A8_Tony Posted August 4, 2005 Report Share Posted August 4, 2005 OK fellas, quick bit of advice needed I've got a Clio on PCP 3 years payments and then either pay the thing off, or trade it in. This is registered in my ex's name. How much finance would I be responsible for if I were to sell the car?? Can anyone advise on this kind of financial buggeration??? cheers chaps Link to comment Share on other sites More sharing options...
Chav Posted August 4, 2005 Report Share Posted August 4, 2005 I don't think you can sell it if it's not in your name. Normally with a car that has outstanding finance, you can sell it as long as you settle the finance within 7 days of the sale. ... but the finance company won't even tell you the outstanding balance on the account if it's not in your name, due to DP act etc. Link to comment Share on other sites More sharing options...
A8_Tony Posted August 4, 2005 Author Report Share Posted August 4, 2005 ok, what if it was decided that she would sell the car?? Link to comment Share on other sites More sharing options...
Chav Posted August 4, 2005 Report Share Posted August 4, 2005 That would be fine. She needs to ring up the finance company and get an outstanding balance figure. Normally they do it, so its valid for 14 days or so. Then you have to sell the car and pay them. That easy. Sometimes the outstanding balance is more than you can get for the car, so you'll have to chip in extra too. But the longer you've had the car, the less likely that should be. Link to comment Share on other sites More sharing options...
A8_Tony Posted August 4, 2005 Author Report Share Posted August 4, 2005 Chav, here's a slightly more complicated scenario. Car 1 (owes about £2k) Registered to her Financed by me Car 2 (the one above owes about £6k) Registered to me Financed by her what is likely to be my best course of action??? and who would remain liable for any debts?? Link to comment Share on other sites More sharing options...
A8_Tony Posted August 4, 2005 Author Report Share Posted August 4, 2005 by the way chav, what is your vocation?? Link to comment Share on other sites More sharing options...
Chav Posted August 4, 2005 Report Share Posted August 4, 2005 Sorry I'm not a financier, but have had quite a few car PCP's/leases and wife is solicitor. PCP/HP's are the responsibility of the person(s) who took them out. Technically, the car is their property until you have made the final payment option with a PCP. The registered keeper is supposed to be the person on the PCP agreement, but being a registered keeper doesn't mean you're responsible for the finance. The person(s) on the agreement itself are solely responsible. Or by "financed by me" do you mean you just pay the direct debit on her behalf etc? Link to comment Share on other sites More sharing options...
A8_Tony Posted August 4, 2005 Author Report Share Posted August 4, 2005 The agreements are in each others names, which as you can imagine makes me a little twitchy!!! Link to comment Share on other sites More sharing options...
Booster Posted August 4, 2005 Report Share Posted August 4, 2005 The registered keeper bit is not relevant as title of the vehicle rests with the finance co. until any finance is settled. The only finance YOU are responsible for is the one that you signed the finance agreement for. When you say each others names do mean you signed for them jointly? Link to comment Share on other sites More sharing options...
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