Can you modify a car thats on a finance scheme?

[PlopHole]

I'm thinking of doing some slight modifications to my car that I recently got on finance from the dealership, last payment is in around four/five months time.
Whilst I've not fully paid it off is the car technically still under the finance company's ownership? And does the mean I can't change the car in anyway?
All I really want to do is upgrade the sound system slightly, maybe fit some lowering springs and put a private plate on it. After all, If I stop paying they're going to come round repossess the car and sell it on, will they not be able to do this if the car has been changed?

 

[Most Easterly Pandas]

Need to ask them. Will probably be in terms and conditions of finance I would have thought. They'll still take and sell it off if you don't keep up repayments and you'll lose mods.

If you the money to do all that you've listed though I'd pay off early and then mod it

 

[custard]

i'll bet 90% of modified cars are on finance

 

[mehstg]

I'm thinking of doing some slight modifications to my car that I recently got on finance from the dealership, last payment is in around four/five months time.
Whilst I've not fully paid it off is the car technically still under the finance company's ownership? And does the mean I can't change the car in anyway?
All I really want to do is upgrade the sound system slightly, maybe fit some lowering springs and put a private plate on it. After all, If I stop paying they're going to come round repossess the car and sell it on, will they not be able to do this if the car has been changed?

Hmm..to be honest. I didn't even give it a thought. My car still has another 3 years finance on it!

 

[rallycinq]

Depends on the finance scheme.

So, HP, Hire Purchase (it will say that on the documents) will also have a section on repossesion showing half and third of total to be paid.

Car belongs to Finance Company and you are hiring from them till you pay the final 'Option to Purchase Fee'.

You can't legally modify their car without permission. If you only have a few months to pay, i.e. have paid more than a third of the total amount, they would need a court order to take the car away from you.

However, for anybody else reading this, if the Finance Company reposses a car and do not get enough money from the sale to settle any amount outstanding, then they will come after you for the rest. After you have paid half the total amount you can hand the car back without further penalty.

If its on a Personal Loan, (sometimes called Autoloan or similiar) then its your car to do as you please, however, they can come after you for more than just the car, and there is no hand back option.

If its on a Personal Lease Plan, then each of these has its own rules and the documents will provide the details.

Cheers

SPD

 

[The Beard]

I'd say pretty much what rallycinq has said. If it's Hire Purchase, less common
now, the Finance company owns the car until you make the last payment. If it's a loan then, especially if it's from a Bank, then technically speaking you don't have to spend the money on a car at all.

I used to know a guy who was given a loan because he used the firm for his capital equipment at work at 2%. He took the £20K and stuck it in a series of 12 months bonds that paid him 10% p.a. He made his payments every month and after 4 years had made a handsome profit.

Leasing is very different as that is effectively a Hire (Rental) Agreement so the car is never yours until you exercise the Option To Buy. You wouldn't modify a car you rented for a week from Hertz. The only time you would modify a leased vehicle would be if it was for business purposes and by prior arrangement. For instance a Driving School car or Commercial Vehicle.

 

[Tris Harris]

ive got mine on finance, never really thought about it though

 

[Most Easterly Pandas]

Coor I never realised there was such a high number on financed cars out there.

 

[Focus Owner]

works van was modified when on finance
put a massive aluminium back on

 

[PlopHole]

Thanks for all the replies. I'm gonna have to dig out the paperwork and have a proper read through it. I've already changed the headlight bulbs on the car but they can be easily changed back. (But I'm not indending to cease the payments.) Hopefully there is some sort of agreement where by I can change modify the car.

 

[Most Easterly Pandas]

Thanks for all the replies. I'm gonna have to dig out the paperwork and have a proper read through it. I've already changed the headlight bulbs on the car but they can be easily changed back. (But I'm not indending to cease the payments.) Hopefully there is some sort of agreement where by I can change modify the car.

Headlamp bulbs won't be counted as a mod.

 

[Tris Harris]

just grow a pair and do it

@MEP not all of us have 1000's stashed away to buy a car outright lol

 

[x Alex x]

yeah just do it, it's your car, maybe technically they own it until it's paid off but i wouldn't worry, i've never even though of this before..

 

[Stu DemonD]

Mine is financed, and modified. I was aware of this though, but decided to ignore it

 

[dannygp]

Modding a financed car is rather sensible idea!

If you ever have no money, can sell your mod's and still keep your car

 

[Most Easterly Pandas]

@MEP not all of us have 1000's stashed away to buy a car outright lol

True.

Mine is financed, and modified. I was aware of this though, but decided to ignore it

:slayer:

Modding a financed car is rather sensible idea!

If you ever have no money, can sell your mod's and still keep your car

A good way of looking at it

 

[PlopHole]

As long as I'm not gonna be locked up in prison till I'm going on 60 years old, then I'm gonna sort out a private plate.

 

[Dave_R]

If you have actual Fiat finance, there is a clause in the agreement that specifically says that you may not modify the car.

It goes on to say that you MAY be permitted to fit a private plate, but you MUST inform the finance house of your intention to do so and it is at their discretion as to whether it will be allowed (or not).

 

[PlopHole]

Oh right, thanks for that.

 

[sludgeguts]

Coor I never realised there was such a high number on financed cars out there.

I got a really great finance deal on my car, 100% deposit and nothing to pay for as long as I like.