Vehicle purchased in good faith that had outstanding finance

sourcrates

matt1976 said:

Some absolutely terrible advice given on this particular thread.

"Senior management within the motor finance industry for 15 years".

Instead of leaving a one sentence response, why not contribute constructively to the thread instead?

It seems to be an area of interest to you, granted its an old one, but you have chosen to resurrect it by commenting.

pushpull

Well one bit of poor advice would be your own.

Finance companies don't need court orders to repo cars on finance.  They own the car until the loan is paid off by virtue of it being the asset that the loan is secured against. Whilst they have to follow certain steps before repo'ing, those are the usual steps of sending various warning letters to the debtor, not the registered keeper.

[Deleted User]

@pushpull who you telling to follow their own advice there ??

sourcrates

pushpull said:

Well one bit of poor advice would be your own.

Finance companies don't need court orders to repo cars on finance.  They own the car until the loan is paid off by virtue of it being the asset that the loan is secured against. Whilst they have to follow certain steps before repo'ing, those are the usual steps of sending various warning letters to the debtor, not the registered keeper.

They do under certain circumstances, but my comment was more concerned with the circumstances under which a bailiff can be engaged, rather than the actual law surrounding repossession.

KLN1988

LightFlare said:

matt1976 said:

Catsacor said:

matt1976 said:

Some absolutely terrible advice given on this particular thread.

So correct it then.
Ok, this is an old thread but at least explain your comment - don't just post a sentence and walk away 🙄
@CliveOfIndia @Herzlos @DullGreyGuy @sourcrates would appreciate hearing how they gave wrong advice.

It's an old post so probably doesn't matter now anyway. Just amusing reading some of the "armchair" experts comments. 😂

would you please be be kind enough to post some correct and up to date advice - reading your sig, I am sure it will be accurate

If nothing else, it might help  @KLN1988

Thanks

Yes any new, upto date correct advice would be a huge help.

Thank you 

KLN1988

[Deleted User] said:

Some absolutely terrible advice given on this particular thread.

Could you please give better advice? 

pushpull

sourcrates said:

pushpull said:

Well one bit of poor advice would be your own.

Finance companies don't need court orders to repo cars on finance.  They own the car until the loan is paid off by virtue of it being the asset that the loan is secured against. Whilst they have to follow certain steps before repo'ing, those are the usual steps of sending various warning letters to the debtor, not the registered keeper.

They do under certain circumstances, but my comment was more concerned with the circumstances under which a bailiff can be engaged, rather than the actual law surrounding repossession.

You seem to be backpedaling to try to avoid admitting you are wrong.

Bailiffs are not required for a secured loan repo like car finance so bringing them up is a red herring.

Court orders are not required to repo cars bought with car finance where the secured asset is the car.