found out finance still owing on my car

[Deleted User]

standupguy wrote: »

OP - you need to take care with some of the advice here as some is very good (from people with experience in such matters probably down to employment and knowledge in the Industry ) but one is just down to opinion and guesswork from an established poster and it shows that you should not rely on the number of posts someone makes to establish their knowledge and weigh up their advice.

John White and Miss daisy know what they are talking about but I am afraid Woodbine does not and is talking a lot of nonsense.

As Miss Daisy says look up the innocent purchaser clauses if you want to know more.

They cannot repossess a car that they have lost title (ownership) of.

From what you say it is clear that the person who purchased the car from their customer was not told of the outstanding Finance and is therefore classed as an "innocent purchaser" and title duly passed to them at time of sale. Title was passed again to you when you bought the car.

Woodbine, there is no legal requirement for Finance companies to register their interest with HPI and not all do.

You should phone the Finance co, explain the chain of events and let them know you are aware that the first purchaser of the car from their customer should be regarded as an innocent purchaser as they were unaware of any Finance outstanding and therefore you now also have good title and ask them to remove their interest at HPI.

They may contact their customer to verify all of this but depending on the balance outstanding may just let the customer continue to make the payments. They should however do the honourable thing and remove their interest. If they decline to do this tell them that you will take the matter to trading standards and the OFT and will make a complaint about their suitability to hold a consumer credit licence.

If their customer had not been paying the monthly payment they would have carried out a DVLA check to confirm the current owner and then come on to you to find out how you acquired the car.

my considered opinion is based on experience and fact,i`m also entitled to give an opinion
you on the other hand are entitled to disagree
the OP must decide which if any advice to follow or not

PNPSUKNET

Isnt it ilegal to sell some on hp, as it doesnt belong to them until payments are made in full

PNPSUKNET

1. My friend has offered to buy the car of me even though there is outstanding finance on the vehicle. Can I sell it to him?
   It is actually against the law to sell a car if it still has finance on it. Please make sure you always settle outstanding finance before ownership is changed.

http://www.insolvencyhelpline.co.uk/legal_issues_explained/car_repossession.php

standupguy

PNPSUKNET wrote: »

Isnt it ilegal to sell some on hp, as it doesnt belong to them until payments are made in full

You can sell the car which is subject to finance providing at time of sale the settlement figure is paid to the Finance company. This happens all the time when customers with cars still on finance want to px and get another car.

In this particular instance there are regulations within the CCA that cover exceptional circunstances such as this which allows for transfer of title without settlement of the agreement - the purchaser being unaware of any finance outstanding becomes what is called an "innocent purchaser" and as such obtains good title at that point.

Woodbine, I do agree that you are entitled to your own opinion and it is up to the op which advice to take.
My point was, given the number of postings you have made together with the authoritive and dismissive manner of the comments you have made, could easily sway the op that this was a lost cause. When I know that what you are saying is not correct.