Can I Sell a Car on HP???????

Tigger82_2

Hi,

I have a car on HP that I bought in May/June last year. I'm struggling with my debt and monthly payments and therefore feel the best thing is for me to sell the car and get something a bit cheaper which should be cheaper to run etc.

But can a sell a car on HP??? I need to make £5800 to pay off the HP but I don't think my car will sell for that much - poss between £4000 and £5500 in reality.

Does anyone have any ideas or tips for getting the money that I need???

xx:o

mrmajika

You cannot legally sell the car until you have cleared the finance.

TBeckett100

i wont ask why you took out a car on HP when you have debt. i wonder whether you could restructure the debt by asking the HP company to put the repayment over a couple of more years to reduce payments. you cant sell the car as someone will do a HPI check. i did read that you may be able to hand the car back 50% of the way through the agreement, check the wording.

ajaxgeezer

Won't it flag up on an HPI check that there's a balance outstanding on it and therefore it's actually owned by the finance company? Normally the buyer would actually buy it from the finance company and THEN give you the remainder???

Or am I talking rubbish?

Tigger82_2

That's where i'm in a catch 22 position. I can't pay off the finance and can't afford the car.....

TBeckett100

dont ruin your credit rating, are you behind on anything? when i was in your boat i took on a coupe of key cleaning jobs to fund repayments on debt. i suggest you do this. now i earn a lot more in my job, i dont do them.

Tigger82_2

I'm not in arrears with any of my debts...yet.

My parents are helping my from time to time to ensure that I don't miss payments. Would be so much easier if I could sell it!!

TBeckett100

yes I know. you are going to have to take on extra graft. reading your SOA what are you renting that costs £350pm, house, flat, room?

Tigger82_2

Would be great if I could get another job to help. Only thing is I work for a catering company so do all sorts of different hours each week so wouldn't be able to commit to another job

Tigger82_2

I share a flat at the moment

TBeckett100

well the key cleaning job means you can pop in all hours of the night. i had 4 going at once (never did the full quota of hours)