Originally Posted by
Elwood
Yes, you can. The loan is not secured against the vehicle and it's not correct that the finance company have placed that marker against that vehicle, remember:
"The Lender has no claim or interest in the vehicle"
If that's the case, why is the marker applied?
I've challenged this myself before, and there is no legal rule for the company to prevent you selling the car. You are bound by the terms and conditions of your agreement and if it says personal loan, with no reference to paying the full amount back before you own the car, then you can do what you like with the vehicle.
Of course, you'll still be responsible for the loan, that won't go away even if you sell the car.
Not totally true.
Remember the finance is secured against that asset, you have an obligation to
i) Retain the vehicle until the finance is repaid or
ii) Repay any outstanding finance on the sale of that vehicle if it is sold to a third party.
Yes you are still personally liable for the debt, but it means if you have sold it they will expect you to cough up the cash immediately or they will take you to court to get the money back.