car finance

[lindas]

i bought a car with finance from advantage finance ive payed for 2 years do i own the car and can i sell it

[meglet]

Would entirely depend on the agreement with Advantage Finance. Contact them on 01472 233220 with your agreement numebr and ask them if there are any further payments required to settle your account.

[Stu Dent]

If it's a hire-purchase agreement then the car does not belong to you until the last payment has been made. If you want to sell the car then you will have to settle the finance first so that ownership and good title passes to you. If you sold the car with outstanding finance on it, the buyer will not have good title to the car and the finance company will take possession of the car and the buyer can pursue you for breaching an implied term within your contract that you had good title to sell the car.

If you are having trouble making repayments on the finance then it may help you to know that if you have paid at least half of the payments to the finance company then they cannot take possession of the car.

[Stu Dent]

If it's an unsecured loan agreement then yes, you can sell the car, but of course, you still owe money to the finance company. But they have no right of ownership to the car and cannot take possession of it from you, or the buyer of your car. My guess is that answer 1 will fit your circumstances.

[moomintroll1]

Stu Dent's advice is not quite accurate on the finance company's right to take possession. If it is a hire-purchase or conditional-sale agreement, and you have paid at least one third of the total amount payable, the finance company must obtain a court order before they can take possession, but if you have stopped making payments and have made no reasonable payment offer, they would have little difficulty in doing this.

If you have paid over half of the total amount payable, you can return the car to the finance company, and you will not be liable for any further payments (unless you have failed to take reasonable care of it).

If you still have a copy of the agreement, it will state on there the exact figures under sections headed "Repossession: Your Rights" and "Termination: Your Rights".