I live in the UK, bought a car on finance 3 1/2 years ago but its timing belt stripped (2nd time since buying it) and caused over 鎷?000 of damage and I cant afford repairs but unsure how I stand with finance company if I scrap it as I still have 7 payments to make but cant afford to pay it all at once. My car is in storage at present but cant leave it there for 7 months.
If you have a car on finance can you scrap it or do you need to inform them and settle in full?
In theory until you make the final payment to the finance company they still own the car. You can%26#039;t legally scrap a car that isn%26#039;t yours.
When you make the final payment they release claim against he vehicle then you can scrap it.
If you have a car on finance can you scrap it or do you need to inform them and settle in full?
I believe that the finance company still owns the vehicle, so don%26#039;t scrap it. However, why not sell it to highest bidder and pay off the difference..or sell it for what you owe? Then get a new one!
Wonderful Article Car Finance Company for bad credit and I really appreciate it for sharing this blog is very informative and helpful Thanks :)
ReplyDeleteAttractive, post. I just stumbled upon your weblog and wanted to say that I have liked browsing your blog posts. After all, I will surely subscribe to your feed, and I hope you will write again soon! http://strathmoreminerals.com/the-common-mistakes-people-make-when-getting-a-loan/
ReplyDelete