Car I have bought has outstanding finance 😬

bobbymotors

not again.....

Admin PLEASE make a sticky regarding this

http://www.legislation.gov.uk/ukpga/1964/53/section/27

SID160991SID

I have seen and read this unfortunately I'm having difficulty putting my situation in to this legislation.

Nodding_Donkey

I think the problem you will have OP is that you didn't buy the car as a consumer. By your own admission you bought it to resell, that makes you a trader as well.

SID160991SID

A trader is someone who buys and sells to make a profit? I'm unsure in Law what the definition of trader means.

motorguy

Nodding_Donkey wrote: »

I think the problem you will have OP is that you didn't buy the car as a consumer. By your own admission you bought it to resell, that makes you a trader as well.

I think given this appears to be a one off, it would be difficult to negate consumer law on the basis the O/P plans / planned to sell one single car on.

AndyMc.....

SID160991SID wrote: »

A trader is someone who buys and sells to make a profit? I'm unsure in Law what the definition of trader means.

So if a business makes a loss it’s not a business.

SID160991SID

Obviously a business can make a loss. Buying a car with the intention of making a profit is what I would consider to be a trader. That wasn't the intention here.

davidwood681

SID160991SID wrote: »

Obviously a business can make a loss. Buying a car with the intention of making a profit is what I would consider to be a trader. That wasn't the intention here.

I think you'd take a bit of profit OP

SID160991SID

The sale of the car would cover the cost of buying it rectifying the faults and the increased insurance premium. I'm not greedy I just don't wast to be out of pocket. ����

konark

Most fly-by-night traders deny being traders when push comes to shove.


Surely the finance company's beef should be with the person they have a contract with, who sold a car they weren't entitled to and have stopped paying the instalments. You bought the car without knowledge of this and have good title to it.



I'd still lock it in the garage at night until this blows over though.