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Can we resell a car that is still under credit?

A vehicle whose acquisition has been financed by a credit may in some cases be the subject of a sale, even if the reimbursement has not yet come to an end. There are a certain number of stages to be respected as well as conditions to be fulfilled in order to be able to carry out such an operation. Do you want to resell a car?

From the nature of the loan to the various clauses specified in the credit agreement, everything must be taken into account before the possible transfer of a car still under credit.


Constraints related to the nature of the loan


The nature of the loan conditions the possibility of reselling a car financed by a credit. Indeed, if the borrower bought the vehicle by an unrestricted credit , the lending organization does not ask for any justification as to the destination of the capital granted. These include personal loans or consumer credit. In this case, the borrower has the vehicle as he sees fit, even if the credit institution contributed partially or fully to its acquisition.

Resell your vehicle?

If on the contrary, the financing of the acquisition of the car was carried out by means of a car loan, the sale is not always allowed. Depending on the credit organization, this affected loan may be accompanied by the pledge of the vehicle. It is in this case impossible to sell the car until the repayment of the credit is not made since legally, it is the lending establishment which is the owner. However, it is possible to negotiate with your bank if the proceeds from the sale of the car contribute to repaying the loan.


The terms of the loan contract

The terms of the loan contract

It is important to reread your loan contract carefully before considering reselling a vehicle bought with the help of a credit institution and whose repayment is still in progress. Indeed, certain clauses may stipulate that the borrower may in no case sell the vehicle, object of the loan, without the agreement of the lending organization. It is essential in this case to contact the latter to request his agreement.

In addition, it is always interesting to see the terms provided in the loan agreement regarding the ownership of the vehicle. If the document attests that the car remains the property of the lending establishment until the total extinction of the loan, it is not advisable to proceed with its sale under penalty of risking breaking the law for misappropriation of pledges.