car finance! can I sell my car?

TangerineSeeker

I have an early settlement figure from Barclays Partner Finance. I want rid of the car. Can I sell and pay the balance off myself? There is negative equity but its less than £1000. It is a fixed-sum loan agreement between 2 parties, me and Barclays Partner Finance. Can anyone help please?

jellie

It is a HP loan or a personal loan?

poppasmurf_bewdley

If it's a personal loan, and not secured on the car, then you can sell the car whenever you wish.

If the car is on HP, then you can sell the car as long as the person or organisation you are selling to is aware the car is on HP and you settle the HP immediately. If you sell it and don't settle the HP, then you are up the creek without the proverbial.

rajarr

As poppa smurf said, I would call Barclays and make them aware of what you are doing before you do it however just in case

molerat

If it states Fixed Sum Loan Agreement then you are free to sell the car. Some companies will, although not strictly legal, put a marker on the car. If they become shirty about it just tell them you will report them to the ICO if they do not remove the marker immediately.

SeanG79

As said by previous poster, a fixed sum loan is not secured on the vehicle, so you are able to sell the vehicle without first settling the loan.

TangerineSeeker

thanks a lot for the advice guys, I gave Barclays PF a call, they stated the vehicle can be sold and the balance can be paid whenever. Fantastic news! thanks again!