Bought car with finance on it

K4mil

Hi. Couple of months ago I bought a car from private seller. I've done a basic HPI check (if not stolen, insurance category etc) which unfortunately didnt include checking finance.
Now I wanted to sell that car and I found out that previous owner had a finance on it.
Company called 1st Stop Car Finance says I cant sell it as a car belongs to them. They wont tell me how much to pay is left on that car as its data protection thing.
2 weeks ago I've sent them copy of v5 logbook, hpi check that Ive done before buying and copy of agreement between me and seller (as a proof that I payed for that car). Now Im waiting for their decision/reply.
Do they have a right to take this car off me?
What can I do to clear that car and be able to sell it or how can I avoid losing money on it?
Thanks for any advice.

sourcrates

K4mil wrote: »

Do they have a right to take this car off me?
What can I do to clear that car and be able to sell it or how can I avoid losing money on it?

Hi,

If they continue you can quote the legislation which in this case i believe would give you ample protection.
The HP act 1965 ensured that the innocent purchaser of a vehicle that was under a HP agreement would not be sanctioned, as long as they made the purchase in good faith.

The act enables this by transferring the ownership of the goods to the lender at the point of sale.
This is a clever device because if the car had been stolen and thus sold by anyone other than the lender the sale would not be valid and the car could be reclaimed.

z1a

No, I'm pretty sure that if you buy in good faith, then it's yours.

K4mil

Thanks for reply. So looks like we've got two different opinions.

What would happen if I sell it for parts (cause I dont want to put that problem on anyone else)?

fatbelly

No, the two answers are equivalent.

There's a useful article here, though it is written by a company that sells hpi checks

https://hpicheck.com/blog/buying-a-car-with-outstanding-finance/

[Deleted User]

Nothing to do with buying in good faith; the finance company still own it.

sourcrates

Deleted User wrote: »

Nothing to do with buying in good faith; the finance company still own it.

It's all covered here :


http://www.legislation.gov.uk/ukpga/1964/53

[Deleted User]

You bought a car 2 months ago and now want to sell it?

z1a

Deleted User wrote: »

Nothing to do with buying in good faith; the finance company still own it.

Wrong......

K4mil

Sorry but to be honest I still dont know if Im allowed to get rid of that car (sell it for parts or abroad). Article on legislation.gov.uk is written in a way I dont understand -.-

sourcrates

K4mil wrote: »

Sorry but to be honest I still dont know if Im allowed to get rid of that car (sell it for parts or abroad). Article on legislation.gov.uk is written in a way I dont understand -.-

Once you've done it, it can't be reveresed can it.

Can't imagine anyone wanting to buy it though.

Think selling for parts your only option.