay the loan off with the money you get back on the car if need be 
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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find out the outstanding balance on the finance, and if you are in positive equity get the new buyer to write a cheque to the finance house to clear the debt and give you and left over or whatever in cash.
[Edited on 07-03-2008 by BYRON]
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Pete_vxl
Member
Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
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depending on credit file a loan would be a better option. you pay admin fees with finance aswell and you always pay more than the cars worth. can you tell i sell loans lol?
[Edited on 07-03-2008 by Pete_macari]
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orangio
Member
Registered: 6th Jun 06
Location: Warrington, Cheshire
User status: Offline
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quote:
Originally posted by Lee Wilson
Better off getting a loan TBH. Probably get a better rate too.
not necesserly, depends on the amount financed, deposit and the term its taken over
and of course where your getting it from
[Edited on 07-03-2008 by orangio]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Yes - not possible.
You can't continue to secure the loan on property you don't have and you can't sell a car that isn't yours.
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