When urgent and need money when financial conditions are difficult, it will undoubtedly make you stressed and stressed. To avoid that, the most appropriate way is to pay off all the installments you have or sell your valuable assets. In order to do so, the first thing that comes to your mind may be to sell your vehicle, such as a car. But, what if you want to sell a four-wheeled vehicle that is still on credit or has not been paid off?
Relax, you can still do it. It’s just that there are some additional steps and the way is not difficult.
When you have credit, generally your mount papers are held by the company that gives you credit or called a finance or leasing company. This they do to make sure that you do not sell your car without paying off your credit.
Before you set to sell your car that is still on credit, here are tips and ways you can do, namely Take Over Credit and Refinancing.
Take over credit is the process of buying and selling assets where the buyer will reach over the remaining installments / debts according to the seller, so that the seller is free according to the obligation to pay the installment.
Take over credit may sound unfamiliar to you. In short, although it does not add money, but by taking over the installment credit of a four-wheeled vehicle you will be the responsibility of the buyer.
Before selling a car that is still in the credit period, you also have to pay attention to several things, because taking over credit under your hands can take you to the legal path! Notify the Car Sales Plan to the Leasing or Finance Party
The most basic thing you have to do is to tell the news to the leasing party and explain if you will sell your four-wheeled vehicle because it has not been able to pay the installments and will put installment payment obligations to others.
Do not try to take over credit without the knowledge of leasing. Because you can get caught in the law. The regulation on take over is contained in the Civil Law Law article 1365 which reads acts that are unlawful and bring harm to others, requiring people who cause losses because of their mistakes to replace the loss, with the threat of imprisonment and penalties up to hundreds of millions.
So, to take over your mount credit must be very careful, complete all the required files and most crucially do it in sync with the applicable rules. Generally, the expected files are KTP, NPWP, family card, proof of installments that have been paid, and others.
After you put all the documents, the finance or leasing company will take care of the entire credit over process and look forward to being used to re-name the four-wheeled vehicle in BPKB & STNK. Inform Prospective Buyers About Unpaid Credits
In addition, you also have to tell the person who will reach over the installments of your four-wheeled vehicle. Do not let him also have a history of bad credit or a bad BI Checking score, so that the take over process runs smoothly and you can be free based on installments using fast.
Prospective buyers will generally bid the price that you have pegged for the four-wheeled vehicle. Generally, the average four-wheeled vehicle over credit will be cheaper than using buying a new four-wheeled vehicle on credit, but at least the four-wheeled vehicle you want to over-credit can be as fresh funds to buy a new car or meet your other needs. Refinancing
The 2nd way you can do to sell your car that is still on credit is to refinance. Briefly refinancing is a way to transfer the installments of your four-wheeled vehicle to leasing or other finance.
So, your installments that are not yet extensive will be repaid by the replacement leasing, and then you will pay installments to the replacement leasing.
This method is effective if you want to exchange cars. With refinancing, the installment residue on the previous leasing will be repaid by the new leasing company.
While the installments that have been paid to the previous leasing, will be used as a down payment to buy a new car.
For example, A has paid 12 installments of Rp3 million per month to leasing X. That is, A has paid a total of Rp36 million.
The amount of Rp36 million will experience a synchronous depreciation of the value of four-wheeled vehicles, for example the deal at the number of Rp25 million. Then this Rp25 million will be paid to the dealer as a down payment, and you can repay the remaining installments of the new four-wheeled vehicle to the new leasing company.
So that refinancing does not harm you, here are some car refinancing suggestions that are still credited to benefit you.
Before you apply for a refinancing, check your BI Checking score. Check your score and if something is out of sync, you can report it to the leasing company or bank that gives you credit.
This is because inaccuracies can interfere with your credit score, which can affect your ability to meet the conditions to receive a new loan.
Seeing & checking your BI Checking score can also help in tidying up your finances.
Refinancing to a new leasing will also be subject to interest. To receive profits, make sure the interest in this new leasing is more mini than the previous leasing.
It would be nice before choosing a new leasing, you have done research on the new leasing.
Then, record the information starting on the basis of interest until using the due date. By doing this you can also compare some leasing using others in order to receive the best leasing that is appropriate using your criteria.
After getting a new leasing, the next step is to calculate the funds you can get based on the refinancing. Each leasing has a different mechanism, so make sure you calculate using it carefully.
Do not forget to maintain communication with your leasing in order to get detailed news about the funds that can be obtained. Prepare the Required Data and Documents
Just like take over credit, you are also required to prepare all data & documents accordingly using the procedure to complete the refinancing application earlier. This includes proof of installment payments every month, because this is the determining factor whether your refinancing will be accepted or rejected.
If previously you are not infrequently late paying installments, chances are your refinancing will be rejected by the new leasing because they see you are at risk of causing bad credit. So, don’t forget the discipline of paying installments, yes.
For the sake of discussing tips and how to sell cars that are still in the credit period. Want interesting coverage about other finances, visit cekPremi blog!