Finance owing on car we bought

bobbymotors wrote: »

The clue to this is in my username. I have sold 5000 cars in my time (retired now) and have come across every possible scenario. If you buy a vehicle as a private buyer from someone in he motor trade, any outstanding finance is the responsibilty of the dealer, and never the private buyer.

As a dealer you are assumed to have sufficient knowledge of how it all works to ensure that any vehicle you sell has clear title. End of story.

The finance is the dealers problem and doubtless they will sort it out.

Even if they don't then the buyer will get clear title eventually.

Your personal opinion doesn't change FACT.
And the fact is your wrong. I've quoted THE LAW as it stands. Your personal view doesn't outweigh the law or the opinions of actual legal professionals.

The laws very clear in that title only passed to the first private buyer whom bought in good faith with no knowledge of outstanding finance. As innocent buyer clause doesn't apply to op title remains with the finance company, they own the car still and can repossess it if they know op bought it knowingly.

That is the law. "End of story".

bobbymotors wrote: »

Not if he bought it from a dealer they can't.

What you say is correct regarding a private sale.

But it's not correct regarding a trade sale.

No what I say is correct for ops situation as a private buyer from a trade seller.

You need to do some of your own research pal because right now your spouting absolute nonsense despite having been proven otherwise.

It's indisputably clear... the private buyer only has protection if he buys it without knowledge of finance. The law states where there is a chain (ie sold to motor trader then private buyer) the first private buyer benefits from the protection.. again if they buy it unknowingly.


Yet your still arguing the contrary despite the exact law being quoted above and despite a link to an advise page on a legal professionals website.

Thank God your out of the motor trade with your tunnel vision

Robby1988 wrote: »

Yea I know I defiantly can’t claim myself an innocent purchaser if it came to that.

At the moment I’m just taking some comfort from the idea the old owner might be chasing to get this sorted. If he isn’t, my main concern is that by the time the problem lands at my door, the currently affordable £800 settlement will have ballooned thanks to agent fees etc. & heaven forbid they just pitch up and take the thing without notice.

If only PSA would talk to me, I’d just pay it if it dragged on much longer & then go to the small claims court as someone previously suggested.

Honestly it won’t get that far.

The previous owner will be kicking up such a stink that it will all get sorted quickly - in fact if that payment isn’t made this week I’d do a Paddy Ashdown & eat my hat

arcon5 wrote: »

http://www.lawgistics.co.uk/legal-article-business-law/motor-trade-advice/special-rights-to-customers-buying-cars-subject-to-hire-purchase



Straight from the Hire Purchase Act



Clearly covers my original post. Protection only applies where buyer was unaware of the finance outstanding. This is not the case with op, sadly, so protection wouldn't apply

The O/P was told by the dealer the finance was cleared or would be cleared. They bought it in good faith that there was no other company that would have an ongoing financial interest in the car.

The finance company would have recourse with the dealer, NOT with the innocent private buyer in this case.