Ending hp car agreement

[Card40]

I am looking for some help with my car, my car finance is through my mum but the car is registered in my name, I am looking to terminate the agreement which the finance company have agreed too but I have been told that I can't end the agreement as the car is not registered to thebperson who has the finance. I am being told conflicting thing, by the sales guy of the new car I am looking to get is do not contact the finance company and tell them this, by someone else, just register the car in my mums name and hand to the auction, but the sales guy is saying I can't do this as my mum will not be registered as the keeper of the vehicle since it was bought....

a bit long winded but any help would be appreciated.

[IanM]

Re: Ending hp car agreement

The easiest way to deal with this is to 'sell' the car to your mum, send the log book to the DVLA and when the log book comes back in your mum's name she can cancel the agreement with the finance company.

There may be penalties for ending the finance agreement so check out all possibilities before cancelling, make sure you don't pay the finance company more than you can get for the car if you sold it at auction. At the same time, the finance company may want the car back to sell on themselves but this will cost you if they do cos they won't get the best price for it and will chase you for the difference.

The salesman should not really be telling you to sell the car at auction without informing the finance company because it may cause problems for the new owner if the finance company decide to repo the car if they don't get paid from the sale and that wouldn't be fair to the new owners, the salesman is after a sale after all so don't take his advice as gospel.