Is It Illegal to Sell a Car Under Finance?
Many car owners ask us if it is illegal for them to contact our cash for cars service when they are still under finance, our simple answer is no, it’s not illegal to sell a car that is still under finance.
Most people would not go through all the hassle of organizing a car loan just to do an about-turn try to sell a used car while it is still under finance, however, life happens, and circumstances often change. It is totally legal to sell a car that is still under finance, however, it is somewhat complicated, and there are several things that you need to know before doing it. This article does not focus on general advice that is related to selling a car under finance, instead, it will focus on what the legalities are.
For example, in Australia, sellers are not obligated legally to disclose the car they are trying to sell has any financial baggage. As per the fair trading’s guide for car buyers, making sure the vehicle is not encumbered, stolen, or de-registered will be the sole responsibility of the buyer when dealing in private sales.
This is applicable nationwide. It’s the responsibility of the buyer to perform their own due diligence before concluding a sale, and your only real legal protection from taking on someone else’s obligations, this comes under the form of the Personal Property Securities Act.
According to this law, should you perform a check on a vehicle you are interested in buying on the Personal Property Securities Register, and see there are no security interests attached to it. You can protect yourself by buying a certificate that states this and you are buying a vehicle on the same day or the day after you performed the check.
For details about the cash for cars services that Preacher Man and Sons Towing can offer you, and if you live or work in or around the Greensboro, NC area, please do not hesitate to contact us at this number (336) 537-2518 today.
