What to do with my car??

vikki1234

im going travelling in may nxt year for 10months, i have recently purchased a new car under scrappage scheme then i decided i was going travelling.

a couple of questions, can i sell my car it will be less then a year old, and i also got it on finance??

i have found out i am unable to third party fire and theft my car as its worth 2 much, but i would beable to suspend my payments on my car but it will only last until my policy ends which is in june so then my car wont be covered!!!!

or could i redo my insurance n then suspened for a year in june so that at least im not paying for my car insurance in some sence.

sorry for so many questions but i find myself in a slight pickle!!!!

[Deleted User]

What if it got stolen?

Kilty_2

First thing to do is get a settlement figure from your finance company and see if it's worth selling it - you might lose a fair bit though.

Otherwise, you'll need to keep insuring it because it must be insured whilst it's on hire purchase, afaik. You'll be breaching your finance contract if you don't insure the car since it belongs to the finance company until payments are made in full.

computershack

You cannot sell the car with finance on it as it is not your car to sell - it belongs to the finance company.

If you let the insurance lapse and it is stolen or damaged, you've got more money to spend than the insurance would've cost. You can get "lay up" insurance which is far cheaper but doesn't provide cover to keep the car on the road.

Kilty_2

computershack wrote: »

You cannot sell the car with finance on it as it is not your car to sell - it belongs to the finance company.
.

You CAN sell the car with finance on it - you just settle the finance before you sign the car over to a buyer!

computershack

Kilty wrote: »

You CAN sell the car with finance on it - you just settle the finance before you sign the car over to a buyer!

Very good. Where does the seller get the money from? No buyer in their right mind would hand it over to the seller and there's so many cars for sale that they won't be wanting the hassle of paying the finance company and the seller.

vikki1234

what do u mean by lay up insurance is this the same as third party as i am unable to do that as they say the car is too new

hewhoisnotintheknow

find somewhere to park it and have the relevant layup parking?

Are your plans to go travelling likely to disappear as quickly as they came about?

How do you plan to keep on paying for it?