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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.
What else can I help you with?
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.
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
Is it legal for you to sell non-alcoholic beer to individuals under the age of 18?
No, it is not legal to sell non-alcoholic beer to individuals under the age of 18.
Is there any legal way to sell a car still under finance without transferring the debt to the new owner?
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.
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
Is it legal to sell a kitten under 8 weeks old in Pennsylvania?
no
What is fair finance?
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.
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 !
Can I sell a car on finance?
Yes, you can sell a car on finance by transferring the financing agreement to the buyer or paying off the remaining balance before selling.
Can you sell a car on finance?
Yes, you can sell a car on finance by allowing the buyer to make payments over time with interest until the full amount is paid off.
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 ).
