mary Posted May 10, 2009 Share Posted May 10, 2009 Hi, this may sound like a stupid question, I need to register our car here in France, but we still have Finance with GMAC in the UK. Husband works in Uk and all finance's\Bank accounts etc goes through our UK address. Can we export the car here and still have finance on it in the UK.? Theroretically I don't surpose we can, but I don't quite know the way around it, as we don't have enough cash to pay it off. Will GMAC find out that we have exported it?? Any suggestions greatly appreciated. Link to comment Share on other sites More sharing options...
Dog Posted May 10, 2009 Share Posted May 10, 2009 Don't waste time worrying about it - just register it here.Registering a vehicle has little to do with a loan. Link to comment Share on other sites More sharing options...
Benjamin Posted May 11, 2009 Share Posted May 11, 2009 It really depends on what type of finance deal you have and what the agreement says.The worst case, which I think you're already acknowledging, is that you don't actually own the vehicle until the final payment is made. You will therefore be exporting someone else's property.So long as you keep up the payments it's unlikely the finance company will know but it's likely you'll be committing a criminal offence in the UK. Link to comment Share on other sites More sharing options...
Pickles Posted May 11, 2009 Share Posted May 11, 2009 The only way to answer the question is to check the terms of your loan agreement: it really depends whether the loan is secured in any way on the car, or whether it is just a personal loan. If it is a pure personal loan then the use to which you put the money is really up to you, and you have the duty to repay the loan according to the agreed timescale: the car itself is not used as security. If it is not just a personal loan then the car IS being used as security for the loan and I would be very surprised if the terms did not contain some restriction on re-registering the vehicle, especially abroad. I would expect it to contain an obligation to notify such things as changes of name or address of registered keeper, etc. If the latter is the case, then to do as you suggest without informing GMAC would be at best a breach of the loan terms, and at worst, liable to be interpreted as an act preparatory to an attempt to defraud. Whether or not GMAC would find out that you had reregistered the car is really not the issue. I don't know if the interests of finance companies are recorded on the registration document or by the DVLA.If the car is being used as security, then presumably the loan rate is lower than it would be if the loan were unsecured: perhaps the way forward would be to see if GMAC would be happy to change the finance agreement to a personal loan instead: this of course may result in an increase in the interest rate payable.RegardsPickles Link to comment Share on other sites More sharing options...
mary Posted May 11, 2009 Author Share Posted May 11, 2009 Thanks everyone, I did think that we may have to get a personal loan out to repay the finance on the car finance loan. Will perhaps ask GMAC what their policy is on this, as I can't see anything on the terms about it. I don't know if their system is linked up with DVLA, as when I put the car on persoanl plates and I forgot to tell them, they still had the old plates registered, so it may not be the case. Better be safe than sorry, I will call them. I just didn't want to open a can of worms, if I didn't have to. Thanks again Link to comment Share on other sites More sharing options...
AnOther Posted May 11, 2009 Share Posted May 11, 2009 The DVLA are not at all concerned with actual ownership only the registered keeper as recorded on the V5 which presumably is you. Link to comment Share on other sites More sharing options...
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