Can we sell our car?

originalmissy

Apologies if I have posted in the wrong area .

We bought a new car through a dealer in 2004. Unfortunately we fell into financial difficulties 3 years ago due to our business failing and struggled to maintain repayments eventually entering into a DMP. The finance was originally with GE Capital but was then sold onto to Link Financial who we have been dealing with ever since. The only referance ever made to the car was a letter from Link over 18 months ago requesting us to send them the keys. At the time we relied heavily on the car and chose to ignore their request and nothing more was heard, we were still making payments via our DMP and Link to be fair were happy with this.
Currently we are looking into unenforcability and having requested a CCA recieved a copy of the original agreement, (but no T&C'S). This appears to be an unsecured loan agreement and not an HP agreement. i.e across the top of the agreement it states: DOCUMENT: TYPE MOTOR LOAN
Then in a box headed: PURPOSE OF LOAN the car details are shown, make, model, reg etc.
Now we know and understand that a car cannot be sold if there is outstanding finance, (not easily anyway), however as the finance is a loan does this make a difference? The car is not worth any where near the amount of the outstanding debt and at the moment it is SORN as it needs some work which we cannot afford, even if we could have it repaired we probably wouldn't be able to afford to run it, so we would like to be able to sell and buy a smaller more affordable car.

Hopefully someone who understands the complexities of HP/Loans etc will be able to advise

Rafter

originalmissy,

I think you need to confirm whether the loan is HP (secured) or not. The cheapest way is probably to do an online HP check (as a potential purchaser would do).

Good luck

R.

woody01

If it's vehicle HP then no you can't sell it as it isn't even yours.

originalmissy

Thankyou woody & Rafter .
As I said, we know that if it is secured/HP then we will not be able to sell the car.

Rafter could you tell me how/where to check online wether it's HP? Ok I have googled and naturally lot's of sites pop up, but can anyone recommend a site for this?

Thanks again

BadgerFace_2

I have previously negotiated the charge marker on a car to be removed and sold, provided I continued to pay the finance on it. The DMP muddys the waters somewhat; however, provided you put the proceeds from the car sale into the DMP, i.e. to your creditors, then they should have no problem- the old bird in the hand theory.

Not sure if that would work with HP though.

standupguy

originalmissy wrote: »

Thankyou woody & Rafter .
As I said, we know that if it is secured/HP then we will not be able to sell the car.

Rafter could you tell me how/where to check online wether it's HP? Ok I have googled and naturally lot's of sites pop up, but can anyone recommend a site for this?

Thanks again

The answer lies in your original post - you have a loan not hp.

If it was HP it would be stated under document type.

This means you can sell if you want - however may be an idea to do a hpi check to see if there is a finance marker on the vehicle as this may put off a potential buyer if there is one.

If there is just contact the original lender and ask for the marker to be removed

originalmissy

Thanks guys . That's what we thought standupguy, but just wanted some comfirmation. I will deffinately check for a finance marker.

Thanks again