Finance Owing on a Car I Don't Have
Discussion
Wrong area I appreciate, I'm new and thought this was the best site to ask on as it's motor related. I couldn't wait the 14 days before posting in the legal section as I don't have 14 days!
I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
Megarage said:
Wrong area I appreciate, I'm new and thought this was the best site to ask on as it's motor related. I couldn't wait the 14 days before posting in the legal section as I don't have 14 days!
I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
This can't be for real, I'm sorry. If it is then your friend has stolen the car and the police need to be involved.I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
Megarage said:
Wrong area I appreciate, I'm new and thought this was the best site to ask on as it's motor related. I couldn't wait the 14 days before posting in the legal section as I don't have 14 days!
I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
You're knackered. Harsh as it is you've only got yourself to blame for trusting the close friend. You can't transfer finance to another person, you're responsible for the repayments until the debt is settled so the dispute is solely between you and your close friend. If he won't pay that's not the finance company's problem - it's yours. If you can't settle the debt then they'll repo the car and take you to court for the outstanding amount. If you don't pay it then the bailiffs will come for your possessions and put a charging order on your house if you own one, depending on how much finance is outstanding.I had an Audi RS6 that I bought on finance from a main dealer, the car was my pride and joy but I wasn't using it that much. A close friend was interested in the car, so we agreed that if he paid me the monthly finance, he could use the car (I trusted him).
All was fine and dandy until October when the car was due to be either refinanced, given back or traded in with the dealer. My friend wanted the car, so I passed him along to the dealer to settle the outstanding balance (£20k).
It turns out he didn't settle...and then I have debt collectors chasing me for the car/money! I've spoken to him a number of times and I keep being assured it will be paid but as of today, it's still not. I've been given 30 days in which to resolve it, my friend is even involved with the debt collectors/solicitors and talking to them to sort it out but I don't have the car to return it (which is what I'd have done as it's too expensive) and it appears my friend has sold the car on!
So what can I do in this rather unpleasant scenario? Assuming my 'friend' isn't going to pay?
The police won’t be interested. It’s a civil debt matter not a criminal matter.
He didn’t steal the car you gave it to him.
If the finance is still on it though and the new owner didn’t check when the bought it from your so called “pal” then they will lose here too as the finance company once they know who has it will repossess it from them.
He didn’t steal the car you gave it to him.
If the finance is still on it though and the new owner didn’t check when the bought it from your so called “pal” then they will lose here too as the finance company once they know who has it will repossess it from them.
I'd suggest your best course of action is, to settle the finance - £20k and then pursue your "friend" for the money.
Sounds like you subleased your (the finance company's) car, at best this is not permitted under the terms of the agreement you signed, at worse it is fraud.
This could get very nasty for you (with long-term poor credit repercussions and everything that comes with that), by paying off the finance, you avoid being pursued by the finance company, or even the new owner if the car is repossessed from them.
The alternative is that you get the car back from the new owner, had it back finance co, and let the new owner sort it out with your friend (needless to say snatching the car back could be a further recipe for a whole load of grief).
Sounds like you subleased your (the finance company's) car, at best this is not permitted under the terms of the agreement you signed, at worse it is fraud.
This could get very nasty for you (with long-term poor credit repercussions and everything that comes with that), by paying off the finance, you avoid being pursued by the finance company, or even the new owner if the car is repossessed from them.
The alternative is that you get the car back from the new owner, had it back finance co, and let the new owner sort it out with your friend (needless to say snatching the car back could be a further recipe for a whole load of grief).
t.
Lemming Train said:
EddieSteadyGo said:
Because it is a made up story....
Perhaps so but let's give the OP the benefit of the doubt and see what they have to say about it before jumping to conclusions.
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