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bought car with outstanding finance
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apologise if my posts are annoying, i am just getting frustrated, i cant eat properly at all, feeling fed up why this world is full of crime and fraud.
Anyway, OP - you need to get proper legal advice, and you need to insist that the police record this as a crime. The finance company should not have taken the vehicle from you.
Also, it sounds like you've been ripped off. £3k is a lot of money for a car of that type with 75k on it.
A quick look on auto trader will show numerous comparable cars way more than £3k (though I appreciate that is asking price not selling price).
Partially agreed, but it does depend on the transaction being covered as HP (which had not been ascertained at that point in the thread) and needs qualifying heavily.
ie--the purchaser must comply with several matters that the finance company cannot demonstrate on the balance of probabilities they failed to do so. ( Gets interesting at the court stage!)
And now, as the finance company have repossessed the vehicle, they have somewhat preempted that, as the onus is reversed and now lies on the purchaser to recover the vehicle by demonstrating that they did meet the qualifications.
(Edit--Add---and the mysterious vendor has disappeared it may be difficult)
The finance companys have more experience than a genuine "clean hands" purchaser.
i think current hire purchase act is not enough to protect people as it only applies after someone experience fraud, thats why i believe there should be a law/legislation either issuing a vehicle ownership form, or include HPI in the driving test theory so people have knowledge about it, or require all motor seller to attach HPI report whenever they sell vehicle, so as to prevent people falling into the trap.
i did a car valuationon via AA and WeBuyAnyCar, it quotes a market value of £2200, while the finance company insist it worths over £6k. it seems there is no standard on market value as every party can give different quotes.
legal advice from our insurance company saying market value is irrelevant when it comes to private buyer, it only applies between motor trade, but dont know if this is true:cool:.
And what are you going to do if the advice here is different to the one you're paying for?