Support Needed

I would be really appreciative of any support here.

My friends partner left her and she has vehicle finance in her name which is costing in excess of £900 per month and a remainder of over £20,000 left on the vehicle.

Despite the partner leaving she has kept hold of the vehicle due to it being in her name.

Could anyone provide the best solution to becoming unshackled from the finance / best method of shifting debt and selling the vehicle? Thanks

Mitch

Comments

  • sourcrates
    sourcrates Posts: 28,493
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    Hi,


    She cant legally sell the vehicle as its not hers to sell, she could take it to a dealer who buys cars, after obtaining a settlement figure from the finance company, if she could make a deal with the dealer to buy the vehicle, the dealer would then settle the finance, and take the car.


    However, it all depends on how much is owed on the car, how much the car is now worth, and how much the dealer is willing to pay, there offer may not cover the outstanding liability on the car, its a bit of a minefield really.


    Only other option is to return the car to the finance company, who will then sell the vehicle, and repay what's owed from the selling price, the trouble here is most go to auction, and sell for far less than the outstanding finance, so could leave her with a shortfall that she would have to (eventually) repay.


    No easy way out unfortunately.
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