Quote: Originally Posted by Shaun (original)
I thought it was illegal to sell a car with outstanding finance too as you don't actually own the vehicle.
I looked it up and found this to be quite useful.
Legal Issues Explained - Car Repossession
Here's the bit about selling.
"My friend has offered to buy the car of me even though there is outstanding finance on the vehicle. Can I sell it to him?
It is actually against the law to sell a car if it still has finance on it. Please make sure you always settle outstanding finance before ownership is changed."
yeah that has nothing to do with arranging the sale of your car...I have had pretty much all my cars on finance and everytime sold either to a private buyer OR to a different dealership.. It is illegal to knowingly sell someone a car which has outstanding finance BUT most definetly not illegal to arrange the sale.. As long as you settle the outstanding balance.. You call up mini, get the settlement figure and basically thats what you need to sell your car atleast at so you can pay off the finance...If what you say is true then basically your saying MINI have a LEGAL MONOPOLY against car buyers in that if you buy a car from mini on finance you can only sell it back to them at whatever price they want to pay unless you can find thousands of pounds
GIVE ME A BREAK
After selling many times to private buyers and dealers i can vouch that if you make sure you tell them, this is what is left outstanding on the finance and i will settle it with mini.. I think you would find alot of people being charged by police if this was illegal, it happens all the time...If i sell someone my car then send the money to mini to setlle finance thats it, deal done and over...People do this all the time, dealerships included like Lotus and im sure they wouldnt enter into any illegal purchases, fact is its not illegal
- maybe go out and see yourself as thats how the industry works instead of reading articles
If you sell your car to someone without disclosing outstanding finance then they will get the car repossessed for not paying and the seller will be charged with fraud..Thats hardly the same as an honest seller who wants rid of their car settling finance..
HP checks are their so the buyer can see if the seller is telling the truth about the car.. Its to make sure the buyer arranges with the seller the settlement of the HP I.E After the HP has been disclosed by the seller it is upto the buyer to make sure the outstanding finance is settled.
Quote: Originally Posted by Streeters (original)
Technically it is an offence to sell a car which has oustanding finance against it. In theory the best thing would be to pay it off as the sale goes through. I'd pay it myself though in case the buyer doesnt settle, then they'd have your car and you'd still be liable to make the payments.
True..However if a buyer did that and thought they were smart then you simply stop making the payments and the car will be repossessed...Either way its always best to settle the finance yourself with the buyers money..
