British Expats
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British Expats (https://britishexpats.com/forum/)
-   The Sand Pit (https://britishexpats.com/forum/sand-pit-116/)
-   -   Car Loan.....Repaying it ? (https://britishexpats.com/forum/sand-pit-116/car-loan-repaying-562831/)

BangleMan Sep 21st 2008 1:04 pm
Car Loan.....Repaying it ?
 
Need a bit of advice pls....

I took a car loan out over 4 years with HSBC, but now want to sell the car, buy something cheaper, and pocket the difference, and then continue to repay the monthly instalments on the original car loan as I have been

I have done this several times over the years in UK, but someone at work mentioned to me that they think it works differently here, in that if a prospective buyer (even if they are paying cash for the car, without the need for a car loan themselves) need to have proof from me that my car loan has been repaid in full and there is no finance outstanding on it

Is this correct ?

Has anyone had any experience with this type of thing and can offer some advice from their own experience ?

scarletfan Sep 21st 2008 1:15 pm
Re: Car Loan.....Repaying it ?
 
Originally Posted by BangleMan (Post 6805733)
Need a bit of advice pls....

I took a car loan out over 4 years with HSBC, but now want to sell the car, buy something cheaper, and pocket the difference, and then continue to repay the monthly instalments on the original car loan as I have been

I have done this several times over the years in UK, but someone at work mentioned to me that they think it works differently here, in that if a prospective buyer (even if they are paying cash for the car, without the need for a car loan themselves) need to have proof from me that my car loan has been repaid in full and there is no finance outstanding on it

Is this correct ?

Has anyone had any experience with this type of thing and can offer some advice from their own experience ?
No experience of this myself, however, I was talking to a Brit colleague about buying and selling cars last week, which turned in to an indepth discussion. He changes his car on a regular basis and mentioned it is a bit of a pain as when he sells his car, he has to provide paperwork from the bank that the loan has been paid off, otherwise the car can't be registered. The way round this is to take out a further loan to pay off the existing, which to me seems absurd and a costly way particularly if there are early repayment charges, although he did mention if you use the same bank all the time they waive the charge

Inselaffen Sep 21st 2008 1:27 pm
Re: Car Loan.....Repaying it ?
 
Originally Posted by BangleMan (Post 6805733)
Need a bit of advice pls....

I took a car loan out over 4 years with HSBC, but now want to sell the car, buy something cheaper, and pocket the difference, and then continue to repay the monthly instalments on the original car loan as I have been

I have done this several times over the years in UK, but someone at work mentioned to me that they think it works differently here, in that if a prospective buyer (even if they are paying cash for the car, without the need for a car loan themselves) need to have proof from me that my car loan has been repaid in full and there is no finance outstanding on it

Is this correct ?

Has anyone had any experience with this type of thing and can offer some advice from their own experience ?
yes, there is effectively a mortgage on the car. so you have to pay the bank off before it can be registered in the new owner's name. normally you go down to the bank with the buyer. he gives you the cash so you pay it off and then you get the bank release.

BangleMan Sep 21st 2008 1:50 pm
Re: Car Loan.....Repaying it ?
 
Originally Posted by Inselaffen (Post 6805774)
yes, there is effectively a mortgage on the car. so you have to pay the bank off before it can be registered in the new owner's name. normally you go down to the bank with the buyer. he gives you the cash so you pay it off and then you get the bank release.
Oh bollox !

busybee2 Sep 21st 2008 5:46 pm
Re: Car Loan.....Repaying it ?
 
yep agree its a mortgage on the car, so you have to show thats its paid for before you can sell it on, the bank will not release the necessary paperwork etc for you to do it, unless its all sorted plus usually if you have a loan for 4 years you will pay off more because they usually divide the loan plus the interest by 4 years and then that gives you the monthly payment, so you dont save by paying it off early.

Robbies Sep 22nd 2008 5:22 am
Re: Car Loan.....Repaying it ?
 
It can be the same in the UK, where people get finance for a car through a car dealer - the car is owned by the loan company (same as here) until paid off.

The way round it in the UK is an unsecured personal loan which you then use to buy the car - the loan company have no ownership of the car so you can do what you please with the money/car. Not sure if that is an option here?

TGFKASE Sep 22nd 2008 7:06 am
Re: Car Loan.....Repaying it ?
 
I see Bangleman was spotted giving a fond farewell to his vehicle.....

http://www.metro.co.uk/weird/article...4&in_page_id=2

BangleMan Sep 22nd 2008 7:15 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by TGFKASE (Post 6807510)
I see Bangleman was spotted giving a fond farewell to his vehicle.....

http://www.metro.co.uk/weird/article...4&in_page_id=2
It wasnt me, as he didnt even have the deceny to take the SUV from behind ...!

TGFKASE Sep 22nd 2008 8:17 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by BangleMan (Post 6807525)
It wasnt me, as he didnt even have the deceny to take the SUV from behind ...!
I thought you were gonna be using the wiper blades for some purchase....!!!!

Inselaffen Sep 22nd 2008 8:29 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by TGFKASE (Post 6807629)
I thought you were gonna be using the wiper blades for some purchase....!!!!
he prefers to shag his VW from behind so he can look at the little plastic (Chavy) Hammers shirt in the rear window!

TGFKASE Sep 22nd 2008 8:35 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by Inselaffen (Post 6807671)
he prefers to shag his VW from behind so he can look at the little plastic (Chavy) Hammers shirt in the rear window!
Well, the 'ammers season is buggered anyway, innit???

BangleMan Sep 22nd 2008 8:57 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by Inselaffen (Post 6807671)
he prefers to shag his VW from behind so he can look at the little plastic (Chavy) Hammers shirt in the rear window!
Oiii....as founder member of the WHUFC Dubai Supporters Club, it is with pride that my little West Ham Shirt is in my rear window !

Originally Posted by TGFKASE (Post 6807691)
Well, the 'ammers season is buggered anyway, innit???
Excuse me, check the table my Scottish friend.....We are
6th in a league of 19, whereas the Sheep Shaggers a.k.a. Aberdeen Nil (as they are fondly known) are a lowly 8th of 12 teams......truly buggered yourself me thinks...!

TGFKASE Sep 22nd 2008 8:59 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by BangleMan (Post 6807772)
Oiii....as founder member of the WHUFC Dubai Supporters Club, it is with pride that my little West Ham Shirt is in my rear window !

Excuse me, check the table my Scottish friend.....We are
6th in a league of 19, whereas the Sheep Shaggers a.k.a. Aberdeen Nil (as they are fondly known) are a lowly 8th of 12 teams......truly buggered yourself me thinks...!
Oh aye, Ive heard of them... but I heard it pronounced Who 'The' Fck!!!!

Jeeper Sep 23rd 2008 8:40 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by BangleMan (Post 6805733)
Need a bit of advice pls....

I took a car loan out over 4 years with HSBC, but now want to sell the car, buy something cheaper, and pocket the difference, and then continue to repay the monthly instalments on the original car loan as I have been

I have done this several times over the years in UK, but someone at work mentioned to me that they think it works differently here, in that if a prospective buyer (even if they are paying cash for the car, without the need for a car loan themselves) need to have proof from me that my car loan has been repaid in full and there is no finance outstanding on it

Is this correct ?

Has anyone had any experience with this type of thing and can offer some advice from their own experience ?
Why would you continue to maintain and pay interest on a loan you don't need anymore?:confused:

BangleMan Sep 23rd 2008 9:22 am
Re: Car Loan.....Repaying it ?
 
Originally Posted by Jeeper (Post 6810758)
Why would you continue to maintain and pay interest on a loan you don't need anymore?:confused:
Because at times in the past when I have needed money, instead of continuining to drive around in a 25,000pound car which has a loan attached to it, I have sold it, bought something cheaper and put the monetary difference to other uses at that time

The existing car loan is continued to be repaid, the bank are not bothered as they are still getting their loan repaid, plus I then dont have to get a personal loan out unnecessarily, and as I said, I can use the monetary difference for other things......whats so dificult to understand ?


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