Savings plans are one of the most sought after options by buyers of 0 km vehicles. As these are long-term contracts and can last more than seven or eight yearsthose who choose this option may have to sell the plan at some point during the contract.
For cases in which selling the plan is the only way out, it is of vital importance contact the administrator before and request all the documentation that must be presented. In general, a form must be completed, although in some cases it must be sent by document letter.
If the decision is to continue with the sale, it will be necessary to verify that the fees have been paid and send what the plan administrator requests. But the transfer must always be formalized in writing and verify that the buyer remains the owner of the contract.
To do this, it is important to control that the buyer is effectively accepted by the administrator as the owner so that the seller is excluded from this contract. Until that moment, whoever has sold cannot ignore it because they could demand monthly payments and even debit your bank account.
For these situations, it is essential to have written documentation in which the administrator agrees to make the change of ownership of the savings plan to avoid future problems.
In this case, you have to see whether or not the unit has already been assigned to cancel the allocation process and transfer the plan only. Also find out if there is any type of penalty which could generate higher expenses in the operation.
They could also decide between seller and buyer to move forward with the patenting of the unit in the name of the current owner and then transfer the plan. Although this option It is not highly recommended because it is very likely that the vehicle is on fire.
It is important to know that when the vehicle is given as collateral for the savings plan debt, it can lead to the vehicle being seized if the monthly installments are stopped and the judge could order up to finish with an auctioneer.
For all this, when buying or selling a vehicle financed by a savings plan it is vital to ensure who will be the owner of the adhesion contract to avoid claims.
And if the vehicle is seized by the administrator or another creditor, you must make sure that it is all debt paid and then get the deregistration of the pledge to be delivered to present it at the Automotive Property Registry and be unrelated to contracting.
It is made clear that the specific case must always be evaluated and this note does not imply advice on the specific situation but rather general guidelines.