car with outstanding finace

dutluk2001

Hi im after some help, ive found a car i like but the owner has told me it has outstanding finance, he said he was unaware of the problem untill he did a hpi check last week.

hes told me hes owned the car for 2 years and tried contacting the company he brought the car off but they have closed.

had a look on the net and one website said that if you buy it and are aware the company can take the car back?

the cars a bargin - for the obvious reason. should i walk away ?

TrickyWicky

Yes they can take it back but if the company has closed down what are the odds? - There may however be liquidators that would want it though..

It may be a bargain but is it worth the hassle? - I'd walk. It will never truly be 'your car' as there will always be the risk of it being reposessed.

poppasmurf_bewdley

If I read this right, the company that has closed is the one who sold the car, not the one who owns the car. That means the current keeper (note not the owner) has no comeback. If you buy the car and it's traced, neither will you.

Steer clear.

motorguy

poppasmurf_bewdley wrote: »

If I read this right, the company that has closed is the one who sold the car, not the one who owns the car. That means the current keeper (note not the owner) has no comeback. If you buy the car and it's traced, neither will you.

Steer clear.

+1

Avoid, avoid, avoid.

TrickyWicky

Just to add, it's not unheard of for people selling dodgy cars to then report the person they sell it to, to the police. Why is beyond me but I've heard of a couple of cases like this.

fatbelly

I agree with the others. It's possible that the hpi mark has been made unfairly but you've got to assume that this is a hire purchase or conditional sale arrangement and so the true owner is the finance company who can repossess it.

TrickyWicky

IanManc wrote: »

I guess it doesn't look such a bargain now .......

More of a loss if you ask me..