STRESSING OUT! FINANCE PROBLEM HELP

[daemon]

Dixy said:

Nickyboy said:

Unfortunately its your responsibility to check if the car had finance, i'd be shocked to find a 11 year old car has finance on it

100% wrong
OP if you genuinely baught the car privately with no knoledge that the car had outstanding finance, then it is 100% yours the consumer credit act gives you clean title and the finance co must persue their client unsecured.

+1

with you 100% on this.

[daemon]

Blue Oval84 said:

4K on such an old car suggests to me possibly an error?

Possibly worth calling the finance company who claim to have an interest and asking them to confirm?

I would be very careful as to what exactly is said on that phone call.

[CYMR0]

daemon said:

Blue Oval84 said:

4K on such an old car suggests to me possibly an error?

Possibly worth calling the finance company who claim to have an interest and asking them to confirm?

I would be very careful as to what exactly is said on that phone call.

Could be a log book loan, or a finance agreement taken out in 2007 when it was five years old, paid for a couple of years, high interest etc., and then rather than hand back at the half way point, the buyer foolishly decided to sell it. Three or four years later, still within limitation against the 'rogue' and accruing interest and charges, this comes to light. 4k doesn't shock me at all despite the age of the car - no one would pay it now but it sounds like that this is extremely aged debt.

[rfoster]

daemon said:

Dixy said:

Nickyboy said:

Unfortunately its your responsibility to check if the car had finance, i'd be shocked to find a 11 year old car has finance on it

100% wrong
OP if you genuinely baught the car privately with no knoledge that the car had outstanding finance, then it is 100% yours the consumer credit act gives you clean title and the finance co must persue their client unsecured.

+1

with you 100% on this.

Completely wrong: if the car does have finance outstanding then the car is technically owned by the finance company until their debt is paid off. You can't just claim ignorance and expect the finance company to write off £4,000.

Why not run an HPI check yourself, find out the details of the finance company (it's listed on there) and give them a call? They will advise whether they still have a financial interest in the car or not. It's possible (though unlikely) that it's a mistake, they may have input their interest on the chassis incorrectly by one digit. It has been known to happen.

As has been mentioned earlier in the thread, if the car does have outstanding finance then the first route of recourse is to the seller of the vehicle who must pass clear title to you. Appreciate this is family - perhaps the two of you can speak with the previous owner about this issue.

[Terminator X]

Nickyboy said:

Unfortunately its your responsibility to check if the car had finance, i'd be shocked to find a 11 year old car has finance on it

Especially £4k ffs!

TX.

[daemon]

rfoster said:

daemon said:

Dixy said:

Nickyboy said:

Unfortunately its your responsibility to check if the car had finance, i'd be shocked to find a 11 year old car has finance on it

100% wrong
OP if you genuinely baught the car privately with no knoledge that the car had outstanding finance, then it is 100% yours the consumer credit act gives you clean title and the finance co must persue their client unsecured.

+1

with you 100% on this.

Completely wrong: if the car does have finance outstanding then the car is technically owned by the finance company until their debt is paid off. You can't just claim ignorance and expect the finance company to write off £4,000.

You'd better give Trading Standards are ring then...

Little Lofty said:

Trading standards say:
The Consumer Credit Act 1974 gives 'good title' to the innocent private purchaser of a vehicle that later turns out to be subject to a claim by a finance provider. This means that if the previous owner sold the vehicle to you when there was finance outstanding and you were unaware of this, the finance provider cannot repossess the vehicle from you. Remember, this does not apply to vehicles that have been stolen, or vehicles that were subject to a lease or hire agreement.

The exception to that is if you were 'aware' that there was finance outstanding. Hence i wouldnt go ringing up the finance company and saying 'oh my uncle bought this off a bloke who we thought was dodgy'.

[daemon]

rfoster said:

daemon said:

Dixy said:

Nickyboy said:

Unfortunately its your responsibility to check if the car had finance, i'd be shocked to find a 11 year old car has finance on it

100% wrong
OP if you genuinely baught the car privately with no knoledge that the car had outstanding finance, then it is 100% yours the consumer credit act gives you clean title and the finance co must persue their client unsecured.

+1

with you 100% on this.

Completely wrong: if the car does have finance outstanding then the car is technically owned by the finance company until their debt is paid off. You can't just claim ignorance and expect the finance company to write off £4,000.

Heres it actually on trading standards website.

http://www.tradingstandards.gov.uk/cgi-bin/towerha...

Heres it discussed before on PH

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Heres it discussed on moneysavingexpert

http://forums.moneysavingexpert.com/showthread.php...

Heres it discussed on a legal rights website

http://www.legalbeagles.info/forums/showthread.php...

Heres it discussed on consumerrightsactiongroup.co.uk

http://www.consumeractiongroup.co.uk/forum/showthr...

Discussed on citizens advice website

http://www.adviceguide.org.uk/nireland/consumer_ni...

Therefore can you either retract your WRONG statement OR provide evidence that you are correct?

[rfoster]

Well, you learn something new every day. Have been in this industry for 18 years and I didn't know that.

[Deva Link]

CYMR0 said:

Could be a log book loan, or a finance agreement taken out in 2007 when it was five years old, paid for a couple of years, high interest etc., and then rather than hand back at the half way point, the buyer foolishly decided to sell it. Three or four years later, still within limitation against the 'rogue' and accruing interest and charges, this comes to light. 4k doesn't shock me at all despite the age of the car - no one would pay it now but it sounds like that this is extremely aged debt.

It's entirely possible that the original borrower was still making the payments.

OP: How long had your uncle owned the car? I thought the Consumer Credit Act protection only applied to the first innocent purchaser. It'll look dodgy if your uncle only owned the car for a short period.

[hafizur95]

Deva Link said:

It's entirely possible that the original borrower was still making the payments.

OP: How long had your uncle owned the car? I thought the Consumer Credit Act protection only applied to the first innocent purchaser. It'll look dodgy if your uncle only owned the car for a short period.

he did own for a short period, but that was due to his insurance cancelling after a month or so after he purchased the car. the cancellation was due to him not giving in his correct conviction details (which was not his fault as at the time because he sent his paper part to DVLA to get a new licence card, i know i know he shouldve waited until he got the paper part but you know) So he put it up for sale and asked me he would give me a good price for it. Little did i know that the car was bloody trouble !

Anyways my insurance took a copy of the logbook (dont know what they would do with that) but fingers crossed lol...

[Jaldi]

So hafizur95,
What happened with this in the end?

[AlexRS2782]

Jaldi said:

So hafizur95,
What happened with this in the end?

Based on this thread it got hit so he bought a Civic - http://www.pistonheads.com/gassing/topic.asp?h=0&a...

There was also a thread on here earlier about him asking how to fit a set of bigger "max power" style wheels with the wrong offset/bolt pattern & spacers for "stance" but it appears to have disappeared from the forum.

[Jaldi]

Thanks for that but I was wondering what happened about his £4000, whether he lost it or not in the end.