Bought a car without knowing it was under finance

EdGasketTheSecond

Ms_Chocaholic wrote: »

Can you do a HPI check to find out how much is owing? That might give you a bit of peace of mind, ie there may not be much left owing

If its a log-book loan, the interest can be astronomical; like pay-day loans so unlikely to be trivial. If it is regular finance and not much then the person who took out the loan would have cleared it no?

EdGasketTheSecond

Ms_Chocaholic wrote: »

Won't the previous owners details be on the V5

No not any longer unfortunately; due to data protection GDPR (rolleyes). So now we have a charter for scammers to hide behind.

oddjobbpb

If they don't get a refund, they get to keep the car though Ed

oddjobbpb

''Who said anything about HP? The OP just says there is 'finance' on it. How is it that finance companies can just turn up and seize the car then if what you suggest is true? Google that; there are many examples of cars being 'lifted' by finance companies; one woman was even blocked by the tow truck while on the school run and they took her car off her.''

Ed, if you read a previous post I DID remark 'provided that....it's proper HP an not a log book loan'

Some lease agreements and a few 'conditional sale' agreements are not covered by the innocent purchaser law (from memory, I used to know)

As for tow trucks blocking in, etc., these will be log book loans, buyer / seller collusion or fraud or buying a £5000 car for £1000 (shows that an aware buyer should realise there's something fishy) Also some disreputable HP companies will con innocent buyers by coming to try and reclaim the car,

With the finance company saying they 'still have an interest in it' and sending forms by post rather than a tow truck by road would indicate to me that it's most likely bog standard HP and a responsible finance company that see this sort of thing a lot.

oddjobbpb

this link spells it all out

https://www.verdict.co.uk/motor-finance-online/uncategorized/private-purchasers-not-so-innocent/

EdGasketTheSecond

https://www.coventrytelegraph.net/news/coventry-news/coventry-mums-warning-after-car-9483669

oddjobbpb

and see this thread about a dodgy finance co that lost in the end...

https://forums.moneysavingexpert.com/discussion/5886870/purchased-a-car-moneybarn-threatening-to-repossess-due-to-previous-owners-outstanding-finance#topofpage

oddjobbpb

That one you've put up is a log book loan Ed.

Yes, for a log book loan the rules do not apply, they can seize the car.

Log book loan should be banned, they don't show on HPI either!

EdGasketTheSecond

How do we know the finance on the OP's car is not a log book loan? Some show up on HPI if they have been registered.

oddjobbpb

We don't.
Except if it was they wouldn't send out forms, they'd send a tow truck as no need for forms.
If they are sending out forms then 99% it is HP.
Already noted Re log book loans in my post #7

Ed...please, it's really simple: if it's HP the OP will keep the car (eventually) if it's a log book loan the car would be on a low loader: although if the OP did a genuine HPI check and was told it was free and clear, you are correct that HPI will do everything possible to avoid paying out. I don't think this was a genuine HPI check though.

There is no onus on log book loan companies to inform HPI.

There is no LEGAL obligation for a finance co to inform HPI either....except it's in their interest to do so.