CraigJ

Right i bought a car a few months ago cheap but ive just discovered it has outstanding finance. Never bothered with a HPI check as it was a cheap car. Ive only found out because ive got it advertised and a guy who was going to buy it did a HPI and he's told me there is an outstanding finance marker on it.

What i need to know is how can i find out who the finance company are? and also where i stand in a legal point of view on who now owns the car, me or the company the money is owed to?

Any help would be great.

iansoutham

I may be wrong, but as far a I remember, if there is an outstanding finance marker on the car, then technically, the finance company own the car, not you and they can either make you take over the outstanding payments or take the car back (if unpaid debt).

... or they could just not have removed the marker and it could be fine.

CraigJ

hope its the last one. just need to know how to find out who they are now lol

SillyFezzaMk1

iTrader: (1)

what car is it? try to pose as a buyer and find out which finance company own the car.. if theyre trying to claim it back then break it for spares and cut your losses....

Get round the tossers house who sold it you with a golf club too

Orrrr if your a sneaky bugger keep it for sale and hope someone doesnt do a hpi check like you didnt and sell it.

Dan

tabetha

If(?), there is outstanding finance on it, it still belongs to the finance co, and always has, your argument would be with the arse who sold you the car, as it was not his to sell, without asking permission form the finance co.
If a small amount(?) they most likely will write the debt off, had this when I bought a mondy that was financed and had not been paid for, the owner who could not afford the payments ran it with no oil or water to wreck engine/gearbox, pity as it was ace car, anyway garage that towed it was owed £800 for towing and storage so that's what I paid for it.
I consulted a solicitor first(AA) and was told what I needed a ltter stating "NO FURTHER INTEREST" in the car from finance co.
tabetha

dojj

iTrader: (3)

legally you are fucked
if they know you have the car they'll be round with a low loader soon enough too, and thats before they tell plod

tabetha

If it is their property they do not have to tell the plod, they can just ake it anytime, as can anyone who has property in someone else's possesion.
You can also take anyone else's possesions in leu of a debt!!, and this is legal, you only need to be "reasonable" about it ie if they owe you 10p you cannot take their new rolls royce.
tabetha

dojj

iTrader: (3)

but it's now been higlighted as a hpi'd car, so someone will know that it's hooky
all they need to do is tell the dvla who will tell plod who will inform the legal owners of it etc etc

happened to a mate of mine who bought a car and then 3 weeks later plod came round and took it away, there was only £300 on it but he didn't get it back
another mate got stung for nealry £4k years back, again, if you give money to someone who sells you stuff that they don't own, the rightfull owner just comes and collects it

Iain Mac

I've been away from this for a while now but as far as I recall, there was a presumption of innocence on your part if you bought the car from a private seller so the Finance Company couldn't/wouldn't take it away from you, even though they continue to own the car. Can't recall if you are able to sell it and you certainly can't destroy (break) it.

If you bought the car from a Trader, the FinCo are allowed to presume that, with his access to the database, he should have known the car wasn't clear so must have been negligent or complicit, and they could come and take it away any time they like leaving you to pursue the Trader to get your money back.

That may have changed now that HPI searches are available to the public, but certainly worth checking out.

chink

craigj you have pm

silverfox999

good points.

Yes, if there is outstanding monies owed on it, you dont have good title. They will get a bailiff to come and nab.

That said i brought a ninja from a reputable bike dealer and found out it had tick on it and it simply transpired that the finance company never remvoed it from their books.

So it might simply be something and nothing.

CraigJ

cheers for the advice guys. Just need to find the finance company now.

ivorbiggun

I've 'heard' (ahem) the way to deal with this is to register the car in 3 different persons (3 of your pals perhaps) names and addresses each time the log book comes back/thereby rendering the 'title' held by the finance Co unreasonable (the cornerstone of English law).
Then get on ebay and buy a 'private' plate for 100 quid thereby cancelling out the worry of Mr Repoman taking it one night.

Shings

I can see how this would work....


Certainly keeping it at the registered address on the log book is a no no.. theres a flag on it now and they have a good idea where it will be.

BlueSmoke

You're what's known as.... I think the term is Innocent Purchaser, and the finance co can decide to either oursue you for the balance, take the car off you, or take the marker off the car and pursue the person who took the finance out with them.

I used to work in vehicle finance and to be honest mate the majority of these cases resulted in the original buyer being chased and the interest in the car being released. It can take a lot of investigation and filling forms in to get to that point though.

Good luck.

CraigJ

Right thanks to Chink on here who got me the details i needed. I have been intouch with the finance company and i am now the very relived owner of a MR2 and a confirmation fax stating that they no longer have interest in the car.

Right just need to sell it now so i can get a Shogun. Think i'll deff HPI the next car lol.