tina
Member
Registered: 9th Jun 02
User status: Offline
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My b-friend got me a 1998 1.6 sport on finance 18 month ago and i am sick of it so i have got myself a 306 gti-6 and was wondering how do we go with the finance if he stops paying? he will get a ccj and obviously it will be on the hpi register but a few people have said if the owner changes 3 times it cant be reposessed does anyone know if this is true? if so i have put it in my name even though it was in his name originally ( for me insurance) so it needs to change twice more and do you think my b-friend would have any prob selling it to someone on here for example @ £2000 its on a p/plate with 9 month mot and tax till nov only has 47000 miles and is black 3 door and totally standard?
Help Please?????
[Edited on 19-10-2003 by tina]
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wayne hiscock
Member
Registered: 20th Jan 01
Location: wiltshire, trowbridge
User status: Offline
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thats a silly price for a 1.6 sport.
best bet is to ask finance company. but i think if you sell up then pay off finance straight away then ur ok.
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nik
Member
Registered: 19th Jun 00
User status: Offline
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You have to pay the finance company the balance obviously. If not the car would go on hpi etc and you'd get stung big time. Speak to the finance company about it, your only have to settle whats left then whatever cash is left over is yours
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Call the finance company and ask for a settlement figure. This is the amount of cash you will need to give them to clear the finance. You'll either be able to sell the car for more this and pocket the different or if you can't get this price, put something to it yourself.
You will also be entitled to a discount for early settlement as there's interest compounded in to the deal that you'll not be paying - ie. the portion after you've sold the car.
In the event that the car isn't worth what is owing on it, you may also be entitled to return the car back to the finance company with no penalty assuming you've paid over half what you borrowed.
Dig out the finance agreement and give me some figures if you wish.
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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Yeah Ian is correst there....
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