Help required!......outstanding finance discovered 3 months after purchase....ouch!!

bigjl

Actually vaio you are far from correct, a lot of finance companies sell their decent reclaimed cars through closed auctions.

And so long as the finance company keeps on defaulting the loan every few years they can continue to keep the outstanding finance current and within the 6 year rule.

In life there are some people that research everything and have opinions based on this research.

Some however base there opinion on experience and things they have
witnessed.

I have yet to find anybody that has gained good title you way.

Not saying people haven't, but I have met anybody or been told of anybody.

Your last couple of post don't make much sense either.

reduceditem

Thought I'd give you all an update. Quite interesting.

I told him that I thought it best that he phone Black Horse and just tell them exactly what happened.

He did.....or more accurately I did on his behalf since his English is not great. We phoned them sometime shortly after this thread.

I spoke to a surprisingly pleasant man who said to write in a letter explaining the circumstances......we did.

A week later Black Horse wrote back asking for more info (such as bank statements to show that he'd paid for the car, maintenance receipts etc). So we penned a letter with all that info and........

SUCCESS!........He got a letter from Black Horse last week saying they have removed the remaining finance on the car and that he was now free to do with it whatever he wanted (he intends to sell it).

So, honesty proved to be the best policy and Black Horse were very easy to deal with.

The end.

vaio

Good result & thanks for letting us know how it turned out

esmerobbo

Good result and well done Black Horse for showing some common!

bigjl

Well done and again, thanks for letting us know the outcome.

I am glad you listened to what I had said and negotiated with the legal owner and title holder, rather than listen to some posters that said he was covered under the innocent buyer legislation.

The fact he had spent money on the car by way of maintenance would also have helped as it shows a financial interest in the car.

I hope your mate is a bit more carefull next time, and I reckon the bloke that sold him it will be gutted, as he probably expected it to be reclaimed.

vaio

OP…….For clarity and to round this happy ending off nicely would you mind filling in some of the blanks (obviously without giving any identifiable details)

What was the approximate value of the car?

What was the approximate outstanding finance?

Did you friend pay anything to the finance company or did he get good title under the innocent purchaser rules?

reduceditem

vaio wrote: »

OP…….For clarity and to round this happy ending off nicely would you mind filling in some of the blanks (obviously without giving any identifiable details)

What was the approximate value of the car?

What was the approximate outstanding finance?

Did you friend pay anything to the finance company or did he get good title under the innocent purchaser rules?

To answer your questions in order....



My friend paid about £4,000 for the car.

We never found out about the outstanding finance amount (or the identity of the original debtor, or when the finance was taken out...nothing) because they said they couldn't discuss those details with anyone but the account holder. Fair enough.

He was not asked to pay anything, just told that they had removed the outstanding finance and that he was now free to do whatever he wanted with it (I've not seen the letter yet). I don't know what 'innocent purchaser' rules are and they weren't mentioned by Black Horse at any point. What I will say is that from the very first phone-call to Black Horse they were very friendly and assuring. The guy I spoke to said right at the start that the most likely outcome would be that my friend would get to keep the car (after they completed their enquiries)....and that proved to be the case.

mikey72

That does sound more like he was an innocent purchaser, and Black Horse just had to confirm it, and admit they had no title.
Otherwise they would have to charged at least a nominal fee, rather than "give it away".