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How Do you sell your Car if you have brought it on finance and you are still paying?
Wiki User
∙ 18y ago
That is a touchy topic. If you don't do it 150% correctly, you can end up in serious legal trouble. There are a few ways to do it. The best way is to get the lien released from the title. My suggestion would be to collect the money you are asking for the vehicle first, pay the lienholder what is owed, explain to the buyer that you have to do this and that they will get a clear title when all paperwork is finished. Or, this is more iffy, tell the lienholder that someone wants to purchase the vehicle from you and see if the potential buyer can take over the loan. They would have to pass the credit check and pay any fees that the lienholder may require. The lienholder may not even want to do that. It is best to get the lien released and go about it that way.
Wiki User
∙ 18y ago
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Is it illegal to sell a car on finance and stop paying for it?
Yes
Is it illegal to sell a car when your still making payments on finance?
No its perfectly legal and if you are still making payments on it, that increases values.
Can you sell your car if you still have finance owing on it?
i doubt it No, you must pay it off and get the title first
Can you sell a car in one state when it is still registered in another and you have a loan you are still paying off?
No, you can not sell a car that doesn't belong to you and that you don't have a title to. If you are still paying for a car, the leinholder will have the title. The car won't be yours until you pay for the car in full and the leinholder signs off on the title and gives it to you.
Do you still owe if you finance a car and the finance company goes bankrupt?
Yes, legally you owe them the money which they will still bill you for monthly. However, they will only stop lending they will not forgive your debt. They have that in there bankruptcy which when finalized will be bought by another institution. Ex. When a bank files bankruptcy they sell all of their loan notes for a cash settlement to another institution. Which helps them payoff outstanding debts owed by the company. You will not get out of paying for your car.
Can you be arrested if you sell your car on finance and still pay the monthly payments?
You can sell your car, however it is your job to take the money and pay off the loan note. Once you have paid off the note, any monies left are your too keep. Hope this helps. Do not make the mistake of committing a crime by not paying of the note immediatly! Good luck.
Can you hide a car from repo man in Florida?
Sell it under the table for a cash deal. Otherwise you can not hide it for long. They will find it. Oh and if you do sell it when it is under re-po then you can go to jail. PAY FOR THE CAR! Even if you sell the car and no longer have possession, if the finance company can't get the car back and the payments are not made, the will come after your paycheck in court. Now you don't have the vehicle but you are still paying for it with garnishment of your pay.
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
Is it leagal to sell car finance to a 19 year old in England?
is it legal to sell car finance to a 19 year old with out a guarantor in England
How can you quit paying for a car?
Sell it.
Define Finance and identify its role in finance?
there are many define for finance but i will answer the more easy to let u understand what is the finance . finance is (sell on credit) ,or (commercial activities that are study how to manage capital and assets ).
Can you sell your car after the car has been repossessed?
No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.
