Car with outstanding finance

[pipsqueaker]

It is illegal to sell anything that does not belong to you. It's theft.
If a vehicle is on finance, then it does not belong to you.
It's nonsense say you told the new owner he has to pay the finance company.
The finance company will not just transfer the credit without doing a check on the buyer and then agreeing a new finance agreement.

 

[djkarloz]

gotta say guys 'thanks for the info'! I never knew any of this and i was thinking about buying a car from a private owner. Cheers

Its amazing what you find out on here.

 

[MikeS]

thing is usually the car is sold on a few times before the owner is stinged

most people will just sell the car on if they found it had outstanding finance on it

 

[EDDT1]

I can certainly relate to this, someone turned up this morning after I had left for work to take my car because of an unpaid loan secured against it. I did HPI the car with one of these companies you text and foolishly assumed they would be aware of any outstanding finance. I can't see any point in knowing it has never had a colour change or been written off if there is a 12k unpaid loan against it. I'd much rather buy an unknown CAT C than this.

So it cost me £4450 to buy and have spent £1000 on it in the last month and was wondering if anyone knew if there was anything I can do to prevent me losing all of it.

The guy I bought it off is not responsible for the loan it is the previous owner. He used a company called log book loans and apparently they are a set of c**ts.

I think it's pretty cut and dry that I will be left with nothing.

 

[ManofScience]

thats bad crack for anyone thats been caught out like this. Such a lot of money and worry involved.

It's really made me realise the importance of getting these checks done - hope things work out for people

 

[davidh]

I can certainly relate to this, someone turned up this morning after I had left for work to take my car because of an unpaid loan secured against it. I did HPI the car with one of these companies you text and foolishly assumed they would be aware of any outstanding finance. I can't see any point in knowing it has never had a colour change or been written off if there is a 12k unpaid loan against it. I'd much rather buy an unknown CAT C than this.

So it cost me £4450 to buy and have spent £1000 on it in the last month and was wondering if anyone knew if there was anything I can do to prevent me losing all of it.

The guy I bought it off is not responsible for the loan it is the previous owner. He used a company called log book loans and apparently they are a set of c**ts.

I think it's pretty cut and dry that I will be left with nothing.

cancel the insurance and burn the basket
then say here is ur car somebody must have burnt it
insurance no sorry why should i insure ur car???