Outstanding finance on car

Flyboy152

But this shows lack of knowledge of how the system works. If the car and just come in on part exchange, say the day before (or even a week before), it is probable that the cheque hadn't arrived at the finance company yet. Or hadn't even been raised by the administration department yet.

vaio

vaio wrote: »

Under CCA innocent buyers are ones who didn’t know or suspect there was finance on the car.

Proving a negative is very difficult (if not impossible), all a buyer can do is make a witness statement saying he neither knew or suspected there was finance, the finance company can either accept that or submit their evidence to the contrary and a judge will decide.

Given that only an idiot (or fraudster) would knowingly buy a car with outstanding finance that essentially moves the onus of proof onto the finance company and, given that the assumption is most people aren’t idiots and the proof is balance of probabilities it’s not a very high hurdle to cross.

Exactly the same rules apply to business sales, if a trader sells a punter a car on finance and then goes bust or disappears without paying the finance off then the CCA gives the buyer good title as long as he didn’t know the car was on finance.

If he did know about the finance then the finance company still have title to the car and can repossess leaving the poor punter to try and recover his money along with all the other unsecured creditors.

Flyboy152 wrote: »

They're not my rules. If the seller says, "well, I told him there was outstanding finance and he promised he would settle it," the buyer has to prove he did not know there was outstanding finance. The rules for business sales are somewhat different. The seller has to prove the buyer knew there was outstanding finance, because it is strictly assumed that a business would have settled the finance already.

They are not my rules either, they are laws made up by parliament and applied by judges, all I’m doing is telling you what they are.

One point, you keep mentioning seller, by the time "innocent buyer under the CCA" is being looked at the seller is out of the picture and the case is between the buyer and the finance company, in most cases the seller will have run off with the money or gone bust.

naz101

Flyboy152 wrote: »

But this shows lack of knowledge of how the system works. If the car and just come in on part exchange, say the day before (or even a week before), it is probable that the cheque hadn't arrived at the finance company yet. Or hadn't even been raised by the administration department yet.

well i dont know how long the car was there but they were adamant initially that i was wrong and even when they found out about still tried to get my parents to buy it there and then. Finally after 3 weeks, the salesperson sent a cheque to the company. or so he says.

thenudeone

cardinalbiggles wrote: »

Waste of time as soon as you buy it from the garage the cars yours, outstanding finance or not and its their responsibility to clear any finance problems if they arise, absolutely no need for the consumer to worry about it.

That's okay if the garage is still trading and is co-operative.

If you buy a car then find it has outstanding Finance then the motor dealer goes bust, and you haven't paid anything by credit card, and you don't have legal insurance cover; you are probably well stuck.

If you have purchased an hpi check then hpi will cover your losses in certain circumstances. One of the conditions used to be that if outstanding finance was shown, they would still cover you provided the dealer confirmed in writing that they would clear the outstanding finance - hence my comment. On checking their current terms, however, this isn't mentioned, so they have either removed all cover in these circumstances, or expect you to discuss it with them directly if a proposed purchase was shown with outstanding finance.

Flyboy152

naz101 wrote: »

well i dont know how long the car was there but they were adamant initially that i was wrong and even when they found out about still tried to get my parents to buy it there and then. Finally after 3 weeks, the salesperson sent a cheque to the company. or so he says.

Or you mean three weks later the the car was removed from the register.

naz101

Flyboy152 wrote: »

Or you mean three weks later the the car was removed from the register.

ummm no, I mean they sent the cheque in 3 weeks later like I said. It wasnt removed from the register for another 2-3 weeks..... is this so hard to believe? Im not quite getting it....

Kilty_2

Flyboy152 wrote: »

But this shows lack of knowledge of how the system works. If the car and just come in on part exchange, say the day before (or even a week before), it is probable that the cheque hadn't arrived at the finance company yet. Or hadn't even been raised by the administration department yet.

Was just going to say this - dealer I'm buying my new car from said that they don't recieve the funds from the finance company until shortly after delivery (a couple of days)- so I assume it's the same with when they pay off finance on P/X cars.

Uhh.... this is also a large Glasgow based company.... Probably the same one an earlier post referred to

naz101

Kilty wrote: »

Was just going to say this - dealer I'm buying my new car from said that they don't recieve the funds from the finance company until shortly after delivery (a couple of days)- so I assume it's the same with when they pay off finance on P/X cars.

Uhh.... this is also a large Glasgow based company.... Probably the same one an earlier post referred to

nup a different very big scotland one???BIG BIG

Kilty_2

naz101 wrote: »

nup a different very big scotland one???BIG BIG

Yellow and black?

naz101

Kilty wrote: »

Yellow and black?

had to think about that one but possibly.....maybe....likely...

if they didnt know about the finance to begin with but then found out, why try to push it on to people saying the finance doesnt matter. thats what Im trying to get at.

Let me guess Im wrong about that too?