Yes, it is possible to ship a car that is still under finance. However, there are some important considerations and steps to take when shipping a financed car:
- Notify the Financing Company: Inform your financing company or lender about your intention to ship the car. It is important to have their consent and make them aware of the shipping arrangements.
- Check the Terms and Conditions: Review your financing agreement and consult with the financing company to understand any specific requirements or restrictions related to shipping the car. Some financing agreements may have provisions regarding the transport of the car, including insurance coverage and permissions.
- Obtain Permission and Documentation: Obtain written permission from the financing company to ship the car. They may require specific documentation, such as a letter of authorization or a power of attorney, to ensure compliance with the terms of the financing agreement.
- Insurance Coverage: Confirm that your car has adequate insurance coverage during the shipping process. It is important to ensure that the insurance policy covers the car while it is in transit and that the financing company’s interests are protected.
- Coordinate with the Shipping Company: Work with a reputable shipping company experienced in handling financed cars. Provide them with the necessary authorization documents and any specific instructions or requirements from the financing company.
- Clear any Outstanding Obligations: Ensure that all financial obligations related to the car, such as loan payments, are up to date before shipping. Failure to meet your financial obligations could have legal and financial consequences.
- Vehicle Condition Documentation: Document the current condition of the car before shipping, including photographs and written records. This will help in case of any disputes or damage claims that may arise during transit.
It is essential to communicate openly and transparently with both the financing company and the shipping company to ensure a smooth process and compliance with all contractual obligations. By following the necessary steps and obtaining the appropriate permissions and documentation, you can ship a car that is still under finance while meeting the requirements set by the financing company.