Got car with Outstanding Finance

[ChrisSpark]

Hello

I'm looking for some advice.

I agreed a deal to buy a car from someone I worked with. We agreed a price which I was told was the settlement figure for the finance. So Basically I pay the finance off and the car is mine. I collected the car with the intention of doing this.

Then the guy tells me there is a problem with the finance. They got the settlement figure wrong and now it is more. I say I am not paying any more. He said he would argue with finance company and get back to me. Couple of days later he calls to ask how the car is which I am now using and to ask me to pay him for the car. I say car good etc but I am not paying him for the car. He keeps pressing me for the money and I stand firm and say no. I tell him I will pay the finance company once he has paid them the extra.

I call the finance company but they will not tell me anything due to data protection.

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance but I don’t know how much. The guy has stopped returning my calls and left the company where I work. I don’t know what to do.

Any suggestions???

[Percy Flage]

So you're admitting what amounts to theft on an internet forum?

Hmm.....

[Fort Jefferson]

ChrisSpark said:

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance.

How have you got it insured then?

[ChrisSpark]

Percy Flage said:

So you're admitting what amounts to theft on an internet forum?

Hmm.....

Why is this theft?

[ChrisSpark]

Fort Jefferson said:

ChrisSpark said:

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance.

How have you got it insured then?

Yes

[oldsoak]

[quote]I call the finance company but they will not tell me anything due to data protection.

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance but I don’t know how much. The guy has stopped returning my calls and left the company where I work. I don’t know what to do
[/quote]
You know the finance company...it (I would suspect)is still their car until all monies they loaned 'your friend' to buy it are paid.
Contact them and explain the situation.
In the mean time keep it off the road and safe...garage it if possible and charge the finance company garaging costs for the time until they either collect it or transfer the ownership to you for an agreed sum.

[bryan35]

not completely sure how this works, sure VH or someone will clarify BUT...

It wasn't the other fellas car to sell. He didn't own it - the finance company did/does. So,I think that means he's stolen the money from you as the car isn't yours either. The finance company won't speak to you because you aren't anything to do with anything.

As said, if it was me, I'd call the finance company, be completely honest with them and give them all the info they require.

At the end of the day, you want the car, they want the money.

[bryan35]

another point, where did he get the settlement figure from?

If they sent out a serttlement figure to him, that - as far as I know - is a legally binding document. They don't get them wrong.

how come suddenly it's more?

Did he not settle it off when he said he would and invoked another months interest?
Is he after more money out of you?

all sounds a bit odd to nme.

[Fort Jefferson]

ChrisSpark said:

Fort Jefferson said:

ChrisSpark said:

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance.

How have you got it insured then?

Yes

My question was, how have you insured a car you don't own?

[ihatesissycars]

Give it back to him, run away, his problem, wash your hands of it. It'll never end and you'll wish you never entered into thie "deal" if it continues. Is it registered in your name yet? If not have you got he v5?

[ChrisSpark]

bryan35 said:

another point, where did he get the settlement figure from?

If they sent out a serttlement figure to him, that - as far as I know - is a legally binding document. They don't get them wrong.

how come suddenly it's more?

Did he not settle it off when he said he would and invoked another months interest?
Is he after more money out of you?

all sounds a bit odd to nme.

I am beginning to think that this guy set out to deceive me.

Which is why the story changed. He wanted me to give him the money and probably did not intend to pay the finance company.

[ChrisSpark]

Fort Jefferson said:

ChrisSpark said:

Fort Jefferson said:

ChrisSpark said:

So now I have this car and have paid no money, completed no registration docs and I know it has outstanding finance.

How have you got it insured then?

Yes

My question was, how have you insured a car you don't own?

I just called my insurance company and told them I wanted to transfer my insurance onto another car. Can you only insure a car which you own?

[ChrisSpark]

ihatesissycars said:

Give it back to him, run away, his problem, wash your hands of it. It'll never end and you'll wish you never entered into thie "deal" if it continues. Is it registered in your name yet? If not have you got he v5?

I cant give it back to him because I dont know where he is.

I dont have the V5 and have not registered it in my name. I was concerned about doing this as I thought it would mean that the finance company could come to me for the outstanding finance.

[Fort Jefferson]

ChrisSpark said:

Can you only insure a car which you own?

As far as I'm aware yes, unless you have a trade policy of some type.
If you fill in a form to apply for insurance, it will ask if you're the owner. If you just rang them up and asked them to change to another car, they will assume that the car is your's as you said on the origional application. If the car is worth a few quid ring them and ask/tell them the facts just to be sure.

[dilbert]

Give the car to the finance company, and let them sort it out. When you return the vehicle, you can let the finance company know how much you would be prepared to pay for it, and suggest that the discrepancy in value be seen as a reward for it's return.

I wouldnt give the guy you attempted to buy it from a single penny, sounds too dodgey, but if you hang on to the car, someone is going to be coming after you with a lawyer in tow.

Edited by dilbert on Saturday 14th July 16:21

[TPS]

[quote=ChrisSpark
So now I have this car and have paid no money, completed no registration docs

Any suggestions???

[/quote]

Yes phone the finance company say this is where the car is this is whats happened and tell them to come and collect it within so many days.give them all the info you have on the guy you were going to buy it off.They must have his contact details.Like has been said above forget about even buying the car just walk away.

Edited by TPS on Saturday 14th July 16:18

[peterguk]

Howabout keep life simple - give it back til he's paid the finance off

[TPS]

How do you suggest doing that when he does not know where the owner lives then?

[BertBert]

Fort Jefferson said:

ChrisSpark said:

Can you only insure a car which you own?

As far as I'm aware yes, unless you have a trade policy of some type.
If you fill in a form to apply for insurance, it will ask if you're the owner. If you just rang them up and asked them to change to another car, they will assume that the car is your's as you said on the origional application. If the car is worth a few quid ring them and ask/tell them the facts just to be sure.

You don't need to own a car that you insure. Nor do you need to be reg keeper.
Bert

[Greensleeves]

Here's a better suggestion. Write to the finance company and send your letter special delivery so you've got proof of postage. Tell them where it is and the situation and let them do the rest. Drive it into the ground until you are instructed not to. And although pesession is nine tenths of the law, you're possibly in the wrong but will not have legal action against you if you have a paper trail of trying to put matters right.