didnt know car was on finance

julies59

my husband bought a astra last year he wanted a vectra,in september a vectra automatic came on ebay for £1500 non runner or swap,we emailed the person he had sold the car but the person hadnt paid,he agreed to swap cars,in march this year we got a letter from billing finance saying the car was on finance and they owned the car,we did a hpi check and the finance was taken out in april and he sold the car in september,billing said they wouldnt be taking the car back but there is a security warning on the hpi and they wont remove it till the finance has been settled,we have paid out over £2500 to get the car running,billing wont remove the marker and we cant sell the car now,have spoken to trading standards they say take them to the small claims court to get the marker off,this could take ages,billing are taking the bloke who had the car to court to get there money back that could take years to pay off,my husband wont drive the car now as if he has a bump the incurance will pay out to the finance people not us,any ideas please

Judas

An Interesting concept; Where a car is sold with finance and the purchaser is innocent and knows nothing about it then the finance company have no right to reposess the car, however, they arent doing this and are simply leaving an entirely correct HPI marker. I wouldnt fancy your chances of getting this removed.

In regards to not driving it; I would be very surprised if in this case an insurer would pay out in view of the above to anyone other than yourselves although the fact you bought the car by the sounds of it solely to sell on makes it sound like your a trader in which case the whole private individual bit may be argued against when it comes to title.

I personally would be seeking some firm legal advice; but I don't think you will get the HPI removed at this time; likewise I think your probably safe to drive it.

missile

Judas wrote: »

Where a car is sold with finance and the purchaser is innocent and knows nothing about it then the finance company have no right to reposess the car, ...QUOTE]

Is this correct?

AFIK, the finance company can repossess the car and it is buyer beware:eek:

Quentin

missile wrote: »

AFIK, the finance company can repossess the car and it is buyer beware:eek:

Not if the buyer was an "innocent purchaser" (google will help out)

standupguy

I think your complaint to them should be that they have "lost good title to the car as you are regarded as an innocent purchaser under the Consumer credit act in that you were unaware of any finance outstanding" and "they should no longer hold a Finance marker with HPI on the car as title has now passed from them to you.

Tell them you are making a formal complaint and ask them to remove the marker and confirm that this has been done.

If they refuse tell them you will take the matter up with the Financial Ombudsman service and the Office of Fair trading - tell them you will be making a complaint to the OFT that by their refusal to acknowledge you as an innocent purchaser and their subsequent refusal to lift the marker they cannot be considered to be fit and proper persons to hold a consumer credit licence.

julies59

thanks for that i had already written to them and said i would be contacting the ombudsman,they rang my husband and said the marker will saty till the finance is settled,the car has had a new turbo charger,fuel injector,tyres and other things i am wondering if we took what we own off the car as in these items then returned the car wether they could do anything as we bought the car as a non runner,billing dont know what was on the car,also when we got the car the mileage was 80000 but when we checked the mots on line it had done 12000 previously on the hpi is a security watch and a note saying incorrect mileage,i will write to them again with your suggestions,

forgotmyname

Police interceptors proved that not to be the case the other night.

Watching it a car was reported stolen by the finanace company, The seller had failed to keep up
payments on the vehicle.

Police took the car away. I was thinking that cannot be right from what i have read on here.

Only thing that may affect it, Mobility car was mentioned.

julies59

the finance company probably did that if the person had moved,we bought the car legitamitly and are the innocent purchaser.the finance company said they will not take the car back ,they want the finance paid,

forgotmyname

Nope the person had not moved they just stopped paying them sometime after she sold the car.

Bought from an older woman as well, They were rather shocked.

Phill_-_Liverpool

I had a similar situation arise with Logbook Loans. Ended up having to buy their interest out when I crashed the car.

vaio

I think logbook loans is a special case involving bills of sale which isn't covered by the legislation although I also seem to remember there being some court rulings which went against them and held their rights were not enforcible