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Answer provided by. “You can certainly make those upgrades to the car without any problem. You own the car, and you’re free to make any modifications that you wish. As long as you aren’t putting a jet engine in it, you should be fine, and you don’t need to contact the lender.”
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How Car Windows Are Tinted
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Can I get a tint done on my car even if I still owe the dealership …
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can you put tints on a financed car – raphael-kottraba
Can I do this if Im financing the car. These brands allow window tinting on leased vehicles and do not charge for wear and tear.
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Can you modify a financed car? – Car.co.uk FAQs
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Can You Tint a Financed Car
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Can you tint windows on a lease in California? Find out the rules of modifying your lease with Rusnak Auto Group.
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Can You Tint Windows on a Leased Car? Answers by …
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Can you make upgrades to a financed vehicle?
“I want to tint the windows and add a sound system to my car, but it’s funded.
Can I still do these upgrades?”
Can I get a tint done on my car even if I still owe the dealership money on it?
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Car finance: Can you modify a financed car?
When you think of a “modded car,” you might think of big aftermarket spoilers, alloy wheels, and performance upgrades—but in fact, modifications can be a lot more subtle.
Would you consider a tow bar a modification? An upgraded stereo? Replacing standard lights with LED lights?
There’s a good chance your finance company will consider all of these things “modifications” — so whether you’re preparing your vehicle for a show or just making a few adjustments, you need to know where you stand.
It’s also important that you know what can happen if you break the rules.
To be clear, the following advice is based on a loan secured by a vehicle. Generally, this is done as part of a hire-purchase agreement, a personal contract purchase (PCP) deal, or some other type of loan where the car is used as collateral.
Can you modify a car on HP?
Whether you bought a new car or a used car with finance deal, chances are you’ll want to make a few adjustments to make the car your own.
The problem is, if you look into the terms and conditions of your agreement, you may find that the finance company you are using does not allow modifications to the vehicle.
Why?
Well, it makes sense to look at things from the financial company’s perspective.
With many financial products, you don’t own the car until you’ve made your final payment — whether that’s the option to buy it under a PCP deal — or your final monthly payment under a traditional hire-purchase plan.
In reality, you don’t convert your own car with it – but a car that, at least for the time being, belongs to the financing company.
Well, it’s not like someone from the finance company will come to your house and drive your car just because they legally own it — but it does complicate things when it comes to the value of the car. Your car is considered “collateral” for the loan you have attached to it. If you ever stop paying for the car, the lender can collect it, sell it, and recover some (or sometimes all) of the money you owe. If you have made changes, it means that you may have changed the value of the car, which they consider to be their safety.
Can I finance my car if it increases in value?
Since anything that could decrease the value of the car you bought through financing or PCP will cause a problem, you’re probably wondering if you’re allowed to modify a financed car if the changes you’re planning will add value.
This is also a difficult area.
Let’s say you pick up a new Corsa VXR and decide to spend some money on performance upgrades. They spend a small fortune at a specialist Vauxhall performance firm, improve the brakes, performance and make a few cosmetic changes. On the surface, you now drive a more desirable and better performing car than the one that rolled off the showroom floor.
The problem is that the financial community might not see it that way. Not only is the car harder for them to assess – you’ve reduced the potential audience for people who would buy it after owning it, and you may be emphasizing parts of the vehicle that aren’t designed for the increased performance and performance. Sure, you could argue that everything is done at the highest level – but the financial companies aren’t performance specialists – they’re probably underwriters in suits, so you’d be arguing with people who really only care about the values at stake .
With that in mind, you can probably see how changes become a simple “yes” or “no” problem. No mods mean the car is probably worth exactly what they have on their records – while mods mean it’s not that easy.
What do financial companies consider modifications?
Whether the changes you are planning to make involve major changes to the vehicle or are just simple and common adjustments, it’s important to check with your finance company for their opinion.
Examples of modifications can be:
Performance upgrades: Including even minor adjustments to engines, exhausts, brakes, gearbox, suspension, etc.
Cosmetic changes: color changes, new wheels, the addition of body kits, spoilers and diffusers, wraps, window tints, lighting upgrades, etc.
Towing Equipment: The addition of a tow bar and/or battery upgrades.
Entertainment/Infotainment: Upgraded stereos, screens or software.
Please note that this list is just an example – and while it covers the most common modifications people make to cars, you should check with your finance company to be absolutely sure you are not breaking their rules.
Review of your financing agreement
Whether you are about to buy a car on finance or already own a vehicle that you bought on finance and you are considering some changes, the best place to start your review is with your finance/loan agreement.
You should always have a copy of your contract – but if you’ve misplaced it you can request a new one from the company you got your loan from.
The reason it is so important to review your finance agreement is because your relationship with the finance company is based on it. If this document states that you simply cannot make any adjustments to the car, then a court or ombudsman would examine this in the event of a dispute.
Talk to your financing company
If you review your finance agreement and find that the wording isn’t entirely clear – call the finance company. Explain to them what kind of changes you have in mind and see what they say.
It is even worth taking this step before buying a car. While a salesperson you work with at a dealership may have a good working knowledge of financing contracts, they are unlikely to have the ins and outs of how each vendor works. Since your agreement is with the finance company and not the dealer, you should cut out this “middleman” and get your knowledge directly from the company making the rules.
What happens if you modify a financed car and violate the terms of your finance agreement?
If you have modified a financed car without the finance company’s permission, you are probably in a difficult situation.
It is not uncommon for a company to decide that it no longer wants to finance the vehicle – and in this case will probably give you 14 days to pay off the financing in full.
Don’t get this wrong though; The finance company will not want to give up the money they would have made just because you modified your car. Depending on the type of financing you have, they may give you a settlement number that reflects the fact that you are paying off the car early – or they may simply expect you to pay back the full amount that is paid back over the life of the car would be loans.
So what does this mean if you bought a car on PCP?
Well, again, the full amount of the car is returned. But understand – this not only means the sum of all your monthly repayments – but also the optional final payment that you would have to make if you wanted to leave the car to you at the end of the term.
Not able to cash out thousands (or maybe tens of thousands) of pounds? It’s not really a problem for the finance company – remember, the car is their security, so they can then decide to just own the car. If that’s the case, they’ll send a specialized company to pick up the car – either at your home, your place of work, or some other location they know they can access. You may find that additional fees are charged to your account if a redemption is required – as redemption companies do not operate for free.
What happens when the finance company takes back your modified car?
If taking ownership of your modified car is the route the finance company wants to take, your car will be reclaimed before it is sold – usually at auction.
Generally, modified cars are worth less than what is owed to the finance company. In this case, you are liable for the rest of the money that the company needs to pay off the loan. For example, if your settlement amount is £20,000 and the car is sold for £16,000, you will need to make an agreement with the finance company to pay back the remaining £4,000.
If you’re lucky and the car meets or exceeds the amount owed to the finance company, your debt is settled. Unfortunately, since the car is owned by the finance company, anything that gets reimbursed over and above your billing amount is likely to stay with them as well.
Is it okay to convert a financed car if you can return it in its original condition?
Almost all modifications you can make to a vehicle are reversible – even engine and performance changes. The question is – is it okay to restore your financed car to its original condition in order to modify it – even if you have a finance contract?
Again, the answer lies with the finance company. In truth, the company probably views temporary changes in the same way as permanent changes – since they affect the value of the car. Additionally, an accident can result in the car having to be re-evaluated at any time – so if you’re involved in an accident and your car is modified, the payout amount may change.
Worse, if you haven’t reported any changes to your insurance company, you could find that you are uninsured and owe the finance company the full value of the car.
Always inform your financing company
The message about modifying a financed car is simple; ask your finance company. If they let you, you’re safe. If they don’t – then don’t. The repercussions of modifying a car without your finance company’s permission (or against their will) can have significant financial repercussions that may take you years to recover from.
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