Car Finance Help

Mark_w_3

Hi all,

My girlfriend still has an outstanding credit agreement against a car that she jointly took out with her previous boyfriend. He has apparently sold the car and left her paying the debt! I can only assume the new buyer didn't carry out a HPI check. We have spoken to the loan company (GE Money) and they save that they will recover the money from either party, which I understand as she did sign the agreement. I guess what I'm asking is there anyway around this, could the car be repossessed as it still has finance against it? Could the loan be split 50/50? Any help would be appreciated as I'm a bit annoyed that we are left paying for this.

Thanks,

Mark

standupguy

Options depend on the type of agreement.

Was it HP or a loan agreement?

PNPSUKNET

they wont do it 50/50, its a third party dispute so they will go after who ever they can. but without the lenders perm to sell its theft as title had not passed

standupguy

PNPSUKNET wrote: »

they wont do it 50/50, its a third party dispute so they will go after who ever they can. but without the lenders perm to sell its theft as title had not passed

Not quite correct
If it is a HP agreement then it is conversion rather than theft however if a loan agreement then they are entitled to sell the car as they would own (and have title) at the outset of the agreement

Need to know type of agreement

Mark_w_3

Thanks for the replies.

The paperwork says:

Document type is a motor loan. Fixed sum loan agreement regulated by the consumer credit act 1974.

It does mention the cars details on the document though.

Interestingly enough I can't find a signature on the loan agreement only on a customer statement of demands and needs. But it is only a copy... I think I'll request a copy from GE Money. How do I stand if he has forged her signature?

Thanks again,

Mark

standupguy

Mark_w wrote: »

Thanks for the replies.

The paperwork says:

Document type is a motor loan. Fixed sum loan agreement regulated by the consumer credit act 1974.

It does mention the cars details on the document though.

Interestingly enough I can't find a signature on the loan agreement only on a customer statement of demands and needs. But it is only a copy... I think I'll request a copy from GE Money. How do I stand if he has forged her signature?

Thanks again,

Mark

To answer your original question then - no the car cannot be repossessed as you say it is on a motor loan document rather than HP.

The Finance company will pursue both parties to obtain the money that is owed and in this case they are both liable for the amount outstanding - there is no 50/50 split.

The Finance company will probably focus on the partner where there is the best chance of recovery.