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If you have a car on finance can you scrap it or do you need to inform them and settle in full?

I live in the UK, bought a car on finance 3 1/2 years ago but its timing belt stripped (2nd time since buying it) and caused over £1000 of damage and I cant afford repairs but unsure how I stand with finance company if I scrap it as I still have 7 payments to make but cant afford to pay it all at once. My car is in storage at present but cant leave it there for 7 months.

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2 Responses to “If you have a car on finance can you scrap it or do you need to inform them and settle in full?”

  1. Pyrate said :
    June 4th, 2010 at 9:25 am

    In theory until you make the final payment to the finance company they still own the car. You can’t legally scrap a car that isn’t yours.

    When you make the final payment they release claim against he vehicle then you can scrap it.

  2. Bones said :
    June 4th, 2010 at 9:48 am

    I believe that the finance company still owns the vehicle, so don’t scrap it. However, why not sell it to highest bidder and pay off the difference..or sell it for what you owe? Then get a new one!




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