buying a car on ebay that has an existing finance agreement/loan recorded against it

Inactive

Snooze_Control wrote:

I'd just like to point out that you're ALL WRONG and don't know what you're talking about! Sorry to be so blunt!

If you buy a vehicle that has outstanding finance on it unknowingly then legally :



SC

Who mentioned anything about " unknowingly "?

Do read the thread before making comment.

greeneye

Out of interest.
If you do buy a car unknowingly that has finance on it and the seller continues to make repayments will the finance company be alerted that the car has been sold on.
I.e is there a system in place that notifies the finance company i.e through registration with the DVLA?

Or could you happily drive around in a car for years not knowing as long as the seller keeps up the repayments?

Snooze_Control

greeneye wrote:

Out of interest.
If you do buy a car unknowingly that has finance on it and the seller continues to make repayments will the finance company be alerted that the car has been sold on.
I.e is there a system in place that notifies the finance company i.e through registration with the DVLA?

Or could you happily drive around in a car for years not knowing as long as the seller keeps up the repayments?

I don't actually know the answer to that, but I would imagine the finance company won't be bothered as long as their pockets are being filled. It's only when they're not that they'll start investigating.

SC

pinkgem

Inactive wrote:

(1) You got away with the deal going through OK, some may not be so lucky.

(2) A Motor Trader will always check with the Finance Company the outstanding settlement figure before making such a purchase, any Motor Trader worth their salt will not pay the balance to the original buyer until they have legal title to the vehicle.

When I purchased my car with finance outstanding I checked with the finance company for the outstanding settlement figure before making a cheque out for that amount and then going with the seller to post it.

My families motor trading businesses do check the settlement figure, they then make a cheque payable to finance company which they post themselves at the same time as obtaining the V5 from the customer. They have been trading for 40 years, I think they know the correct way in which to purchase vehicles with finance outstanding.

Inactive

pinkgem wrote:

My families motor trading businesses do check the settlement figure, they then make a cheque payable to finance company which they post themselves at the same time as obtaining the V5 from the customer. They have been trading for 40 years, I think they know the correct way in which to purchase vehicles with finance outstanding.

??

That isn't any different to what I suggested is it?

pinkgem

Inactive wrote:

??

That isn't any different to what I suggested is it?

no, i was telling you that is what my families business do.

but you had previously said it was illegal after i said i did the same when i purchased my own car like that

anasheed

first it was this.which was removed from listing with few hours left on auctions to close

http://cgi.ebay.co.uk/2006-FORD-FOCUS-LX-BLUE_W0QQitemZ280081648593QQihZ018QQcategoryZ9844QQssPageNameZWDVWQQrdZ1QQcmdZViewItem


then this is the one there offered me for £3,500.relisted again

http://cgi.ebay.co.uk/2006-FORD-FOCUS-LX-BLUE_W0QQitemZ280083586486QQihZ018QQcategoryZ9844QQrdZ1QQcmdZViewItem


thank god i did autocheck on it


i have still not had a reply from the seller yet..regarding if it had any finance/loan on it..

so that means there still do :mad:

natalie1974

Copied and pasted direct from my ebay messages

"yes there is but this is gettin paid off im downsizin my car its definetly gettin paid off"

ormus

your logbook from the dvla states that the named on this document does not imply legal owneship of the vehicle.
its only a document of the registered keeper. which is not the same as legal ownership.
in fact when you think of it, its very difficult to know the legal ownership of most items, apart from maybe a house.

ie a chap offers you a canal barge for 40k and shows you an invoice from when he bought it. what does that prove?
i can make invoices all day long on my puter!