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I got a car on finance and havent finished paying it.is possible to sell the car or part exchange with dealer?

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I got a car on finance and havent finished paying it.is possible to sell the car or part exchange with dealer?

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  1. you cannot sell a car on finance.but you can part ex it with a dealer but you must tell him that you still owe money on it


  2. If you have it financed through a buy here, pay here lot, then you will have to talk to them.  Unless you have the cash for payoff, you will likely have to trade with them.

    If it is financed through a bank or other source, then you can certainly trade at any dealership.  You could sell it private, too.  All you have to do is go with the buyer to the bank or leinholder, pay them off, and they will release the title to the buyer.

  3. Assuming you are in the U.K. -

    Under British law, you don't own the car, the finance company do.  They will own the car until you pay back everything you owe them.

    If you sell the car without paying the finance company back or getting their written permission to sell the car in order to clear your debt, you are committing a criminal offence.

    Ignore any answers here from Americans - U.S. law is totally different in respect of vehicle finance.

  4. Not really, only through whoever you got the car off. Afterall if you sold it to someone stopped paying the finance and didnt tell them they could have the car repossesed from them.

    My gf has this problem, she got a finance car, wanted to get shot two years after but couldnt sell it private due to outstanding hp thats why people check cars against hp outstanding before they buy, she could have given it back to the original dealer part ex for a new one but in effect she would have still being paying for two cars.

    You may be able to arrange something with the finance comany or the one who got the car off but thats about it without selling it private which could land you in bother if you try to sell it with outstanding hp.

  5. You can part ex it with a dealer who will deal with the outstanding finance at the time he sorts your new finance.  Ifyou sell privately, you will have to clear the finance before you can pass it on

  6. I had a renault on finance - read the small print very carefully - mine had a clause which stated that if I had paid back x amount I could hand the vehicle back and walk away without incurring any further costs. The dealer will NOT tell you about this you have to find / work it out for yourself and tackle them about it. I had a three year plan and it worked out to be some time within the last part of the second year. As the car is on finance it is not your vehicle so you cannot sell it or trade it in etc unless it is with the same dealer you got it from - however the outstanding finance then just gets added onto the new car you trade it in for. You could take out a personal loan, pay the balance in full and then sell the car privately to get your money back but this will not work on a very new new car as it looses too much value very quickly.

  7. yes it is. there are multiple ways. you can sell the debt with the car. you can sell the car and use that to pay the debt. look in yellow pages for people to help, it can get complicated

  8. Yes you can do a deal with a part exchange. If you goto a dealer you need to have your current settlement figure. (sometime the dealer can get this for you) the dealer will then tell you what your car is worth, this will tell you if you have negative equity( the settlement figure is higher than what the car is worth!). If this is the case you can transfer a certain % onto your new finance package. If you owe less than the car is worth then that acts as your deposit towards the new car.

    As someone has said if you have Hire Purchase on your car and have made half the payments on the current finance package then you can hand the vehicle back by carrying out your Termination Rights. You need to read your original finance paperwork to establish whether you have HP or a personal loan as the same rules don't apply th personal loans. The dealer DOES have to inform you of this or else he is breaking the FSA rules. If they are not regulated then they can't be selling finance with payment protection.

    Hope this helps if you need mre help then contact me via e-mail.

  9. Any vehicle with finance on it can not be bought by a dealer without first paying of the outstanding debt, you can sell it private, the man in the street can assume you own the car free from debt, but that would be dishonest on your part and could get you in trouble for fraud, it would certainly negate your loan agreement and the finance company can insist on immediate payment for breach of term of contract, also it would ruin your chances of future loans mortgages and the like.

  10. It is possible to trade-in your car, or sell it out-right if you want to regardless of how much you owe.

    If you want to sell the car, you will need to first know how much you owe on it.   You receive a statement every month that tells you your remaining balance.   That number is WRONG when it comes to paying off your car.

    You will need to call the bank or company that you make payments to, and ask them for a "15-Day Payoff".   They will give you the total payoff,  15 days in advance with interest calculated.    

    The number they give you is then the minimum you should accept when selling your car,  or negotiating a deal with a car dealer.  *Unless you owe much more then your car is worth, then you may need to pay some money out of your pocket to make up the difference.

    To find the accurate value for your trade, you can goto  KBB.COM or NADA.COM.

    One quick suggestion:  Both of these sites only offer suggested values..  You will notice that they both offer different values for your car.   That's because they aren't 100%...  infact if your car is really a Truck that gets low gas mileage, you can probably subtract 20% or more off the value it gives you.  :<

    If you owe much more then your car is worth ($4,000 or more) I would recommend not selling or trading it just yet.  Keep paying on it if you can.

    If you absolutely can't stand your car and must get rid of it, and owe more.  Find a New Car dealer offering large rebates that can help absorb what you owe.

    Good luck on finding a new car.

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