Can I sell my car halfway through the repayments?

tgroom57

Firstly I'm posting this for a family member - both daughters got cars from Tradecentre Wales. One daughter DD1 got hers on what seems to be Hire Purchase- the documentation says she can hand the car back anytime after she's paid 50%.
Wish that was so with my other daughter .

I checked the documentation for my other daughter DD2's purchase- she has a loan arranged (by Tradecentre Wales) through Black Horse (Lloyds) for the car purchase. Documentation says if she sells the car she has 7 days to pay off the loan in full and she is liable for the money but no mention of them repossessing the vehicle. I understand up to this bit.

However, the car is showing up on HPI checks as having outstanding finance. I would understand this if hers was Hire Purchase, or if the loan is secured on the vehicle, but it's not either of those.

Also, when she phoned up to get a settlement figure to pay off the loan -she is halfway through a 5 year term - they claimed there was no reduction for early settlement. This sounded unusual to me. Interest on the loan is £2,150; fees £350; "Other" Insurance (sic) £600.

DD2 no longer needs her car and would like out of the arrangement, either by selling the car to pay off loan, or by handing the car back except its not on HP. Please advise.

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BeenThroughItAll

Black Horse have a nasty habit of putting a marker on cars for finance when in fact they've provided a personal loan not secured on the vehicle. Ring them up and threaten to report them to the FCA and they'll remove it pretty quickly.