Outstanding PCP finance and dealership gone bust

Lisa_G

Long story short, i bought a car last month on a pcp deal. The garage took my old car as px and agreed to settle outstanding finance. Since then i have found out that the garage has gone in to administration and the outstanding finance has not been settled. The old finance company is threatening to issue me with a default notice to settle the finance. We cant find out who has seized my old car. If i settle the finance, whoever has the old vehicle will be free to sell as there will be no outstanding finance and we will have no stake on the car ( if its ever found) as the finance will have been settled. I cant report it as being stolen ive been informed as we handed the keys over and its a civil matter. Is there any advice that could get me out of this mess? Ive asked the finance company if as a good will gesture will they go after the finance through the administrators or wait till car turns up but they are insisting a default notice will be issued on Friday if finance isnt settled. Any advice or help would be greatly appreciated. Thanks Lisa

bris

When you handed over the car it became an asset of the company you gave it to. So it's not even yours to take back.


You should contact the administrator and see if they will give you it back as settlement for the breach of contract as they owe you the amount of the outstanding finance.


The administrator may very well see it as a company asset though and when sold will be divided up between all the people they owe money too, if there is anything left to divide up.

neilmcl

bris wrote: »

When you handed over the car it became an asset of the company you gave it to. So it's not even yours to take back.


You should contact the administrator and see if they will give you it back as settlement for the breach of contract as they owe you the amount of the outstanding finance.


The administrator may very well see it as a company asset though and when sold will be divided up between all the people they owe money too, if there is anything left to divide up.

Actually, until the finance is settled it remains an asset of the finance company who are now chasing the OP.

Lisa_G

If i settle the finance can i claim the car off the administrators?

pinkshoes

Lisa_Gardiner wrote: »

If i settle the finance can i claim the car off the administrators?

No. The car if finance free would become an asset and split between all creditors.

Contact the administrators and tell them the car has finance on it and belongs to the finance company.