Selling a car with Outstanding Finance

Sell my car with Finance Outstanding

What is Outstanding Finance?

When the former owner already owes money on the car but sold it instead of settling the finance, then it is known as outstanding finance. They are defrauding the next owner by selling the car without reporting it in any documents, this is illegal and it shouldn’t be done.

 Outstanding Finance

Can I sell my car with Finance Outstanding?

It is illegal for the vehicle's keeper to sell the car without the permission of the owner. The keeper must pay off their agreement to become the owner before they can sell the car with outstanding finance. The finance company is likely to track you down and repossess the vehicle if you sell a car with outstanding finance without consulting the buyer. 

can I be buying a car with Outstanding Finance?

If a car owes finance payments, the car belongs to the finance company. You will receive debts if you are the ‘owner' of the car, even if you bought it in good faith, and it will be your responsibility to pay it off.

If you have already paid for the car, you could be unable to take legal action, which may be costly.

That's why it's necessary to obtain proof that the debt has been paid off before buying a vehicle. If you can't access anything from the seller, an outstanding finance check complete car search would give you the contact information for the finance company, which you will use to ensure the loan has been paid off.

Outstanding finance deals are often settled at the point of sale when buying a used car from a dealer. This is very normal, but you can talk to them about it before paying over the money and get written confirmation that they can pay off the debt.