Cars and finance

[Guest Heather2011]

We are planning on taking cars to Oz with us when we finally go...are we allowed to ship them with outstanding finance? We are planning on keeping the payments going until paid up, not running away before anybody suggests! We will have had both cars for over the 12 month requirement for ownership purposes.

 

Heather

[Guest leeozbound]

Hi Heather, it all depends how you financed the vehicles, if you took the finance through the dealer where you bought the cars from then you will not be able to ship the vehicles out there as the finance company owns the cars untill they are fully paid (usually the final payment is called the option to purchase payment, this just transfers title of the vehicle over to you,)

If you financed the cars with a personal loan then there is no attachment to the cars and you are free to do as you please with the cars it is just up to how you deal with the personal loan.

Hope this helps

 

Lee

[Guest Guest5035]

What make are they?? We actually have cars for sale here, not everyone still travels by horse these days:smile:

 

Stevo

[Guest Heather2011]

Hi Heather, it all depends how you financed the vehicles, if you took the finance through the dealer where you bought the cars from then you will not be able to ship the vehicles out there as the finance company owns the cars untill they are fully paid (usually the final payment is called the option to purchase payment, this just transfers title of the vehicle over to you,)

If you financed the cars with a personal loan then there is no attachment to the cars and you are free to do as you please with the cars it is just up to how you deal with the personal loan.

Hope this helps

 

Lee

 

Thanks Lee

[Guest Heather2011]

What make are they?? We actually have cars for sale here, not everyone still travels by horse these days:smile:

 

Stevo

 

Thanks Steve, love your reply...we bought the cars before we decided to make the move and unfortunately the value of one of the cars doesn't cover the finance...They are SAABs

 

Heather

[Guest leeozbound]

Thanks Steve, love your reply...we bought the cars before we decided to make the move and unfortunately the value of one of the cars doesn't cover the finance...They are SAABs

 

Heather

 

Just another thought, if you did have the cars through a dealers finance company as long as you have made 50% of the payments then you can just hand the cars back to the finance company without any penalty to yourself. If you look at your finance agreement it will explain this in more detail it is more commonly know as halves and thirds.

[snifter]

Yeah, what the others said really. You need to look at the finance small print to ensure you are not doing something to invalidate it. Else it could get messy. I'd talk to the finance company/dealer and see where you stand.

[IrishStew]

Thanks Steve, love your reply...we bought the cars before we decided to make the move and unfortunately the value of one of the cars doesn't cover the finance...They are SAABs Heather

 

Hi Heather, I know that feeling same thing with my Lexus.

 

I note you say that you bought cars before the big decision, will you have owned them for longer than 12months when you export?

 

See http://www.anglopacific.co.uk/documents/importing-cars-aus.pdf

 

The negative equity on the cars will need to be significant to offset the taxation and shipping costs, especially if they are new.

All the best

 

IrishStew (OH)

[Guest teamV]

Hi Heather, it all depends how you financed the vehicles, if you took the finance through the dealer where you bought the cars from then you will not be able to ship the vehicles out there as the finance company owns the cars untill they are fully paid (usually the final payment is called the option to purchase payment, this just transfers title of the vehicle over to you,)

If you financed the cars with a personal loan then there is no attachment to the cars and you are free to do as you please with the cars it is just up to how you deal with the personal loan.

Hope this helps

 

Lee

 

How would the finance company know that you have shipped them ,as all the docs will be in Heathers name ,do customs hpi the vehicals ,as if that was true how could you travel abroad on holiday,as again theres no promise you will return.

Hire vehicals can be locked to the uk, but ive never heard of finance vehicals,

 

 

Kev.

[Guest Heather2011]

Hi Irishstew

 

We will have had the cars for over 12 months, i think we will probably sell them back to dealer. they are only part financed so we will have a bit more money to take hopefully...

 

Heather