Posted by
Sapphire
8 yrs ago
What happens if you buy a new car on finance and then end up having to leave HK due to job relocation before the loan is fully paid? Is it possible to sell the car with outstanding finance, then pay off the debt with the proceeds of the sale, or is this not legally allowed? ... I can't imagine anyone wanting to buy a car with outstanding debt, or that it would be legal anyway! How would someone in this situation go about such a thing? Thanks for any advice!
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best way would be to contact and ask financiers, they would tell you if you can sell the car or not, i am sure dealers would also know how to deal with it.
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Usually people will sit down with the financers and the buyers. The set the agreements.
Eg. if you still own 50K
And you car deal is 70k. You need to pay 50k or the new buyer can transfer your o/s fianance to him/her. You will be free to go once the care came on the new buyers name.
But seems like this people afraid to involve in such matters and either did not have interest to buy or rather gives you a very low price offer like that.
Anyway what car you got?
Thanks
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Here it is quite simple. The finance company keep the original registration document and will only release it once the loan is paid in full. 2 ways to achieve that. Come to an agreement with the buyer for them to raise a bank cheque for the outstanding amount to the finance company to clear the debt and release the registration document, or of course raise a bank cheque yourself.
However you do it you cannot get the registration document until the finance has been paid. Happens quite regularly here so is not a big issue.
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It's all sorted now. Thanks for the advice folks!
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