vaughant

iTrader: (1)

As title really,mate of mine bought a nice little Ka t'other day,04 plate,collection,new ticket etc.pretty little car.he had it cheap but now he knows why,he asked me to check it over as it's had a full repaint,but to a good standard,I suggested it may be a cat c/d but nothing to worry about so he asked me to hpi it for him.... car has existing finance owing on it from an agreement in 2007.phoned my mate who's a trader and he told me don't panic,it may just not have been removed after it was paid off,no such luck,hpi even asked him to keep the guy there while they informed the finance company so we assumed there's a lot of cash owing on it.he's a tidy boy and I only wish he'd asked me to go up with him but what's done is done etc.he's tried phoning the guy but it's a payg mobile that's gone dead.he had the logbook with the car,but not in the guys name and he's checked discreetly and the name on the logbook is NOT who took the finance out and it seems to me that person sold the car in 2007 and it's stood since.there were no condition alerts regarding the car so it looks like it's just been freshened up paint wise.question is,what does he do now?the cars not in his name and obviously the guy he bought it off won't be pushing him to change it over!!does he look for a bumpy one and just use it for spares or tell the finance company and hope they won't take the car off him?I'm expecting a visit myself as I hpi'd it but I'll sort that if it comes to it.he has a reciept of some description off the bloke so where does he stand legally?can he claim stupidity or should he break it and move on to something else?any feedback at all much appreciated,thanks in advance.

billybigspuds

well its a tight one, howver its a fight for them to get the car back as he bought in good faith, best advice is to ride it out, they do pressurise and make it sound awful, but the law is mostly on your mates side. if its a smoker for his missis or whatever go for it and tell them and fight, or if hes slightly dodgy fuck it off again if he feels he could do it

vaughant

iTrader: (1)

Thanks billy,so does he put it in his name and act dumb?I don't think he'd be too good at ripping anyone off!!!

billybigspuds

yea go for it, he can either sit it out and within a few months maybe even 6 or 7 they will write to him, or he can just call them and explain, id go for the sit tight and know its gonna happen, theres lot of threads on it around the net, the consumer forums is a good start

vaughant

iTrader: (1)

Thanks mate,he feels a right plonker but we've all been there.I'll be hpi ing everything from now on!!!!So you think it could be up to six months then,Dvla won't hold back the v5 or anything will they?

Shings

How much does he stand to loose.

The wrong thing to do is pass it on....

The right thing to do is.... well I know what I would do....

matts1

I am pretty sure that IF the buyer is unaware that there is finance owed on the car then the finance company connot take the car, it is their responsibility to chase the person who took out the finance.

Keep hold of the car and if they turn up, do not let them take it.

In the meantime, speak to citizens advice and find out your rights, once you have a full understanding of your rights it will mean you are less of a push over for the finance company.

A mechanic mate of mine had similar but it was a customers car, he got a call of the lad to say the car is going to be repo'd and to let it go.

When they arrived to take it he refused to let it go saying their was a bill for works done to the car and if the finance company owned it, they needed to pay it. He got a Ł3k car for Ł500 in the end.

Personally I would get some concrete facts on the case in hand and take it from there.

MarkyMark

theres still a good chance he will lose it so i would recommend dont go for it, the finance company is still the legal owner of it regardless of who else sold it/bought it,

agree with shings, would look for a damaged one imo pretty cheap and quite a few about

Shings

Oi dont put words into my mouth...

MUHAHAHAHA

But if it owes you beans and its a sensible colour....

Its like ring and ride....

vaughant

iTrader: (1)

Hes not the type to pass it on really tbh,he'd lose about 1500 but the finance company won't say how much is owed,hence why we believe it to be a large amount.i mean,if they say there's only Ł500 or something owed he'll swallow that as its still a good buy but he's afraid the car will be taken off him and lose all his money which he can't afford.that's why he's contemplating a reshell or maybe one with a blown engine etc.tbh in 2007 that could have been a Ł5-6 grand car on finance so they'd want as much back as poss.What do you recommend fella?

vaughant

iTrader: (1)

And thanks for all the replies guys,some very helpful stuff there.I thought if he stripped it down,hid all the parts for a bit and told the finance company to come and get it before it's scrapped they may write it all off and chase the aformentioned credit ducker.ring a ring a rosies sounds ok too,probably pass a vic check!!!!!

749steve

iTrader: (1)

I had this with a focus I bought went to see a solicitor and he sorted it for me and I kept the car. As said above I bought in good faith and the finance wasn't mine so they wrote it off and I kept the car.just beware they will try their look and send a bailiff round but just explain the situation to him and tell him any attempt to take the car will result in court action
If you want any more advice pm me

Shings

Right.

If he has a dialogue with the finance company then I would give them 5 days to tell him the figure.

He needs to be carefull how he words it as he doesn't want to incriminate himself in potentially illegal activities and if they dont give him a figure or give him a silly figure then I would possibly just buy a car with a fucked engine (wink)

bigal1978

send the finance the log book chassi plate and number plates
do with the rest as u please

vaughant

iTrader: (1)

Thanks again guys.he's not spoken too them himself but we've discreetly managed to get the keeper who sold the car in 2007's number and phoned her withheld giving her some bumph about being an insurance company chasing up the car.she had owned it from new and p/xd it in 2007 and offered to help in anyway,shed paid cash and still had the original recipt somewhere so that lead us to believe it's got a chequred history after that hence the fact we think that it maybe a high bill!!As said,his laziness could be his virtue as he's not sent the v5 off yet so no one other than hpi have been alerted.I'm sticking to the story that I hpi'd the car as someone offered it too me cheap and I was suspicious,I think I'll be ok!!could be a bumpy then if we get no joy from the finance company.

vaughant

iTrader: (1)

I like it,that won't be worth much to them!!!and maybe a photo of the other,sorry I mean THE car being crushed?don't know what came over me then!! N

1.9 xr2 on 40's

put it in his name but not his address, if finance start riding past to see if they can pick it up it will never be there, least them he gets forwarned when letters go the the other address rather than tow trucks to just lift it

turbolee

id let them come for the shell and log book if i was set to loose money

vaughant

iTrader: (1)

Again,thanks for the input guys,all so far very helpful.

749steve

iTrader: (1)

the finance company will not tell your mate how much is owed as its not his finance. we used this as a reason that they couldnt take the car off me.
it wasnt my finance so they were not taking my car i paid cash for!
and once it was sorted and they agreeded to let me keep the car i asked them for written confirmation and that they remove their interest off hpi

vaughant

iTrader: (1)

Sounds interesting steve,how did u find out about the finance owing on it?we could pm if you prefer?

Psycho Warren

iTrader: (5)

find a wrecked KA shell in same colour, weld in new panel in floor for VIN number, stamp it with VIN from the real car, get finance company to come look at it and declare no interest in the salvage. once done, cut out vin, scrap old shell, carry on as normal.

obviously remember to "age" the fresh paint by doing it shit and soaking the area with salt water to bring out some rust spots around the stamping marks to look legit!