BE CAREFUL WHEN BUYING....!!
03 January 2007, 10:23 PM
#1
BE CAREFUL WHEN BUYING....!!
Take a read of this - hope it wasn't a scoobynetter...
Subaru : 2003 BG52 ZFX STI8 PPP
The for sale ad: Subaru : Subaru Impreza sti 8 ppp
Subaru : 2003 BG52 ZFX STI8 PPP
The for sale ad: Subaru : Subaru Impreza sti 8 ppp
03 January 2007, 10:29 PM
#3
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The buyer is Irish but English law would apply. If he bought the car unaware of the outstanding finance and the finance companys interest then he would obtain good title to the car. That means that he would own the car. In that circumstance the finance company can only take action against the dishonest seller.
Simon
*doubters: research the Hire Purchase Act 1964*
Simon
*doubters: research the Hire Purchase Act 1964*
03 January 2007, 10:40 PM
#4
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Not that straight forward especially when the finance company track it down and send out a couple of mentalists to recover their property, in this 'Big Brother' country as soon as it's taxed and registered to the new innocent keeper the finance company will soon be out to get back the car!!. Why on earth do people not HPI cars before leaving to view especially when travelling so far. HPI reports are easy to alter so always do your own 
Dave.
Dave.
03 January 2007, 10:46 PM
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They cant 'recover their property'; the law is clear: it wouldnt be their property (unless they could prove that the new owner knew that finance was outstanding and/or wouldnt be settled).
03 January 2007, 10:52 PM
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Originally Posted by Terminator X
Current owner may pay off the outstanding finance with the money received from the sale of the car? Nowt wrong with that is there?
TX.
TX.
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03 January 2007, 11:09 PM
#8
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I've done this before! Gave the owner a cheque payable to finance co for outstanding amount then paid cash/cheque for the difference (car was worth more than outstanding sum). It was a Honda ITR, awesome machine!
TX.
TX.
03 January 2007, 11:10 PM
#9
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If finance was o/s I'd make the bankers draft out to the finance house.
All things considered all does not seem right with this car HPI issues aside.
Staying clear.
All things considered all does not seem right with this car HPI issues aside.
Staying clear.
03 January 2007, 11:11 PM
#10
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Originally Posted by Terminator X
I've done this before! Gave the owner a cheque payable to finance co for outstanding amount then paid cash/cheque for the difference (car was worth more than outstanding sum). It was a Honda ITR, awesome machine!
TX.
TX.
03 January 2007, 11:18 PM
#11
finance on a vehicle is NOT an issue of the seller of the car tells you before so you are aware - one can then make arrangements to settle the finance in many ways (as mentioned above)
However saying its hpi clear - offering to show a report and then finding out it is on hpi..! if i'd flew and spent (wasted) 500quid as the buyer suggests he has done i'd be well P'd off to say the least
Raf.
However saying its hpi clear - offering to show a report and then finding out it is on hpi..! if i'd flew and spent (wasted) 500quid as the buyer suggests he has done i'd be well P'd off to say the least
Raf.
03 January 2007, 11:31 PM
#12
Originally Posted by GC8
They cant 'recover their property'; the law is clear: it wouldnt be their property (unless they could prove that the new owner knew that finance was outstanding and/or wouldnt be settled).
If that were NOT the case - People would be buying cars week in week out and selling on to pals etc for £50
04 January 2007, 12:04 AM
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Originally Posted by jods
I thought that title remained with the finance company until the original purchaser made the final payment. If 2nd party hands funds over to original purchaser that is their lookout. Title holders are entitled to recover for the outstanding monies regardless of the sale from original to 2nd party.
If that were NOT the case - People would be buying cars week in week out and selling on to pals etc for £50
If that were NOT the case - People would be buying cars week in week out and selling on to pals etc for £50
04 January 2007, 09:31 AM
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I have not read the whole thing so sorry if I've got the wrong end of the stick but if a car has outstanding finance, is is perfectly fine to sell on. The seller should request a settlement figure in writing and the buyer pays the finance company directly.
If the seller has negative equity in the car - ie. selling it for less than the remaining finance, the buyer pays £x amount (whatever they're purchasing the car for and the seller pays the shortfall or if the shoe is on the other foot; the seller has positive equity - ie. the car is worth more than the remaining finance, then the buyer pays the settlement in full to the finance company and the remaining equity to the seller. This is legal and perfectly normal practice. The finance company will then issue a letter (a faxed confirmation is fine) to say they no longer hold any financial interest in that car
If the seller has negative equity in the car - ie. selling it for less than the remaining finance, the buyer pays £x amount (whatever they're purchasing the car for and the seller pays the shortfall or if the shoe is on the other foot; the seller has positive equity - ie. the car is worth more than the remaining finance, then the buyer pays the settlement in full to the finance company and the remaining equity to the seller. This is legal and perfectly normal practice. The finance company will then issue a letter (a faxed confirmation is fine) to say they no longer hold any financial interest in that car
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