What happens if you sell a car with finance on it?

What happens if I sell a car with outstanding finance? It belongs to the finance company, and they have the power to seize it if payments cease to be made on it.

Before selling a hire purchase vehicle, you must first advise the finance company and request the settlement figure required to repay the loan in full.

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What happens if I sell a car with outstanding finance?

What happens if I sell a car with outstanding finance? Both new and used cars can have hire purchase agreements taken out on them.It belongs to the finance company, and they have the power to seize it if payments cease to be made on it.

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What happens if you sell a car with a lien on it?

While you owe money to a bank, the bank has a lien, or the financial ability to sell your car.In order to sell a car under a lien, you need to pay off the bank with the lien to have it removed.Once the lien has been removed, you can proceed with the sale.

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What happens if I sell a car with a lien on it?

Normally you could simply sell the car.But when you still owe money, you do not have the lien to the car.In order to sell a car under a lien, you need to pay off the bank with the lien to have it removed.Once the lien has been removed, you can proceed with the sale.

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Can I sell my car if its on finance?

Can I sell a car with outstanding hire purchase (HP) finance? No you can't, as the lender is the legal owner of the car until the finance is settled.In order to sell the car, you'll have to end the hire purchase agreement early.If you've paid off less than half of the agreement's total cost, you ...

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Is it illegal to sell a car with outstanding finance?

What happens if I sell a car with outstanding finance? Both new and used cars can have hire purchase agreements taken out on them.It is not illegal in itself to sell an automobile that has had a hire purchase agreement on it.But sellers must ensure they comply with the law when it comes to making...

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What happens if you crash a financed car without insurance?

If you cause an accident without insurance, you'll have to pay for all the damage to your vehicle out of your pocket.You could also be sued by other people for damage and injuries you caused them.If you cause an accident without insurance, you'll have to pay for all the damage to your vehicle out...

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What happens if you part out a financed car?

You still owe the finance company the balance owed.

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What happens if you return a financed car?

Unfortunately, yes, you may still owe on the car.When you find yourself unable to make your car payments and ultimately choose to return the vehicle to the dealer (which is known as voluntary repossession), the dealer usually turns around and attempts to re-sell the vehicle.

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What happens when you drive with liability only on a financed car?

Liability Insurance, or Rather Financial Responsibility are required by Law. Comprehensive and collision insurance is required by the terms of your finance contract with the lender. Failure to comply with the terms of your purchase contract can result in the following 1. Forced place coverage by ...

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Can you sell your car what you have on finance?

Not if it is on hire purchace. If you bought it with a personal loan yes you can.

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Can you give your car back if its on finance?

Yes.If you've already repaid more than 50 per cent of your Personal Contract Purchase (PCP) or Hire Purchase (HP) finance you can return your car through what's called a Voluntary Termination agreement.There are, however, a few other ways to end your finance early…

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Is it illegal for a dealer to sell a car with outstanding finance?

It's illegal to sell a car that still has oustanding finance on it.If a car is bought on credit, before it can be sold the finance company must be contacted and they'll provide a 'settlement figure', which is the cost to pay everything off.

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What if you sell a car with a broken frame?

If you sell a car with broken frame and you did not notify the seller or put it under writing (disclose) you can get sued. In America lemon use car law protect buyer from getting defective product so as long as you put it in writing, disclose to the buyer, and have them initial or sign it; you wi...

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If you financed a car can you later on trade it in for a new car?

Yes, no worries as long as that car has no defects and it is in good condition.

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What happens if a financed car is totaled?

If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.Your car insurance company would pay out $14,000 for your totaled vehicle.The money wouldn't come directly to you because your car is financed.

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Can you sell a financed car?

Selling a car can be a complicated process, and it's even more intimidating if you still owe money on the vehicle you're selling.Pay off the remaining debt – possibly with the sales proceeds from your buyer, and any extra funds that you bring to the table (if your car loan is upside-down).

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Is it illegal to sell a car under finance?

When you purchase a car under finance it is not, technically speaking, yours – not until you pay out the loan completely.So if you want to sell the vehicle and it is still under finance, you need to get the finance company's permission to do so first.

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Is it possible to sell a financed car?

Yes, it is a little bit of a pain to the buyer, but if the deal is right then it will sell. When you find a buyer, get the money and use it to pay off the loan (you may have to put some of your own money into the loan if you don't sell it for enough to cover it). Give them a dated bill of sale, b...

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What will happen if you cancel your finance agreement?

What do you mean "cancel." If you pay it off, they'll be as happy as clams. If you simply stop paying - they'll tak you to court and re-possess whatever it is you financed with them.

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What happens if you buy a car with a lien?

Buying a Used Car with an Outstanding Loan Use Your State's DMV Website to Run a Lien Search. Discuss Results of Your Lien Search with the Seller. Get the Seller to Pay Off the Outstanding Amount. Create an Escrow Account to Manage the Purchase. Pay the Loan Balance Directly to the Lender...

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How do you sell a car you are financing?

You just sell it, hopefully for more than you owe. Who ever is handlleing the loan releases the car after it is paid off. If you can't sell it for the entire amount owed it may make sense to pay the difference in order to be out from under the loan. May have to pay this months payment so you don'...

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What happens if I total my financed car?

Totaling your car can ruin your year, but it's especially traumatic when you still owe money on the vehicle.If your vehicle is totaled and you still owe more than it's worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.

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What happens if you sell someone a car and you put a lien on it they owe you money for the vehicle and they porposly damage the vehicle?

You did not mention what type of damage, but i will assume body. Unless you requested for them to put full coverage on the car before the incident, then nothing happens.

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Can I sell my car privately with outstanding finance?

If you are selling a car with finance still outstanding there are two things you must do before you can legally sell it: Inform the finance company and ask them for the “settlement figure” they'll need from you to pay off your loan in full.

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What will happen if I can't pay my car finance?

If you owe less than the car's value, you've got equity.If you owe more money on the loan than the car's actual value, you have negative equity.You'll pay off your loan and that's that.There will be no danger of hurting your credit because of late or missed car payments.

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Is it illegal to sell a car when your still making payments on finance?

No its perfectly legal and if you are still making payments on it, that increases values.

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What happens if you drive a diesel car with petrol?

When diesel is put into a petrol engine, the diesel does not evaporate like petrol does and there will be no spark.If you do start the car, the diesel will land up filling the cylinder bores and causing a hydraulic lock.This can, in turn, cause damage to your conrods and crankshaft.

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What happens if you hit a cyclist with your car?

If the driver fails to notice the bike and turns in front of him, he can cause the bike to hit the car, or run into the bike during the turn.When the person opens the door into traffic, usually without looking first, a bike can plow into the car and the cyclist get injured quickly.

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What happens if you drive a car with expired registration?

A ticket for expired registration usually requires that you get the vehicle registered within a certain amount of time or face further consequences.Driving a vehicle that has expired registration after the ticket will result in imprisonment.

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What happens when you return a financed car?

And depending on the loan contract, you may be able to return a financed car and avoid credit damage.Review the auto contract.Depending on the auto dealer, you may be able to return a financed vehicle within a specific time period and cancel the agreement, usually within three days of the purchase.

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In New York if you sell a car to another person and they do not register it with motor vechicles what happens?

If they do not register the car in their name then if the car is wrecked or used in a crime then it will come back to haunt you

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What happens if you still drive with that light on?

If you mean the in-car light, you can be fined. Driving with it on is considered as a distraction for yourself or others.

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Can you check if a car is on finance?

By looking into a car's history with an HPI Check, you can understand whether the vehicle has an outstanding loan or finance agreement against it.A vehicle finance check will flag up any outstanding finance agreements that remain on the vehicle, letting you know whether or not it's safe to buy.

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What happens if you drive with emergency brake on?

When you drive with the parking brake even partially on for several miles, it's possible to warp a drum or disc.Or if the brakes get really overheated, you can even cause the lining's adhesive to fail, and have the linings crack or even separate from the pads or the brake shoes.

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What if someone sells a vehicle with a lien on it can the buyer have it taken away?

If he pays off the lien yes. If not, then that vehicle is pretty much owned by the lien holder too! it doesnt make sense selling car

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What if a car lot sells you a car with a broke wheel bearing?

When purchasing a used car from a dealer in most cases the sale is considered a purchase in "as is condition". This is where the dealer makes no representation on physical condition or state of repair of the car in question. In most States the buyer will sign paper work agreeing to this at the cl...

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What can you do if someone sells you a car with a lien?

A lien against who... you or them? If the lien is against them, you're not in a good situation, even if you've paid the car in full. If they fail to make the remaining payments, and the vehicle goes up for repossession, then it's getting repossessed, and you'll have a lengthy and difficult legal ...

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Can you sell your car to a dealership if you still owe on it?

When you owe more than your car is worth, you have to somehow give the lender the difference between the sale price and what you owe.You can pay cash, if you have it, or you might have to take out another loan.The buyer will pay the sale amount to the lender.

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What happens if you give your car back to the finance company?

You are unable to make the loan payments, so the lender is taking the vehicle back.It will be sold to recoup as much of the debt you owe as possible.If there is still a balance remaining after the sale and you don't pay it, it could be turned over to a collection agency.

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What happens when you buy a car with a lean on it?

Tread carefully if you intend to do this, because you could get screwed badly if you don't go about it the right way. Typically, you would be the one who the lien became held against, meaning you'd be the one who payed the lienholder. Make sure that you get everything transferred to you, and that...

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What happens if you buy a car that has a lien on it?

A lien lasts as long as a car has an outstanding balance on it, so if you purchase a car with a lien on it, you must pay it out in full.After the balance is paid off, you have to contact the lien holder, who will then clear the title.Furthermore, the car cannot be bought unless the lien holder ge...

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Can you sell a car with a title loan on it?

If you're trying to sell your car, but you still have a car title loan with a lender, you might be wondering if you can sell a car with a title loan on it.The answer is yes, but you have to make sure the car title loan is paid off before you will be able to transfer the title to the new owner.

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Do you have to pay the finance company if the tow people sell your car?

Yes, the loan from your finance company is a legally binding contract between you and them. You are solely responsible for the fulfillment of that loan.

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Can you sell a car if the title has two names on it?

All car titles must be signed by the owners listed on the title in order to be registered with the state.If the co-owners names are joined with “and” then both parties must be present to sell the car.Titles using “or” between the co-owners' names either party can sell the car without the other pa...

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If you finance a car for five years are you stuck with that car for five years or can you change it for a different model at the same company you did the financing with?

saya memiliki kereta kancil 850, dan sekarang sudah menjangkau usia 4 tahun lebih, sekiranya saya ingin menukar kepada kereta myvi adakah boleh?

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What happens when a dealer sells you a bad car?

You should hire an auto dealer lawyer if your car dealer sold you a bad car by lying to you.Your dealer could have lied to you by selling you a 'lemon car' or by not disclosing any accident or damage done to the car.In either case, you can sue your dealer for selling you a bad car.

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Can creditors force you to sell your car if they have a lien on it?

No, they cannot. But if you borrowed money to buy the car, they can repossess it if you do not square things up. If they take it, they can sell it for you, and you will still owe the difference between what it sold for and what you had left to pay on it.

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What happens if you over flow your car with oil?

no big dea. just dump the oil and refill to the required amount

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What happens if you set a car on fire?

If you do it on purpose, you can be charged with destruction of property and a number of other crimes. Accidentally do it and you may be fined.

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What happens if you default on a car loan?

Defaulting on any loan causes many negative financial repercussions for a borrower.Defaulting on a car loan will have specific, unique effects on your assets.Missing a car payment will result in an immediate drop in your credit score.If you miss more than one payment, your FICO scores begin to dr...

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Is it illegal to sell a car with a lien on it?

It's not illegal to sell a vehicle with a lien on it, as long as the sale allows you to pay off the loan and transfer the title to the new owner.Remember, if you still owe on a vehicle, the lender owns the car and, in most states, holds the title.Many states make it illegal to sell a vehicle with...

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Is it illegal to sell a car with a lien on it in Canada?

You cannot register a vehicle with the Ministry of Transportation with an existing lien on it.You are not allowed to sell a vehicle with a lien on it (unless you pay off the lien at the time of sale, details below).

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What happens if you filled unleaded fuels car with ethanol?

If it was E85,,,I don;t think it would run and the fuel system would need to be drained. If it were E10 or E15,,,it would run fine.Another answer:Run the fuel, and change your engine oil immediately after it's burned. The real risk of using E85 in a non-Flex Fuel vehicle is water contamination re...

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What happens if you overfill your car with oil?

Overfilling the engine oil in your car can cause serious damage to your internal engine parts and eventually lock up your engine.To remedy engine oil overfill in your car, you must first verify that the engine oil is actually overfilled and then drain the excess engine oil from your vehicle's oil...

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What happens if you are late on a car payment?

Most lenders won't report a late payment to the credit bureaus until it has gone 30 days past due.That isn't to say you won't be charged a late fee, but your credit rating should not suffer as a result.When a payment on a loan is missed, the next payment received will be applied to the oldest amo...

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What happens if you scratch paint on a car?

This happened to me recently. If you scratched someone else's car. then you would handle it just like any other car accident and exchange insurance information. Same thing would happen if your car got scratched.

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What happens if you keep driving with a bad clutch?

Why It's Bad: It will wear out your clutch.A hefty bill when you'll eventually need to replace your clutch.Resting your foot on the pedal also means your clutch may not be fully engaged.That can cause major slippage with your clutch disc (also wearing down your clutch).

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What happens if you drive with a worn wheel bearing?

If you notice sounds coming from your wheels, contact a mechanic to have your vehicle inspected.If you hear your vehicle grinding while you are driving, you may have a worn wheel bearing.Since the wheel bearing is not properly lubricated, friction increases on the bearing which can cause the whee...

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Can another debtor seize my car if the finance company still has a lien on it?

State laws vary, but if there is a mechanics lien on your car, or your car is impounded by law enforcement because of drug possession, the answer is yes, yes they can.Typically law enforcement will not impound and auction a car that has a lien on it for the value of, or more than the car is worth...

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What happens if you get pulled over with illegal license plate on your car?

depends where youl ive you could get a hugr fine for fictitious plates you could even get your car towed or maybe they will just give you a warning.you never know with cops.

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Can you sell your car if you still owe on it?

When you owe more than your car is worth, you have to somehow give the lender the difference between the sale price and what you owe.You can pay cash, if you have it, or you might have to take out another loan.The buyer will pay the sale amount to the lender.

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What happens if you drive with a bad transmission?

You may experience vibrations, slippage (engine revs but vehicle does not accelerate as it should) or different shift patterns in your vehicle.The gear shift on your car will stop working when the transmission dies.This may be caused by a bad fluid pump in the transmission, which can lead to tota...

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What happens if you drive with a bad tie rod?

Worn tie rods can cause shaky front wheels, misaligned front tires, imprecise steering, excessively worn tires.A broken tie rod would allow one tire to flop to the side causing instant loss of steering and a crash if you are going fast enough.A least, you will be wearing out your tires much faste...

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What happens if you drive with a bad throttle body?

If the throttle body isn't supplying enough air to the engine, you may see a lack of acceleration power and poor engine performance.3.Your car idles poorly: The amount of air entering the engine affects idle speed and quality.A faulty one can cause rough idle, or it can cause the engine to race a...

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What happens if you drive with a bad oil pump?

You could have a bad oil pump.You will need to top up your oil, and again, you can safely drive home.Make sure to get the oil seals or gaskets replaced, though, because if they give out all at once you could end up with a seized motor and very expensive repairs.Another possible cause could be wor...

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Can a finance company repo your car in Texas and then place it on their lot and sell it without notice to the buyer if the finance company also owns the car lot?

Yep. That's the buy here/pay here way of doing business. Make loans to people who can't qualify for a bank loan and when you show them that the bank was right, the car goes back on the lot.

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What would happen to my car if I hit a person with it?

well, besides going to jail if this even happened....which wouldn't, it would cause damage to your car cosmetically or genetically. and it would happen two different ways, if it you hit someone and it went underneath your car, it would tare p the "underbelly" of your car resulting in oil leak and...

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What happens if I buy a car with a lien?

A lien lasts as long as a car has an outstanding balance on it, so if you purchase a car with a lien on it, you must pay it out in full.After the balance is paid off, you have to contact the lien holder, who will then clear the title.Furthermore, the car cannot be bought unless the lien holder ge...

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What happens if a turtle falls on its back?

Turtles with serious respiratory infections, often those resulting from vitamin A deficiencies, might tilt to the side when swimming, which could cause them to flip over.… By the time the turtle starts tilting or flipping, the infection has gone into his lungs.He can no longer stay buoyant in the...

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If you financed a car in your name for a friend what must you do to take it back?

It depends on what state you are in and why you are taking it back. I helped a girlfriend's niece buy a car that she drove for 6 months and made 2 payments. I paid the past due payments and gave her 30 days to get me 5 payments or bring me the car. I made 3 copies of that letter and all 3 of us s...

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How do you finance a new car if you still owe on your present car loan?

You need to pay off the present loan. Most people do that by adding the balance on to their new car loan, getting deeper and deeper into debt.

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What happens if your car gets keyed on your friends property and you dont know who did it what happens?

Report the vandalism to PoliceMake an insurance claimYour friend has no financial responsibility

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What happens if you drive your car while its overheating?

In brief, you will blow the engine.

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What happens if it rains after you wax your car?

The wash and wax will allow your vehicle to shed the water off so it does as little damage to the paint as possible.While rain by itself won't hurt your paint job, rain mixed with city pollution can have a detrimental effect.If it hasn't rained for a while, then wash your car before it rains.

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Can you finance a car with a tax ID number?

A Tax ID Number can be used to buy a car under circumstances, but it depends upon what kind of TIN you are in possession of and whether you want to apply for personal or business credit.If you don't follow the rules for using a TIN to get credit, you could find yourself in violation of the law.

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Can you sell your car with your personal number plate on it?

Yes but you have to tell DVLA

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What happens if you drive a car with the realse brake for a minute?

if only for a minute don't worry about it

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What would happen if you filled a car tire with a solid?

The ride and the handling would be poor at best.

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What happens if you drive a car with a suspended registration?

If your registration is suspended it is illegal for you to drive the vehicle associated with the suspension.The penalty for driving with suspended registration will vary by state but likely would be a fine and/or imprisonment and perhaps also suspension of your driver's license.

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Can a dealership sell a car with a lien still on it?

It's not illegal to sell a vehicle with a lien on it, as long as the sale allows you to pay off the loan and transfer the title to the new owner.Remember, if you still owe on a vehicle, the lender owns the car and, in most states, holds the title.Many states make it illegal to sell a vehicle with...

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What do you do with a financed car when you have to move abroad and can't keep paying it?

Sell it and pay your lender!

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What if a dealer sells you a damaged car?

It's illegal for a dealer to sell you a damaged vehicle without disclosing the car's condition, but some do.They may use illegal practices to conceal a vehicle's checkered past or omit the car's previous problems when talking it up to a customer.Or, they simply may not know the vehicle is not in ...

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What happens when your return a car to finance company?

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.

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What will happen if I will going to sell a car that has been mortgage to the bank and sell it to other person?

I think U will arrested And put up in the jail or the person who buys ur car will have to pay the mortgage

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What happens if you lend your car to a person with a revoked license?

Then the person that lend the car can go to jail

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What can happen if you drive a car with a bad wheel bearing?

The most common symptom with a bad wheel bearing is a loud noise coming from the tire or wheel of the vehicle.It will sound like metal grinding on metal and will get louder as the vehicle goes faster.A bad wheel bearing can lead to uneven tire wear, which means you will have to purchase tires soo...

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Can you sell a vehicle that is financed?

Eliminate the debt: Technically, you probably won't sell your car with the loan outstanding.Instead, you'll most likely unwind the loan at the same time as (or ideally before) you sell the car.Ask your lender for a 'payoff amount' which will tell you exactly how much they need to release the lien...

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Is it illegal to sell a car with a lien?

It's not illegal to sell a vehicle with a lien on it, as long as the sale allows you to pay off the loan and transfer the title to the new owner.Remember, if you still owe on a vehicle, the lender owns the car and, in most states, holds the title.Many states make it illegal to sell a vehicle with...

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What happens to a financed car when someone dies?

When someone dies, the family has many important issues to manage.Unfortunately, debts are eventually among those issues.The lender of a car loan can repossess a vehicle if payments stop.The loan becomes a debt owed by the estate of the deceased person just like other debts, such as credit or mor...

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How can you finance a car with poor credit?

To finance a car with poor credit a person can use a car sales company that offers a "buy here pay here" service. This is not recommended, though, because the price of the cars is higher and the payments are higher priced. But, if a person has no other options and needs a car, this will work.

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What happens if you have several people asking for sell now price who do you sell to?

First come, first served.

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Can you cosign on an auto loan if you financed a car recently?

Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.

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How do you sell a car on which more is owed than what you could sell it for?

Talk to a loan officer at the lending institution and let them know what you're trying to do and make arrangments to pay the balance after the car is sold. If they know that you have plans to take care of the rest of the debt, they'll probably be willing to work with you. Unfortunately, if it's a...

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What can you do if you sell your car and the person leaves it on your property?

check local requirements from dmv

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What happens if you vandalize a car?

Vandalism means intentional behavior destroying or defacing property belonging to another.If you are talking about a vandalized car, acts of vandalism can include keying, egging, writing graffiti on it, spray painting parts of it, slashing tires and cracking or smashing windows.

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What happens if you return a car?

Unfortunately, yes, you may still owe on the car.When you find yourself unable to make your car payments and ultimately choose to return the vehicle to the dealer (which is known as voluntary repossession), the dealer usually turns around and attempts to re-sell the vehicle.

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What happens if you contract to buy a car and the seller sells it to someone else for a higher price?

Depends on the contract. Check to see what penalties are listed for defaults.

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What happens if you sold equipment that has a lien on it not paid for?

you could get sued by the holder of the lien

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Can you sell a car if you never registered it in your name?

Most states require you to transfer the title into your name within a specific time period.But even if you miss the time period, you are still required to put the title in your name.Sellers who do not transfer the title into their name before selling a vehicle technically are not the legal owner ...

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What happens if you drive around with a bad car voltage regulator?

Battery will either be overcharged and burn out numerous electrical components or battery will be undercharged and eventually won't have enough voltage to operate vehicle

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