Can't comment on the legality, but about 10 years ago, a friend of mine bought a nearly-new Boxster on finance. Signed the paperwork, all legit, and .... no payments were ever deducted from his bank account. After 4 months of not making any payments, he contacted the finance company to tell them (by email and phone), they said they'd look into it; still no payments were ever taken.
After 18 months in his ownership, the car was subsequently stolen and never recovered. He received the insurance payout, and stuck it in the bank in case the finance company ever came calling ....they never did.
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