Legal Question in Credit and Debt Law in South Africa

i have a vehicle that has only a few payments left at the bank, by this the bank is the owner and i am the title holder. i want to sell my title right on the vehicle but the bank stays the owner until such time the vehicle has been settled and i stay responsible for the monthly payments until it has been settled. My question is if it is legal to do so?

Asked on 5/27/11, 1:35 am

Arent Lievens Advocates Lievens & Lievens

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Don't sell the car before you have paid the bank in full.

You are not only responsible for the payments, but the car is also the guarantee for the loan.

If you want to sell it, use the advance on the car to pay off the bank first.

Answered on 6/01/11, 12:57 pm

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