finance but no longer got car

scottishguy28

i no longer have the car i have finance outstanding on what happens now ?

Biglad_3

EH? Have you sold the car that you have finance on? If so thats a big no no ! As you technically don't own the car yet. If you have sold the car and have the money ring the finance company and pay it off.

Was it a bank loan finance or a car loan secured on the car.

scottishguy28

was a stupid mistake took another car as a swap from a friend and it turned out to be a mess so i got rid of it
and was finance on the car

vaio

either pay it off in a lump sum or just keep on paying the instalments

wba31

scottishguy28 wrote: »

was a stupid mistake took another car as a swap from a friend and it turned out to be a mess so i got rid of it
and was finance on the car

It is actually illegal to swap/sell a HP car as like others have already said, it belongs to the HP company until you have paid the full debt. you probably ought to seek specialist advice, or get the debt paid off

badmumof1

scottishguy28 wrote: »

i no longer have the car i have finance outstanding on what happens now ?

you have to pay the remaining balance.
HTH

motorguy

Why has the O/P got another thread going talking about borrowing £5000 to pay the car off?

I smell a troll....

molerat

You have got to pay off your finance and your mate has got to pay off his. There is nothing his finance company can do to you to make you liable for his debt. As long as you continue to pay your finance and do not inform that you have not got the car they will not do anything. If you inform them that you no longer have it they will want full payment or possibly try to recover the car from your mate.

Flyboy152

scottishguy28 wrote: »

was a stupid mistake took another car as a swap from a friend and it turned out to be a mess so i got rid of it
and was finance on the car

Sorry, this makes very little sense. Are you saying that your friend gave you his car, which was being funded by a HP agreement and he didn't pay it off and you agreed to make the payments for him? Or are you saying that your friend gave you his car and you somehow secured financing against it? Or, the car you swapped to him was purchased using a HP agreement and he no longer has the car and you still haven't paid off the finance?

molerat

I'm confused as well now

From the OP's other thread https://forums.moneysavingexpert.com/discussion/3052118

my mate has my car i make payments on

no he got a letter from his finance company saying they know he no longer owns the car and he has 7 days to pay the outsatnding balance

Hammyman

scottishguy28 wrote: »

i no longer have the car i have finance outstanding on what happens now ?

You've sold a car you do not own. Expect to get a bill for the outstanding amount payable almost immediately. The finance company can also recover the car from whoever does have it and that can include the police recovering it in some cases.

If your mate is in the same boat as you with the car you got off him, you may find that you go out to it one morning and its not there as its been repossessed. You would then have to get your money/car back off him.