How Scrap Financed Car outstanding Finance
Introduction When a car is sold to a scrap yard or auto dismantler with an outstanding finance balance, it is referred to as scrap car outstanding finance. This can occur when the owner of the car is no longer able to make the monthly payments on the car loan and the lender repossesses the vehicle. In this scenario, the lender may choose to sell the car to a scrap yard or auto dismantler to recoup some of the outstanding finance balance. It is important to understand that the lender will still be entitled to the remaining balance of the loan, even if the car is sold for scrap. Options Available for Borrowers Negotiating with the Lender One option for borrowers in this situation is to try and negotiate with the lender to come up with a payment plan that will allow them to pay off the outstanding finance balance over time. This may involve making a lump sum payment or agreeing to a longer repayment period. It is important to have a clear understanding of the terms and conditions of the...