Bought a Car on Finance on auto trader.

johndaniel147

Hi, everyone i need advice, well i bought a car on auto trader from a private seller, his reason for selling the car which i always as is because he got a new job abroad.. anyway i paid cash for the car drove off, 3weeks later i received a letter from black horse saying they have intrest in the car and give me some questioner to fill out asking about how much i paid for the car and the address of who i got the car off which i filled in and sent off to them, can anyone advice whats going to happen next, i was reading somewhere that as a innocent purchaser they cannot repo the car instead they chase the main person who took out the HP, how true is this, and am the 3keeper of the car, so it had 2 owners before me. can someone please advice if they have been in this sort of situation what did they do to keep the car, as i cannot get hold of who i bought the car from..

Thanks

Nodding_Donkey

They will take the car off you and sell it to try and get their money back.

Tothepoint.

Nodding_Donkey wrote: »

They will take the car off you and sell it to try and get their money back.

Or they may try and sell his car to him.

johndaniel147

Does this mean am not covered by the innocent purchaser law? What do i do now as i cannot find the seller to get my money back.

motorguy

Nodding_Donkey wrote: »

They will take the car off you and sell it to try and get their money back.

No.

Providing he didnt know about the finance when he bought it, they cant take the car back.

konark

It depends on the type of finance on the car, but from what you say I would think that if you bought the car in good faith the car is legally yours.

I base this on the fact that Black horse are part of Lloyds and deal in bona-fide loans and not some back-street logbook loans company, and also , if they had a right to take the car back it would be gone by now, they wouldn't just have sent a letter.

The outstanding finance is a matter between Blackhorse and the original lender.

arcon5

I'm pretty sure that innocent buyer thing is when you buy from dealers. Doesn't count with private purchases

lewishardwick

I had Black Horse finance on a new motorbike once. Upon checking the contact, it wasn't actually secured against the vehicle... Very odd I thought, but handy when I wanted to sell, as I sold HPI clear privately.

johndaniel147

konark wrote: »

It depends on the type of finance on the car, but from what you say I would think that if you bought the car in good faith the car is legally yours.

I base this on the fact that Black horse are part of Lloyds and deal in bona-fide loans and not some back-street logbook loans company, and also , if they had a right to take the car back it would be gone by now, they wouldn't just have sent a letter.

The outstanding finance is a matter between Blackhorse and the original lender.

So do i just wait to hear back from them as i have sent back the form they sent me, or do i contact them to ask what the next step is or do they just go ahead and keep looking for the person who took out the HP on the car. Am just abit confuse here.

worried_jim

Depends on the Blackhorse agreement, technically it may belong to them and if the keeper was going abroad he doesn't give a stuff and has stitched both you and Blackhorse up. I suspect you may have to return the car and you will be out of pocket -sadly. Did you do an hpi check before Purchase?

johndaniel147

worried_jim wrote: »

Depends on the Blackhorse agreement, technically it may belong to them and if the keeper was going abroad he doesn't give a stuff and has stitched both you and Blackhorse up. I suspect you may have to return the car and you will be out of pocket -sadly. Did you do an hpi check before Purchase?

Honestly i did not know about HPI check, i assume if a car is HP you are not allowed to sell it on auto trader, but i was wrong.... i know am stupid not to think so.