Car with outstanding finance
Discussion
Hi everyone!
I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
The log book loan company will carry out a check to make sure that no other finance company has a loan on the car before they will accept it as security, so you will hit a brick wall there unfortunately.
It will no doubt resolve itself eventually but that's no help to you at the moment.
You might approach the person that you bought the car from. Selling the car with outstanding finance will result in serious trouble for him and it might be in his interests to unwind the deal by buying it back off you if he is able. Get cash in full!
ETA - If the finance agreement was taken out before the car was written off ( Cat S ) then the insurance company should have paid out the finance company. I don't see how the insurance company could sell it on, even back to the policyholder as scrap, until the finance company's interest had been satisfied.
It will no doubt resolve itself eventually but that's no help to you at the moment.
You might approach the person that you bought the car from. Selling the car with outstanding finance will result in serious trouble for him and it might be in his interests to unwind the deal by buying it back off you if he is able. Get cash in full!
ETA - If the finance agreement was taken out before the car was written off ( Cat S ) then the insurance company should have paid out the finance company. I don't see how the insurance company could sell it on, even back to the policyholder as scrap, until the finance company's interest had been satisfied.
Edited by Wooda80 on Thursday 1st November 11:22
alorotom said:
What a load of tripe; it could be a CatS Lamborghini Aventador for all we know - hardly worthless and just for parts!
I respect your comment and your right but The OP is going to a log book loan company I dont think he is a Premiership footballer He aint drivin no lambo
I dont think he is anything like a footballer he cant even tackle his own situation !
Why did you buy the f
kin thing in the first place if you dont have any money ?So, if I've got this straight, you've bought a car with outstanding finance that you weren't aware of due to you're own lack of basic due diligence.
And all you've got to do to square this away with the loan co and absolve yourself of any commitment to pay off the loan is fill in a form?
And all you've got to do to square this away with the loan co and absolve yourself of any commitment to pay off the loan is fill in a form?
jeremyh1 said:
alorotom said:
What a load of tripe; it could be a CatS Lamborghini Aventador for all we know - hardly worthless and just for parts!
I respect your comment and your right but The OP is going to a log book loan company I dont think he is a Premiership footballer He aint drivin no lambo
I dont think he is anything like a footballer he cant even tackle his own situation !
ibrahih6 said:
Hi everyone!
I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
It’s not illegal to sell the car. I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
ibrahih6 said:
Hi everyone!
I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
1) . Fill the forms in and get rid of the the bloody thing.I hope you can give me some pointers with a situation..
I bought a car from a private seller a few months ago, and the car has outstanding finance, I didn't carry out a full hpi check at the time.
We only found out as we put the car up for sale, the person that was going to buy it carried out the hpi check and it showed to have outstanding finance with black horse.
So we contacted black horse and they said they will be sending out forms in order for us to prove how we bought the car.
The person who we got it from, buys written off cars and repairs them to sell it on. So the car is a cat s repaired.
Since we are desperate for the money, we were told it's illegal to sell the car.
Is there anything preventing me from going a logbook loan? If I do that what are the implications for me ?
Sorry for the long message. We are hopeless not sure what to do... Thank you for time guys
2) It's not illegal to sell the car but anyone that does a HPI check is going to be put off with a) outstanding finance and b) being a cat s car.
3) Stay well away from log book loan companies they charge massive API and you will end up in a world of financial pain.
4) Next time do your due dillegence and stay away from "private sellers" that repair f
ked cars.HTH
Mushroom12 said:
Had no idea what a log book loan company was until googling after reading this thread...so basically predatory loan companies like Wonga didn't go anywhere....triple digit APR...
Exactly the same with me mateI found out about it because there was a bloke on our industrial estate that has a small office . We always say Hello We got talking one day and after I had bored him with my life story he told me about how he lends money to desperate customers
I cant blame him a smart business model I recon . Im chasing my ass around the countryside 18 hours a day and he just signs a from does a bank transfer and lets the money flow in
Sad Ken said:
API
nounCOMPUTING
a set of functions and procedures that allow the creation of applications which access the features or data of an operating system, application, or other service.
Methinks you meant APR lol
Maybe its a spacial abbreviation for super super high lending rates that we dont know about nounCOMPUTING
a set of functions and procedures that allow the creation of applications which access the features or data of an operating system, application, or other service.
Methinks you meant APR lol
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