Selling a car under finance ( also known as a secured or mortgaged goods) is possible however many factors must be taken into consideration before doing so.
Reviewing the terms of the finance contract are essential given that a number of car financiers and banks may have clauses that require you to disclose the intent and have the vehicle released from its charge.
Legally ownership is not transfered without the agreement of the security being released by the finance company where the loan was secured and only after the loan has been settled.
Resale values will affect any sale of a car. Depreciasion and condition are the most obvious which will leave you with a shortfall being an outstanding balance, to clear the finance on the vehicle.
Private sales are most likely to gain the best sale price but wuill still leave you with a balance on the finance and therefore a liability.
By selling the car you do not transfer the ownership of the vehicle. This means that a finance company could reposess the vehicle if you default on the payments or do not pay the balance on demand, regardless of who you sold it to.
No its perfectly legal and if you are still making payments on it, that increases values.
is it legal to sell car finance to a 19 year old with out a guarantor in England
Yes, if you have something else of value that the bank/credit company is willing to transfer the collateral to. This also may work if you are planning on buying a different car with the proceeds of the sale.
i doubt it No, you must pay it off and get the title first
no
Fair Finance is a company from London who sell a variety of financial products and services, however they are under scrutiny at this time as well as being sued by a majority of people.
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.
Legally you can't ! The car belongs to the finance company until it's paid off !
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 ).
it is not legal
18 is the legal age to sell but 21 to buy it in order to sell it you have to go and take a tabc course and get your certificate to be legal
After a repo the loan holder will sell the vehicle at auction and any amount you owe less the sale price is your responsibility. Interest on that amount is usually negotiatable and will be waived if you pay any shortage.