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

Tigger82_2

thanks tupperware

re the Modification option...would it have any bad affect on me if i call the finance company to see if they would do this? Do they do a credit check or anything like that?

thejamester

I had the same dilema myself once. One option and it is a very dodgy option is to see if you have a very very very trustworthy friend or family member that will take the car from you and give you the payments each month in time for you to get it in your bank for the direct debit. This option could be a disaster so don't do it unless you can really rely on the person. I did this and my friend had my car for about 6 months and paid for 6 months. He then didn't want it anymore and gave it back but by that time I was able to carry on myself!

Tigger82_2

Hey Jamester,

Thanks for this advice, however, my parents are paying my monthly payments at the mo anyway. The only way I can see out of my debt is to sell the car, then thats almost half of my debt out of my way, also getting a smaller car will help reduce my monthly outgoings in tax, insurance and petrol.

It's just trying to find the best way out of it...

Sailor_Sam

i bought a car, years ago now, off a 'friend'.
one day the phone rang, and it's a finance company, my friend had stopped making any payments on his car loan, now they wanted their car back, or i could pay them the amount outstanding and keep it.
told them, i had paid for it, cash, and knew nothing of any loan. i told them i would get in touch with my ex mate, we no longer worked together, they had been unable to contact him. went to see this guy, he had moved to advoid debts. he said i should phone the finance company and tell them there had been a mistake. 'when i bought the car i should have continued with the payments,' he said if i did this, he would come to see me each month, with the money.
i phoned the finance company back and told them what had been said, but assured them it was'nt true. i told them , if i did get the money, i would send it onto them each month.
needless to say i never saw either my 'friend', or the finance company again.

Tigger82_2

So did the finance company take the car back or did the 'friend' continue to make the payments?
I defiantely will not be doing this if I sell, everything will be up front and proof given

tupperware

Sailor_Sam wrote: »

i bought a car, years ago now, off a 'friend'.
one day the phone rang, and it's a finance company, my friend had stopped making any payments on his car loan, now they wanted their car back, or i could pay them the amount outstanding and keep it.
told them, i had paid for it, cash, and knew nothing of any loan. i told them i would get in touch with my ex mate, we no longer worked together, they had been unable to contact him. went to see this guy, he had moved to advoid debts. he said i should phone the finance company and tell them there had been a mistake. 'when i bought the car i should have continued with the payments,' he said if i did this, he would come to see me each month, with the money.
i phoned the finance company back and told them what had been said, but assured them it was'nt true. i told them , if i did get the money, i would send it onto them each month.
needless to say i never saw either my 'friend', or the finance company again.

If you can prove you bought the car in good faith the majority of finance companies will remove the financial interest.

lenny83

There are a lot of people who try and sell the car with the finance on it without saying anything. Then you do a HPI and it shows up and they say 'I am going to pay it off with the money from the sale.' Others will tell you straight up that there is finance on the car, if you look on ebay, there are a lot of people doing this! Obviously it is not your car so you can't legally sell it, but if there is no other way out I would probably advertise it in hope of finding a trusting buyer. If they paid in cash you could deposit the money into your account and make the full payment right away whilst they are there, and get the finance company to confirm to them that they have no further interest in the car.

It can be done, but the only problem would be if the car is not worth the final figure that you owe them. Obviously you would need to find the difference in order to pay it in full. And because the buyer is taking a bit of a risk, they may only be willing to do it if the car is a bit of a bargain.

Ask the HP company for a final settlement figure and see if you can make it work. Good luck