Car has finance not in my name

Sandra_Harris

Hi - I have taken ownership of a car that has previous finance. If the person holding the loan defaults on payments, can the loan company remove the car from my possession as the legal owner?

Shakin_Steve

Much more detail needed here but, if there is finance on the car, you are not the legal owner.

DCFC79

Sandra_Harris wrote: »

Hi - I have taken ownership of a car that has previous finance. If the person holding the loan defaults on payments, can the loan company remove the car from my possession as the legal owner?

Haven't taken ownership, you have bought a car with finance on it, if the original person who took out the finance stopped paying then yes they can come along and take said car back and you will be left with having paid x amount for nothing.

Mahsroh

Think you need to have a read of this:
https://hpicheck.com/blog/buying-a-car-with-outstanding-finance/

bobbymotors

DCFC79 wrote: »

Haven't taken ownership, you have bought a car with finance on it, if the original person who took out the finance stopped paying then yes they can come along and take said car back and you will be left with having paid x amount for nothing.

wrong.

As long a the OP was unaware of the finance at the time of purchase he will get title to the car

jonesMUFCforever

bobbymotors wrote: »

wrong.

As long a the OP was unaware of the finance at the time of purchase he will get title to the car

Wrong wrong.
If he purchased from a garage then he will get title if bought privately then he does not get title until finance has been paid.
Ignorance of the law is no defence.

bobbymotors

jonesMUFCforever wrote: »

Wrong wrong.
If he purchased from a garage then he will get title if bought privately then he does not get title until finance has been paid.
Ignorance of the law is no defence.

Sorry matey, It's you thats wrong.

Do some more research.

From a garage he gets clear title, the garage are compelled to pay the o/s finance, but he gets title no matter what.

Privately he gets clear title, the finance co pursue the person that owes the HP. The only pre condition for a private sale is that the buyer was unaware of the finance at the time of purchase.

I've sold 5000 cars in my time, been there. done that, this subject comes up on here every few months, do some research. Then perhaps you will be less ignorant than at present.

bobbymotors

jonesMUFCforever wrote: »

Wrong wrong.
If he purchased from a garage then he will get title if bought privately then he does not get title until finance has been paid.
Ignorance of the law is no defence.

saved you the trouble

http://www.lawgistics.co.uk/legal-article-business-law/motor-trade-advice/special-rights-to-customers-buying-cars-subject-to-hire-purchase#sthash.vokBFQhx.dpbs

Shakin_Steve

Shakin_Steve wrote: »

Much more detail needed here but, if there is finance on the car, you are not the legal owner.

I stand corrected, Bobby. Useful information there

DCFC79

bobbymotors wrote: »

wrong.

As long a the OP was unaware of the finance at the time of purchase he will get title to the car

Thanks for the link.

bobbymotors

Shakin_Steve wrote: »

I stand corrected, Bobby. Useful information there

No worries shakin steve!

it's strange really, you would THINK that if a seller does not have clear title how can they possibly pass title on to a subsequent purchaser?

but when it comes to cars and HP they can.