Purchased a car, Didnt know it had Outstanding Finance
Comments
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steampowered wrote: »Hello - just so that you are aware, "conversion" is civil law only. The criminal law equivalent of conversion is theft.
Of course it is possible for a person to commit criminal theft and civil conversion at the same time.
You're quite right - it seems I'm living in the early 20th century.0 -
How have courts which are able to set a precedent defined 'good faith' in these circumstances?0
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Just thought I'd give you guys a quick update.
It's now been two weeks since I called the finance company.
I called them back today to see what's happening with it. Again, they've stressed that nobody will attempt to repossess the car and that I am free to do what I like with the car. I've asked for this in writing to which they've sent a letter out which should be with me later this week.
However, they've said that they will not be removing the interest they have in the vehicle off from the HPI report. So the vehicle still comes up as outstanding finance. They've said that they're trying to get in touch with the original customer. They've told me that this "investigation" could take upto three months and should they still not be able to contact the customer, the finance marker will be removed. I'm waiting to see what this letter says and how they've worded it, and will then make my next move.
I want the marker removed straight away and have quoted the Hire Purchase Act to them, and they've responded with the 3 months investigation !!!!!!!!.
From my point of view, investigation or no investigation, I still have good title to the car.
What do you guys think?0 -
I think you just need to wait for their investigation to complete.AshTheLegend wrote: »Just thought I'd give you guys a quick update.
It's now been two weeks since I called the finance company.
I called them back today to see what's happening with it. Again, they've stressed that nobody will attempt to repossess the car and that I am free to do what I like with the car. I've asked for this in writing to which they've sent a letter out which should be with me later this week.
However, they've said that they will not be removing the interest they have in the vehicle off from the HPI report. So the vehicle still comes up as outstanding finance. They've said that they're trying to get in touch with the original customer. They've told me that this "investigation" could take upto three months and should they still not be able to contact the customer, the finance marker will be removed. I'm waiting to see what this letter says and how they've worded it, and will then make my next move.
I want the marker removed straight away and have quoted the Hire Purchase Act to them, and they've responded with the 3 months investigation !!!!!!!!.
From my point of view, investigation or no investigation, I still have good title to the car.
What do you guys think?
They say they will remove the marker in three months at the latest, so if you don't want to sell the car in that time, there is no problem.
If you do want to sell the car before the marker is removed, that also shouldn't be a problem because you will have a letter from the finance co explaining things.
I really don't see a problem here.0 -
So long as you're not looking to sell within the next few months I think all will be well.
Letter or not, I think the marker may ward off many buyers who carry out an HPI check, before they even get in touch to clarify (some classifieds like AutoTrader include outstanding finance checks as part of their service). Not all potential buyers are going to trust a letter allegedly from the finance company - just as it seems the OP doesn't (and they know it's from the finance company).
However I don't think there's much the OP can do except sit tight for the moment.0 -
Good news that the finance company aren't trying to repossess the car.
It sounds like you do have good title. Although I'm not sure the finance company can be legally required to remove the car from the HPI register. So you might just have to hope they play ball and remove the HPI after their investigation.0 -
At present they will want you to "retain" the car, that is because they know where it is.
This protects their holding in the asset.
They will investigate the information you donated and if the seller declared the car to be HPI and finance clear then the 2006 fraud act section 3 kicks in over riding the civil law.
You wont hear anything until they have established if the seller has any assets they can sell by serving statutory demand to recover the loss.
Personally I would seek some paid for legal advice here.I do Contracts, all day every day.0 -
Sorry if this has been posted previously but do you know where the seller lives. Did you go to his house to view?0
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Marktheshark wrote: »Personally I would seek some paid for legal advice here.
Why spend money at this point?
The finance company have stated on the phone that the OP is free to do what they wish with the car and that no one is going to attempt to take possession of it and they are sending out written confirmation of this.
IMO, paying for legal advice at this time will just be a waste of time and money.0 -
shaun_from_Africa wrote: »Why spend money at this point?
The finance company have stated on the phone that the OP is free to do what they wish with the car and that no one is going to attempt to take possession of it and they are sending out written confirmation of this.
IMO, paying for legal advice at this time will just be a waste of time and money.
What they stated on a phone is worth nothing and the OP is not free to do as they wish as it still has an outstanding finance marker.
They are not going to put their hand of cards down on the table, they are also not a charity that feels sorry for victims of crime.
They will investigate and keep things exactly where they are at the moment, the asset is in safe hands and they need time before they can do anything.
The Op has played along perfectly, is aware and told the finance company they are aware it has unpaid finance secured on it which means they can not sell it without committing fraud.
At present, everything is right where the finance company needs it to be until they get their act together.I do Contracts, all day every day.0
This discussion has been closed.
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