o.k recently purchased a car through finance company with my now ex fiance. car is in my name and now that I am not a we its too expensive and not exactly what I need. Am I able to sell it or trade it in owing on it!
kazbanz,
Dec 3, 9:47pm
Short version YESBUT its pretty complicated.
cheviot,
Dec 3, 9:58pm
You can trade it on a cheaper car and get the car sales to payout the finance. You'll probably take a hit in the pocket though.
sheetcreek,
Dec 4, 2:13pm
thanks for the advice :) will be contacting the finance company
tazcsv,
Dec 4, 2:29pm
Yes and its easy to do, the car yard will sort the finance side of it.
gman35,
Dec 4, 2:49pm
I always wonder why a prospective BUYER of a used car has the problemof checking of wether any finance is owed etc. Any loan should just be against a person/s , and be on the head of the bank/finance co. That way a few more people would probably not get loans on things they can't really afford , and the "repossesion" concern would not pass to the new purchaser. If a loan is not repaid , the financier should just be able to seize whatever else may be legally owned by the borrower (their house if need be) / transfer loan to any "guarantor" / take them to court / stop them leaving country- whatever. It just seems financiers have little risk for the rates they charge on the small % of bad loans they do , while giving hassle to everyone else.
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