|
i no longer have an address anymore for him. what will the outcome of this fiasco goin to be. will i loose the car will i end up payin the finance?
|
will i loose the car will i end up payin the finance?
You might lose the car but I can't see that you could possibly be liable for the £5000. See a solicitor asap.
--
L\'escargot.
|
|
|
|
Negotiate with the person owed the £5,000.and aim the police at the person who sold you it.
I could be wrong, but I can't see a finance company accepting a small proportion of £5000 in settlement. And if the finance company would only accept a sum in excess of £2500 it would be better for phil to cut his losses and start again.
I think a consultation with a solicitor is the first step.
--
L\'escargot.
|
i know that the hpi has had a bit of flack on here in the last few days but why o why did you give £2500 for a vehicle without doing a basic finance check.
|
|
thought i was gettin a bargain! how wrong was i!
|
thought i was gettin a bargain! how wrong was i!
We all make mistakes from time to time, and it's easy to be wise after the event. And it's never nice to have to learn the hard way. Just concentrate on coming out of this as cheaply as possible, and make sure you don't throw good money after bad. Solicitor, pronto.
--
L\'escargot.
|
As far as i'm aware title passes to you if you have really bought it in 'good faith' and have nothing to do with the motor trade and as such should have known better.Very different if you are a motor trader.
Best to keep the car and keep quite,finance co will chase your friend and then decide what to do if they cannot trace him.
Finance companies write many thousands of pounds off because of this.
|
|
I agrre with T Lucas as my understanding is that if you as a private person bought the car and had no knowledge of finance still being owed on the car then you have indeed got 'good title' to the car and therefore the finance company cannot legally take it off you. They may try bully boy scare tactics, but I am fairly confident in saying that the law is on your side on this one.
|
if op is going to take this stance then first thing he needs to wipe from his mind is the "i thought it was cheap"
the next thing how does he know there is finance outstanding?
Most insurance companies now put these situations through the court system and then pass them to debt collection agencies who will try and get the car back and send it to auction with the balance still owing to finance company.
i suggest also OP you spend £100 with a good solicitor if you are whiter than white and see what he can do legally for you .
GOOD LUCK.......
|
|
|
|
Not my understanding. If the car belonged to the finance co (hire purchase) then the seller had no right to sell it. The finance company can collect it when ever they want if they are not paid, though they do have to find it.
|
|
|
|
|
