Hi, if I sold my car for a nominal fee with finance owing (my motivation would be for someone else to take on the liability and make the payments), can the new buyer just start making the payments.
Obviously I know that I am still personally liable for the finance, but if they were a cousin or a friend and I trusted them, would there be any problem with this or would I have broken the law here?
Good luck!
If it is just a personal loan in your name then you can do what you like as long as finance is repaid. Eric
Good point.., but what if it's a car finance product, like a PCP or PCH?
Good luck!
Eric
With the agreement of the Finance Company, you can assign the contract to another party.
It's quite a lot of hassle, IME.
wrote
Presumably, the cousin/friend also trusts you? Then why don't you simply allow the cousin/friend to *use* the car (all the time) - rather than actually "selling" it - and have him/her pay the finance?
The effect would be the same except only for "ownership" - but if you both trust each other, why should mere "ownership" matter to either of you? [The cousin/friend can still become the 'registered keeper'.]
Then, when the finance is completely paid and you actually own the car yourself, you can give (or sell at a nominal fee) the car to the cousin/friend who has been using it all the time anyway....
Have something to add? Share your thoughts — no account required.
Ask the community — no account required