daz_vx220

Has anyone else come across this?
I knew it happened but its happened to me 3 times in as many months.I no money's tight for people at the minute but surely this cant be right?

I understand the car is the finance companies until funds have cleared but wont the person who has taken the cover out have signed a contract to say THEY will pay the installments?

Next question-what can be done about it? apart from a good kick in

Terminator X

iTrader: (7)

Never rely on previous owner to pay instalments you'll get screwed.

Shouldn't be a problem if finance co is paid off 1st then balance to owner. I'd not risk it if they want paying the lot & for them to pay off finance.

Better to walk away IMHO anyways as too much hassle.

TX.

rexlee2004

How come you did not HPI check the cars?

daz_vx220

I did hpi the cars, every car i buy i hpi. Thats my point, the sellers trying to sell them on when finance is still showing on them.

Bungleaio

iTrader: (1)

I believe this is fairly common, as long as the seller was open about it I wouldn't be too worried. You can pay the agreed purchase price to the finance company and give any difference to the seller.

If the seller was proposing that they would continue with the finance payments after you had paid for it from them then I couldn't run away faster from the deal.

Remember even if the v5 is in your name that doesn't make the car yours. the v5 only indicates the registered keeper.

Terminator X

iTrader: (7)

Benefit of doubt though, they may intend to pay off the finance at time of sale. Not everyone is bad

TX.