Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • JustMe18
    • By JustMe18 13th Feb 18, 9:59 PM
    • 9Posts
    • 0Thanks
    JustMe18
    Sold car with HP on it
    • #1
    • 13th Feb 18, 9:59 PM
    Sold car with HP on it 13th Feb 18 at 9:59 PM
    Hello. I have done one stupid things - I sold my car with HP on it in October, was too naive and didnít know if Iím allowed to do that. Of course Iím paying that finance off after sale. In december police have repossed this car from the buyer and Iíve got letter that car was involved in crime and buyer registered it at fake address and had fraudulent insurance. Bank has agreed to sell this car and apply proceedings to my credit agreement, also asked details anout buyer and would i be able to recognise him. Today i received threatening call from him asking his money back, he was saying that knows my address and etc. I called police immediately and they rung him back advising not to get in touch with me anymore and sort everything through solicitors. Can somebody tell me what he can do to us at this point? As he was involved in crime i believe car was taken for that reason (i have a letter saying that).
Page 1
    • zx81
    • By zx81 13th Feb 18, 10:04 PM
    • 15,466 Posts
    • 16,388 Thanks
    zx81
    • #2
    • 13th Feb 18, 10:04 PM
    • #2
    • 13th Feb 18, 10:04 PM
    Listen to the police and your solicitors.

    Don't sell any more cars you don't own.
    • JustMe18
    • By JustMe18 13th Feb 18, 10:06 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    • #3
    • 13th Feb 18, 10:06 PM
    • #3
    • 13th Feb 18, 10:06 PM
    I know, itís a good life lesson for me, however i donít have a solicitor, anly Fraud department manager from the bank is dealing with it. I canít understand why they are calling me now if the car was repossed 2 months ago.
    • zx81
    • By zx81 13th Feb 18, 10:10 PM
    • 15,466 Posts
    • 16,388 Thanks
    zx81
    • #4
    • 13th Feb 18, 10:10 PM
    • #4
    • 13th Feb 18, 10:10 PM
    Because they've probably found out you shouldn't have sold it so are hoping you will pay them back.

    Ignore their calls and report any further contact to the police.
    • JustMe18
    • By JustMe18 13th Feb 18, 10:13 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    • #5
    • 13th Feb 18, 10:13 PM
    • #5
    • 13th Feb 18, 10:13 PM
    Do i understand right that if iím paying this finance off in time , bank wouldnít toch this car? Guy from the bank said that car was left and police found it somewhere. They also told that shouldnít be anything to deal with me apart from some fees which i have already paid. Iím just scared that those guys will go to soliciotrs (which is quite unlikely if there was crime in place) and we will have any further problems.
    • JustMe18
    • By JustMe18 13th Feb 18, 10:14 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    • #6
    • 13th Feb 18, 10:14 PM
    • #6
    • 13th Feb 18, 10:14 PM
    P.S. Sorry for the spelling, typing fast from my phone
    • zx81
    • By zx81 13th Feb 18, 10:17 PM
    • 15,466 Posts
    • 16,388 Thanks
    zx81
    • #7
    • 13th Feb 18, 10:17 PM
    • #7
    • 13th Feb 18, 10:17 PM
    If the finance is cleared in full, then it should settle the agreement. However, you sold their property without their permission, so there may be penalties for that.

    All you can do now is be honest with them and co-operate.
    • JustMe18
    • By JustMe18 13th Feb 18, 10:19 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    • #8
    • 13th Feb 18, 10:19 PM
    • #8
    • 13th Feb 18, 10:19 PM
    No, itís not cleared, Iím paying monthly, but that wasnít the reason of car reposession. Of course Iím co-operating, they said that this car was bought to do some crime.
    • JustMe18
    • By JustMe18 13th Feb 18, 10:20 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    • #9
    • 13th Feb 18, 10:20 PM
    • #9
    • 13th Feb 18, 10:20 PM
    I have had penalties around £900, which I agreed and paid of course, as I fully agree that was stupid enough and didn!!!8217;t read all t!!!8217;s and c!!!8217;s.
    • ratrace
    • By ratrace 13th Feb 18, 10:32 PM
    • 517 Posts
    • 352 Thanks
    ratrace
    what did you sell the car for? if it was for a few thousend then the buyer must be a clown spending that money just to go and commit crime
    ďPeople are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we areĒ

    Rat Race
    • JustMe18
    • By JustMe18 13th Feb 18, 11:05 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    Sold it for £5k
    • JustMe18
    • By JustMe18 13th Feb 18, 11:07 PM
    • 9 Posts
    • 0 Thanks
    JustMe18
    We also don!!!8217;t understand why to spend so much money, if you can buy something for £100. Unless there is something anout money laundering, as he was paying by cash.
    • davemorton
    • By davemorton 14th Feb 18, 12:08 AM
    • 25,619 Posts
    • 313,157 Thanks
    davemorton
    Hello. I have done one stupid things - I sold my car with HP on it in October, was too naive and didnít know if Iím allowed to do that. Of course Iím paying that finance off after sale. In december police have repossed this car from the buyer and Iíve got letter that car was involved in crime and buyer registered it at fake address and had fraudulent insurance. Bank has agreed to sell this car and apply proceedings to my credit agreement, also asked details anout buyer and would i be able to recognise him. Today i received threatening call from him asking his money back, he was saying that knows my address and etc. I called police immediately and they rung him back advising not to get in touch with me anymore and sort everything through solicitors. Can somebody tell me what he can do to us at this point? As he was involved in crime i believe car was taken for that reason (i have a letter saying that).
    Originally posted by JustMe18
    But the money from the sale is not yours?
    Im a board guide on Pie Making Moneysaving. I'm a volunteer to help the pie production & consumption run smoothly. I can help merge tastes and fillings. Any pies made are mine & are not those of other Moneysavingexperts. Im a board guide not a qualified baker and as such do not make every type of pie. If you spot a quiche or flan please report it.
    • JustMe18
    • By JustMe18 14th Feb 18, 7:03 AM
    • 9 Posts
    • 0 Thanks
    JustMe18
    thatís why they are not giving money to me, but applying to my credit agreement to pay it off quicker. Just not sure what are the rights of the buyer? If he wouldnít left that car somewhere and police wouldnít take it than also bank wouldnít touch it until Iím making payments.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 14th Feb 18, 11:44 AM
    • 5,114 Posts
    • 5,259 Thanks
    poppasmurf_bewdley
    What's happened to the five grand cash you got for the car? Have you paid this into the loan account?
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
    • davemorton
    • By davemorton 14th Feb 18, 12:24 PM
    • 25,619 Posts
    • 313,157 Thanks
    davemorton
    thatís why they are not giving money to me, but applying to my credit agreement to pay it off quicker. Just not sure what are the rights of the buyer? If he wouldnít left that car somewhere and police wouldnít take it than also bank wouldnít touch it until Iím making payments.
    Originally posted by JustMe18
    Thats what I was trying to say, it should not be being used to pay off the credit agreement that YOU should be paying.
    Im a board guide on Pie Making Moneysaving. I'm a volunteer to help the pie production & consumption run smoothly. I can help merge tastes and fillings. Any pies made are mine & are not those of other Moneysavingexperts. Im a board guide not a qualified baker and as such do not make every type of pie. If you spot a quiche or flan please report it.
    • Nub
    • By Nub 14th Feb 18, 2:32 PM
    • 12 Posts
    • 14 Thanks
    Nub
    You sold the bank's car and kept the money. The bank have taken their car back, but you've duped the buyer out of 5k. In court, the buyer would probably be able to claim that back.

    Sorry if this sounds blunt, just preparing you for some potentially bad news.
    • flower77g
    • By flower77g 14th Feb 18, 4:43 PM
    • 49 Posts
    • 17 Thanks
    flower77g
    Also the bank can pursue you for their costs in selling the car and any shortfall; so the likely eventual resolution if it it reaches a court case will be will be that you end up having to pay any shortfall back to the bank, and reimburse the buyer the £5,000 he paid you, plus court costs and legal fees. There are a number of worse outcomes for you (claims that you committed fraud), so it would seem the better option to reimburse the buyer in full and bank any outstanding balance, even if it requires a new unsecured loan to do so.

    It's irrelevant here how the car was subsequently used after sale. Bear in mind that the "crime" committed by the buyer may be around failing to have correct insurance because he wasn't able to register the car with DVLA because of the outstanding loan agreement.
    • Tarambor
    • By Tarambor 15th Feb 18, 7:00 AM
    • 2,206 Posts
    • 1,591 Thanks
    Tarambor
    thatís why they are not giving money to me, but applying to my credit agreement to pay it off quicker. Just not sure what are the rights of the buyer?
    Originally posted by JustMe18
    You owe him £5k. Technically you owe him enough that if he is feeling particularly vindictive he could have you declared bankrupt if you don't pay.
    • missile
    • By missile 15th Feb 18, 10:52 AM
    • 9,232 Posts
    • 4,534 Thanks
    missile
    No one could be so naÔve to think they could sell a car with outstanding finance?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

829Posts Today

7,070Users online

Martin's Twitter