The present risk of a car on SOR at a independent
Discussion
LemonTart said:
You sort of know the answer to this don't you....
I guess I do, but wouldn’t mind other people’s opinions. Do you think we may see cars being returned to their owners and a higher number of private sales, it’s harder loose it if it’s safe and locked away in your garage.
Get the car back in your hands as soon as you can.
A friend of mine nearly lost a Ferrari when it was on SoR with someone who went bust, the "assets" of the business (including his car) were siezed, and he went about trying to prove ownership of the car. He was lucky that he was able to produce an invoice for when he had bought the car previously, as all the other documents were with the dealer. But it tooh him a long time, the car was impounded during this time and the receiver was pushing for it to be sold. He told me that other SoR cars were sold as the owners were not able to prove ownership (remember V5=keeper, not owner). I know it stressed him out a lot during this time. Not worth it IMHO.
A friend of mine nearly lost a Ferrari when it was on SoR with someone who went bust, the "assets" of the business (including his car) were siezed, and he went about trying to prove ownership of the car. He was lucky that he was able to produce an invoice for when he had bought the car previously, as all the other documents were with the dealer. But it tooh him a long time, the car was impounded during this time and the receiver was pushing for it to be sold. He told me that other SoR cars were sold as the owners were not able to prove ownership (remember V5=keeper, not owner). I know it stressed him out a lot during this time. Not worth it IMHO.
Andyoz said:
The fact that sellers will be seriously considering pulling their cars off SOR (falling market as well as company solvency risk) might be the final deadnail for many independents anyway. Sad to see
True but you really are enjoying this aren’t you? Cheap 997s anybody? Are you significantly less than 6ft? 
Schmed said:
Andyoz said:
The fact that sellers will be seriously considering pulling their cars off SOR (falling market as well as company solvency risk) might be the final deadnail for many independents anyway. Sad to see
True but you really are enjoying this aren’t you? Cheap 997s anybody? Are you significantly less than 6ft? gd said:
Get the car back in your hands as soon as you can.
A friend of mine nearly lost a Ferrari when it was on SoR with someone who went bust, the "assets" of the business (including his car) were siezed, and he went about trying to prove ownership of the car. He was lucky that he was able to produce an invoice for when he had bought the car previously, as all the other documents were with the dealer. But it tooh him a long time, the car was impounded during this time and the receiver was pushing for it to be sold. He told me that other SoR cars were sold as the owners were not able to prove ownership (remember V5=keeper, not owner). I know it stressed him out a lot during this time. Not worth it IMHO.
This ^^A friend of mine nearly lost a Ferrari when it was on SoR with someone who went bust, the "assets" of the business (including his car) were siezed, and he went about trying to prove ownership of the car. He was lucky that he was able to produce an invoice for when he had bought the car previously, as all the other documents were with the dealer. But it tooh him a long time, the car was impounded during this time and the receiver was pushing for it to be sold. He told me that other SoR cars were sold as the owners were not able to prove ownership (remember V5=keeper, not owner). I know it stressed him out a lot during this time. Not worth it IMHO.
I can't imagine having to go through that and nearly lose my car!
Schmed said:
Andyoz said:
The fact that sellers will be seriously considering pulling their cars off SOR (falling market as well as company solvency risk) might be the final deadnail for many independents anyway. Sad to see
True but you really are enjoying this aren’t you? Cheap 997s anybody? Are you significantly less than 6ft? Not sure what heights got to do with anything.
You seem to be following me around which is slightly creepy
I'm an Insolvency Practitioner. My "rules" are that possession is de facto ownership unless there is documentary evidence that would stand up in a Court to the contrary. (Which doesn't mean I'd ever sell an asset immediately if there was any doubt - but I'd put the onus and any legal costs firmly on the person claiming ownership)
My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
GTSjohn said:
I'm an Insolvency Practitioner. My "rules" are that possession is de facto ownership unless there is documentary evidence that would stand up in a Court to the contrary. (Which doesn't mean I'd ever sell an asset immediately if there was any doubt - but I'd put the onus and any legal costs firmly on the person claiming ownership)
My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
Good answer! My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
GTSjohn said:
I'm an Insolvency Practitioner. My "rules" are that possession is de facto ownership unless there is documentary evidence that would stand up in a Court to the contrary. (Which doesn't mean I'd ever sell an asset immediately if there was any doubt - but I'd put the onus and any legal costs firmly on the person claiming ownership)
My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
Now this was the type of reply I was hoping for. Now if this thread helps or protects any owner currently selling or even thinking of selling its been worth me asking the question. My advice would be to make sure you had a detailed contract with the SOR seller setting out quite clearly that you are the owner and that they are holding the car to your order (in effect they can't do anything with it without your say so and have to return it on demand) as act as your agent only.
In the event of a sale, you need to state in the contract that any buyer is obligated to pay the money into YOUR bank account NOT the dealers. You would then pay commission to the dealer on receipt of a commission invoice. These steps should mean that if the car was "sold" and the dealer pocketed the cash, you could get your car back, albeit after a fight and some legal costs. A bit like unknowingly buying a car still subject to finance....................
Thank GTS John I wouldn’t of know a number of these points you mention above.
If you're a family owned business debt free business like Paragon, 911Virgin etc who prefer to buy stock anyway I think you'll be fine as I expect they'll use the opportunity to go long on quality stock which is normally very difficult and very competitive to get hold of. Anything up to £65k will stay liquid. Anything above this mark will obviously be dead as a door nail. I'd just go and look at their accounts at Companies House easy as anything. I don't even do paperwork with 911Virgin never felt the need. I've had my car sitting there like a part of the furniture under covers forever and totally forgot about it until I saw this thread. Don't get me wrong the rest of the year is going to be very very tough for every one but its those debt free old fashioned businesses is where my money would be going to get through this. There will be a vaccine soon 
Whatever its sticker price you might expect folk to be wanting to knock off 10-25% due to thoughts that bargains are to be had from sellers who have lost or may lose jobs, pension fund, property value, etc.
Same goes with any assets at present. All values will have been knocked so best to take off the market until this all dies down in a few weeks time. Yes, weeks not months, much as the press would love it to be the latter.
Same goes with any assets at present. All values will have been knocked so best to take off the market until this all dies down in a few weeks time. Yes, weeks not months, much as the press would love it to be the latter.
DJMC said:
Whatever its sticker price you might expect folk to be wanting to knock off 10-25% due to thoughts that bargains are to be had from sellers who have lost or may lose jobs, pension fund, property value, etc.
Same goes with any assets at present. All values will have been knocked so best to take off the market until this all dies down in a few weeks time. Yes, weeks not months, much as the press would love it to be the latter.
Weeks?Same goes with any assets at present. All values will have been knocked so best to take off the market until this all dies down in a few weeks time. Yes, weeks not months, much as the press would love it to be the latter.
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