Hire Purchase Vehicle

K

karinalou

Guest
Hi,
I bought a car on HP just over 2 years ago, however I have still got 3 years left to pay off. However, my financial circumstances have changed and I want to free up some money. Am I allowed to sell my car to pay off the HP loan, and what options do I have if I dont sell it for as much as the outstanding finance balance? I have thought of trading it in for a cheaper car however I would still need a deposit to do that. I have approx £6000 left to pay off but I think I would only sell it for around £5,000
 
As this is an Irish site it is unlikely that you will get access to expertise in UK HP / Finance agreements.
 
the car is security on the hp so if you sell the car and refuse to pay the balance the hp company can lawfully repossess the car form the new owner.Because of this its very difficult to sell a car privately with a finance settlement on it as most people will check if there is finance outstanding as if they dont they are wide open to been caught out.This is a common problem mow as alot of people find themselves with negative equity on their cars!finance can be checked on cartell.ie
 
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