Finance owing on car we bought
Comments
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I’m not condemning the dealer just yet, they have been more helpful than I would expect if I was being swindled. For all I know, it’s all been paid off, I just can’t get confirmation.0
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Innocent purchaser protection is just that... You knew about the finance. This protection is for those who didn't know about any outstanding finance before buying the car from a dealer.
Your letter from the dealer does nothing but make your situation even worse. It would though support a small claims if you was to pay off any outstanding amount the dealer fails to pay.
But if the finance company won't talk to you then you just don't know what has or hasn't been done as it may take time for systems to update
Utter rubbish. Innocent purchaser applies to private sales. If this car was bought from a trade seller then the buyer will get title to it end of story.0 -
It's not though is it.
Op doesn't meet the criteria of an innocent buyer and as such has no such protection. Finance company own it until the finance settled
Ditto.
The buyer owns the car thats the end of it. EVEN IF the dealer fails to settle he will get title to the car as long as he bought it from a trade seller.0 -
I used to work for a main dealer and occasionally we would get phone calls from the previous owners saying that they had received a letter from the finance company saying that they’d missed a payment and were (rightly) kicking off.
9/10 it was a timing issue,especially if the customer was borrowing to cover the outstanding finance (yes people do that) against the new car & the new finance hadn’t been received or that paperwork instructing the payment hadn’t been passed over to the accounts dept.
This doesn’t solve the OP’s situation but given that the previous owner will now be chasing to get this sorted vigorously then the OP can use this to their advantage to apply extra pressure to the dealership0 -
bobbymotors wrote: »Utter rubbish. Innocent purchaser applies to private sales. If this car was bought from a trade seller then the buyer will get title to it end of story.
Ok before claiming its utter rubbish and trying to educate others, at the very least make sure you know what your talking about yourself.0 -
http://www.lawgistics.co.uk/legal-article-business-law/motor-trade-advice/special-rights-to-customers-buying-cars-subject-to-hire-purchase
The rules are:
a) The buyer must be a private buyer. If they are a motor trader or operate a finance business then they are excluded.
b) The buyer must have no knowledge of the car being on finance.
Straight from the Hire Purchase ActWhere the disposition referred to in subsection (1) above is to a private purchaser, and he is a purchaser of the motor vehicle in good faith without notice of the hire-purchase or conditional sale agreement (the “relevant agreement”) that disposition shall have effect as if the creditor’s title to the vehicle has been vested in the debtor immediately before that disposition.
Clearly covers my original post. Protection only applies where buyer was unaware of the finance outstanding. This is not the case with op, sadly, so protection wouldn't apply0 -
Yea I know I defiantly can’t claim myself an innocent purchaser if it came to that.
At the moment I’m just taking some comfort from the idea the old owner might be chasing to get this sorted. If he isn’t, my main concern is that by the time the problem lands at my door, the currently affordable £800 settlement will have ballooned thanks to agent fees etc. & heaven forbid they just pitch up and take the thing without notice.
If only PSA would talk to me, I’d just pay it if it dragged on much longer & then go to the small claims court as someone previously suggested.0 -
You're not liable for the £800 settlement so why are you worrying about it? That is the dealer's problem.0
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You're not liable for the £800 settlement so why are you worrying about it? That is the dealer's problem.
Whist we are telling the OP not to worry, he could have problems if the HPI/PSA interest isn't cleared when he tries to sell the vehicle in x years time.
My Dad once bought a car on HP, paid it off as normal, and when he part exchanged the vehicle 8 years later, it was still showing as on finance. Because the car was only worth £1,500 the dealer wasn't bothered, said it was a mistake, and wouldn't worry over £1,500. However he said that if it had been a car worth considerably more then it would have stalled the deal.The man without a signature.0
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