Can I sell my car

westie666

Having great finance problems at the moment.

As it stands I have a 56 plate astra bought from a local Arnold Clark.
Finance came from a seperate company in the form of a personal loan, through the garage.

The outstanding balance is about 2.5k more than the car value.

So the question is can I sell the car, keep the money and pay of some other debts (keep paying the car finance)

But does the finance company have a financial interest in the car as they supplied a personal loan, and not HP agreement!

Rgds
Graham

Indout96

As far as I am aware if it is a personal loan it is exactly that and you can sell the car and keep the money but you still have to repay the loan.
If it was HP then you do not "own" the car until the last payment is made so can not sell it without getting the HP companies permission.

Lemonade_Pockets

If it was a personal loan you can sell the car.

I've never come across a personal loan that is secured against a car. A house maybe but not a car.

If you look at your loan agreement it should be pretty clear!

ssimon

if your car reg numbers on the paper work for your agreement chances are they will have a financial interest in the car and you can not sell it without there permission and if they do let you sell it the loan will have to be paid off first with the money from the car.
if your reg number is on the paper work its best to phone them and find out

Rolandtheroadie

Is buying a car via a "personal loan" not just a way to stop you handing it back after 1/2 the payments?

KonkyWonky

westie666 wrote: »

Having great finance problems at the moment.

As it stands I have a 56 plate astra bought from a local Arnold Clark.
Finance came from a seperate company in the form of a personal loan, through the garage.

The outstanding balance is about 2.5k more than the car value.

So the question is can I sell the car, keep the money and pay of some other debts (keep paying the car finance)

But does the finance company have a financial interest in the car as they supplied a personal loan, and not HP agreement!

Rgds
Graham

I would assume that as the finance was arrange by Arnold Clark it will be tied to the car. If that is the case then you cannot sell the car.

I would be very doubtful that it was a personal loan you got from a garage, they are more into selling cars and then try and profit further by selling you finance from a HP company they are affiliated with.

Lemonade_Pockets

KonkyWonky wrote: »

I would be very doubtful that it was a personal loan you got from a garage, they are more into selling cars and then try and profit further by selling you finance from a HP company they are affiliated with.

They can and do acheive all that buy arranging personal loans through their finance houses too. The HP companies as you call them tend be big names like Lloyds, Santander, RBS etc etc. As you are probably aware they do loans to. So if whatever reason a HP agreement isn't suitable for the customer (For example they may lend the money as a Personal Loan if the customer has VT'd before) they can lend the money as a personal loan.

To summise HP is the first choice of finance package for dealers...generally speaking it is better for all concerned. But if that isn't suitable they can and do sell/provide personal loans.