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Thread: car finance Q

  
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    car finance Q

    i have my car on finance, i paid half of it off and got the other half on finance. now well i want to sell it and was wondering if i sell it can i then pay it off and not tell the buyer its on finance or cant i do that?
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    Big NO NO if u ask me - if u didnt tell the owner and u faulted on the payments then in extreme conditions the finance company could reposess the car from the new owner and they'd have no leg to stand on....

    Think thats how it works.

    Why not speak to the finance company ? Might be the best option...or at least do a google for some info

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    was it HP or what?

    General rule - always clear off your debts before selling it. After all, depending on your finance, it might not even be your car yet

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    You don't own the car (outright) therefore it's not yours to sell.

    The buyer would have to be made aware of the situation and pay by means of a cheque to the finance company for what is outstanding and whatever is left on a seperate cheque made payable to you.
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    so could i put it for sale for £6000 and then he gives me a cheque for £4000 and then i sign the finance over to him for him to pay it off?
    is that right?
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    No, you can change your finance over to someone else but only once the finance company has carried out a credit check and approved it. If your selling a car and it has finance on it, the easiest way to do this is to get the buyer to call up the finance company with you both present and pay it off over the phone, and then he/she can give you the remaining balance.

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