Car Purchased with Oustanding Finance :(

[seiben]

I used to deal with this all the time in a previous company with cars sold through auction.

First step, call the finance company and ask if they still have a financial interest in the vehicle. It used to be pretty common that finance markers would take several weeks (even months) to be removed, although admittedly it's been a few years since I did this so processes might have improved.

If the finance has been paid off then you're all good - just ask for a confirmation of some sort (email etc).

Probably best not to mention you've already bought the car though.

[Jonno02]

The finance company won't speak to you unless you tell them you've bought the vehicle. You're not the account holder, so they'll just put the phone down.

You need to phone them, tell them you've bought this car and now realise it's owned by them.

Unfortunately the bought in good faith term also comes with the fact that you did everything you could to prove the car was genuine. As you didn't, i.e. you didn't do an HPI check yourself, it might be difficult.

All you can do is phone them and discuss what to do. The finance MIGHT be paid off, but hasn't been updated yet. We're really not able to help you and tell you the car is yours. Only the finance company can do so.

[andy101093]

The idea of handing over that sort of money in pure cash notes just seems cringeworthy to me! I'd also be inclined to ask why you even keep that sort of money when it could be sat in an account gaining interest, unless it wouldn't be in your best interests to disclose this sum to the powers that be ...

[HustleRussell]

Recent spate of new posters falling victim to the same scam this week

[Tanbir123]

Jonno02 said:

The finance company won't speak to you unless you tell them you've bought the vehicle. You're not the account holder, so they'll just put the phone down.

You need to phone them, tell them you've bought this car and now realise it's owned by them.

Unfortunately the bought in good faith term also comes with the fact that you did everything you could to prove the car was genuine. As you didn't, i.e. you didn't do an HPI check yourself, it might be difficult.

All you can do is phone them and discuss what to do. The finance MIGHT be paid off, but hasn't been updated yet. We're really not able to help you and tell you the car is yours. Only the finance company can do so.

I spoke to the finance company earlier - I didn't say I bought the vehicle but I was just enquiring and they said they do have an interest in it and they obviously wouldn't disclose the amount pending.

Seeing as I didn't do a HPI - does this mean I cannot use the "bought in good faith" condition?

[anonymous-user]

Tell finance company, they will send a form for you too fill out, supply as much information about the car, you, the seller as you can.

If you pass the "Good Faith" test then the finance company will go directly after whomever took out the finance.

At least that is what happened to me ... good luck.

[Tanbir123]

Trexthedinosaur said:

Tell finance company, they will send a form for you too fill out, supply as much information about the car, you, the seller as you can.

If you pass the "Good Faith" test then the finance company will go directly after whomever took out the finance.

At least that is what happened to me ... good luck.

Is it worth doing this? If I don't pass the test they can hold me liable right? What do you have to do in this form? What was your situation? Did the vehicle become finance clear after?

[towser44]

Hope you get it sorted, but the cliche applies here, 'If it sounds too good to be true, it usually is'. Paid £7,500, but has a market value of £10,000.

[Jefferson Steelflex]

Get a copy of the advert from Gumtree, if it genuinely says HPI clear all over it then you have a good case imo.

Keep said copy of the advert, include another copy with the form to the finance company and then wait.

[Soov535]

Tanbir123 said:

I got a bit carried away and thought I had a good deal.

After a long discussion with the seller I began to trust what he was saying as he seemed like a genuine person.

I have tried to contact the seller via the number he provided on the ad and have had no response.

I stupidly took the word of the seller.

There is no way of pursuing the seller as I have no means to communicate with him.

Oh dear.

If someone came to you in the street and offered to give you £2500 in cash for nothing, what would you say?


Your only hope is to speak to the finance company and tell them you've been tucked up. If you are VERY lucky they may go after the seller IF you assist them.


PS What the actual fook were you thinking??

Edited by Soov535 on Tuesday 14th February 14:09

[Tanbir123]

Jefferson Steelflex said:

Get a copy of the advert from Gumtree, if it genuinely says HPI clear all over it then you have a good case imo.

Keep said copy of the advert, include another copy with the form to the finance company and then wait.

The ad isnt on gumtree anymore

[80quattro]

Soov535 said:

Tanbir123 said:

I got a bit carried away and thought I had a good deal.

After a long discussion with the seller I began to trust what he was saying as he seemed like a genuine person.

I have tried to contact the seller via the number he provided on the ad and have had no response.

I stupidly took the word of the seller.

There is no way of pursuing the seller as I have no means to communicate with him.

Oh dear.

If someone came to you in the street and offered to give you £2500 in cash for nothing, what would you say?


Your only hope is to speak to the finance company and tell them you've been tucked up. If you are VERY lucky they may go after the seller IF you assist them.


PS What the actual fook were you thinking??



^Good advice.

[andy101093]

Tanbir123 said:

The ad isnt on gumtree anymore

Might be in Google Cached pages (for a limited time), search for it on google

[Soov535]

Tanbir123 said:

andy101093 said:

Might be in Google Cached pages (for a limited time), search for it on google

I've tried every possible way to find the ad and get in contact with the seller.

You won't. He's just made £7500. In cash. The phone in the advert is long gone (a pay as you go "burner" which isn't traceable to him)

Your money has gone. Your ONLY hope is to contact the finance company and do EXACTLY what they tell you

[Jonno02]

Tanbir123 said:

I know and I'm trying to find a solution for this cos I cant get a hold of him.

I'm scared of calling the finance company incase they don't like what I say and just dump the finance on me regardless of whether its £500 or £5000 pounds.

I wouldn't even want to take legal action unless it is the last resort as it is very costly.

The finance company will work with you, not against you. However, if they realise you found out it was on finance and didn't contact them, that's majorly going to go against you.

I'm guessing you didn't give them your real name when you enquired if it was on finance on the phone. If you did...

[Soov535]

Jonno02 said:

Tanbir123 said:

I know and I'm trying to find a solution for this cos I cant get a hold of him.

I'm scared of calling the finance company incase they don't like what I say and just dump the finance on me regardless of whether its £500 or £5000 pounds.

I wouldn't even want to take legal action unless it is the last resort as it is very costly.

The finance company will work with you, not against you. However, if they realise you found out it was on finance and didn't contact them, that's majorly going to go against you.

I'm guessing you didn't give them your real name when you enquired if it was on finance on the phone. If you did...

Listen up good young man. I have told you what to do. Look at my profile and what i do for a living.

You have no choice. If you don't tell the finance company EVERYTHING then you WILL lose the car. If you DO tell them everything you MIGHT keep the car.

They are your only hope here. Don't s**t on their doorstep.

[Tanbir123]

Soov535 said:

Listen up good young man. I have told you what to do. Look at my profile and what i do for a living.

You have no choice. If you don't tell the finance company EVERYTHING then you WILL lose the car. If you DO tell them everything you MIGHT keep the car.

They are your only hope here. Don't s**t on their doorstep.

What is the best way to approach them? How do I go about explaining to them the situation without making them doubt me?
What is the procedure? what would they do once I have informed them? What are the chances of a win/lose?

[Soov535]

Tanbir123 said:

Soov535 said:

Listen up good young man. I have told you what to do. Look at my profile and what i do for a living.

You have no choice. If you don't tell the finance company EVERYTHING then you WILL lose the car. If you DO tell them everything you MIGHT keep the car.

They are your only hope here. Don't s**t on their doorstep.

What is the best way to approach them? How do I go about explaining to them the situation without making them doubt me?
What is the procedure? what would they do once I have informed them? What are the chances of a win/lose?

Call them. Ask for their fraud department.

Tell them the truth from start to finish.


Then wait.

Chances? Who knows. Depends what they decide.

[Jonno02]

Soov535 said:

Tell them the truth

This, a thousand times. Do not overthink the situation. Do not try and make something up. Just tell them the truth.

[80quattro]

If you are struggling to find the car advertised anywhere that you purchased, I suggest you try an app called UKvehicle. If you put in the registration number of the car, the app frequently pulls up historic adverts from Autotrader etc, conveniently dated as well. Good luck.