How does this affect my credit history?

Thomo321

Recently sold my vehicle which has outstanding finance, which the buyer knew about.
It was all cleared over the phone & we both received emails & letter confirmation that the agreement was settled and closed.
The buyer has now changed his mind & wants a full refund & wants to return my vehicle back to me?

How will this now effect me from clearing off a finance to now having it back opened?

worried_jim

Thomo321 wrote: »

Recently sold my vehicle which has outstanding finance, which the buyer knew about.
It was all cleared over the phone & we both received emails & letter confirmation that the agreement was settled and closed.
The buyer has now changed his mind & wants a full refund & wants to return my vehicle back to me?

How will this now effect me from clearing off a finance to now having it back opened?

Tell the buyer to jog on! If he doesn't want it any more he sells it just as you have just done. Cease all further contact with this joker, you don't do refunds, you aren't a shop!

Pixie5740

Indeed, tell the buyer to jog on.

BoGoF

Even if you were to take it back the finance company aren't going to give you the money back for you to repay in monthly instalments.

As above.....the car now belongs to the person who bought it.

foxy-stoat

Thomo321 wrote: »

The buyer has now changed his mind & wants a full refund & wants to return my vehicle back to me?

How will this now effect me from clearing off a finance to now having it back opened?

Errrr its not your vehicle anymore - its his.

It effects your credit history as the account will be marked as closed.

jimbo26

Firstly, you are under no obligation to buy back the car.

Secondly, if you choose to let him sell the car back to you. YOU will have to find the money to to pay him. The finance company have no interest in the car and your contract with them is no finished.

The entry in your credit file will remain unchanged. It will be shown as a settled account.

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5888463/sold-my-motorbike-privately-buyer-wants-full-refund

two threads

jimbo26

https://www.moneyadviceservice.org.uk/en/articles/your-rights-if-something-is-wrong-with-your-car#problems-with-used-cars-bought-privately

PRAISETHESUN

As has been mentioned above, you have absolutely no obligation to buy back the car once the sale has been finalised. Furthermore it is incredibly risky, as the car might not be in the same condition as when you sold it! I'd stop communicating with the buyer