If your car is financed and no longer roadworthy, you cannot scrap it without lender approval since you do not own it until the loan is paid off. Instead, consult your finance provider as they can assist with options such as using an insurance payout to settle the loan. Additionally, you may consider selling the car where a dealer may handle the finance. Voluntary termination is also an option if 50% of the finance is paid, allowing you to return the car if it's in reasonable condition.
If the car is beyond repair, speak to your finance provider first. They will explain your options, which might include using an insurance payout to settle what you owe.
Selling a car with outstanding finance without their approval could cause legal trouble.
Always involve your lender in the process. Selling a car with outstanding finance without their approval could cause legal trouble.
If you've paid at least 50% of the total finance amount, you might be able to return the car under voluntary termination.
Collection
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