Selling a Car with Outstanding Financd

rags2riches_2

Hi,

Hope someone can help - this is a little complicated.

I'm in the process of selling my car but a check has flagged outstanding finance on my car.

There is outstanding finance from a car loan which I owe Black Horse but I thought this was linked to me and not to my car.

After many financial difficulties a CCJ resulted and I now have a set amount deducted directly from my wage each month as agreed with the court.

The amount owed is significantly higher than the car value.

As there's a court order in place for repayment do you think it possible Black Horse will clear the outstanding finance on the vehicle and link the remaining amount just to me as an individual so I can sell it?

Thanks

Horseunderwater

I'd say no you cannot sell it - normally if a car is bought on a loan or Hire purchase - the debt is linked to the car, or it was when I had that very problem in the 1990's. If you do want to sell it - you would need Black horse to agree to the sale and all resulting monies would have to be paid to them - not you.

fivetide

Having done the above there will still be an outstanding amount which you may then have to get a loan to cover.

If you simply want to sell the car to get a new one, then I would reconsider. If you are moving to shanks' pony then you may be able to do a deal with Black Horse. you'll need to speak to them though.

And yes, if you get finance from a dealer to purchase the car, it is against the car not you although, you are of course, responsible for the payments.