Until you have completely settled the finance, the car is not yours. It belongs to the finance company. If you were to sell the car, that could be considered either fraud or theft by the finance company and/or the Police. Either conviction could lead to a prison sentence, and a criminal record that will harm your employment chances for the rest of your life. In addition, you would still be liable to pay the rest of the finance. If you stopped the payments the finance company will investigate, and may take you to court. You won’t win that case. Failure to keep up the payments will harm your credit score, which will make it more difficult for you to get any form of credit in the future (e.g. electricity or gas account, mobile phone contract, another car loan, a mortgage, a credit card or store card, etc.). If you are short of money, you need to phone the finance company to explain the situation. You can then get their permission to sell the car, but that will be on the understanding that you use the money from the sale to settle the finance. Ask them for a settlement figure. You need to be aware that if you bought the car new or nearly new with a small deposit, the settlement figure from the finance company may be more than the current re-sale value of the car. Any sensible buyer will do an HPI check before buying your car, which will show up that there is finance outstanding on the car. Should you sell the car without clearing the finance, the finance company are within their rights to repossess the car from the buyer. In that event, the buyer will likely chase you for a refund, and if you do not pay up could take you to court. A County Court Judgement against you will further damage your credit score....
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