getting rid/selling a non runner, still on finance?

Karate

We have a non runner MG ZR currently in my parents drive, need rid asap. It is still on finance, and if we want to pay it off now, it will cost us 1500.

We don't have the money to pay it off now, (unless someone gives us 1500 for it!). The choices seem to be selling it as a non runner (what is the legalities here for selling still on finance etc? is it just a no go?), breaking it and selling spares, or scrapping it.

Obviously we would like the option that would give us 'something' for it rather than nothing, what other options are available to us? (if any!)

Ionkontrol

What's wrong with it? (headgasket perchance?)

motorguy

Karate wrote: »

We have a non runner MG ZR currently in my parents drive, need rid asap. It is still on finance, and if we want to pay it off now, it will cost us 1500.

We don't have the money to pay it off now, (unless someone gives us 1500 for it!). The choices seem to be selling it as a non runner (what is the legalities here for selling still on finance etc? is it just a no go?), breaking it and selling spares, or scrapping it.

Obviously we would like the option that would give us 'something' for it rather than nothing, what other options are available to us? (if any!)

If you have paid more than 50% of the total finance cost, then you should be able to hand the car back, however that would be dependant on the car being roadworthy. It may well be worth spending £500 doing so, so as not to have to clear £1500 of finance.

As above, whats wrong with it?

Karate

I'll ask my OH when he gets in, I'm not terribly sure. As far as I know it'll need a new engine. He drove it through a deep puddle pre christmas and it stopped running, didn't get a chance to dry out because of the winter and has been sitting since then.

verityboo

What sort of finance?

HP or bank loan?

Karate

Hire purchase I'm sure. This thread would have possibly been better left till OH came in with all the details, will update soon x

johnnyroper

Karate wrote: »

I'll ask my OH when he gets in, I'm not terribly sure. As far as I know it'll need a new engine. He drove it through a deep puddle pre christmas and it stopped running, didn't get a chance to dry out because of the winter and has been sitting since then.

has the car been looked at by a mechanic since it happened?

it may well be bent conrods after ingesting the water especially if diesel but if it is a petrol then it could have just soaked all electrics resulting in it cutting out.how fast did he hit the puddle?

as said above best bet is to just give it back to finance company if you have paid over half the term but will need to be running.

Karate

Its petrol, and think its a case of it soaking all electrics like you've said.

Will ask him tonight if he has paid over half the term, not sure if it is worth 'getting it running' to give it back though, or just scrap it and pay the rest of the finance off, will need to weigh it up, thanks for all help so far.

Hammyman

If its on HP, its not yours to sell or scrap, you don't own it until the last payment has been made.

motorguy

You could have claimed through your insurance at the time for flood damage.