OK, making moves now to get my new motor. Spoke to main dealer who confirmed full history etc (Middlehurst, very helpful). Carried out HPI check and the car is clean with no history apart from finance.

 

Where do i stand, should i make a cheque payable to the finance company and pay the guy or are there any laws and rules to protet me as the innocent buyer if he fails to pay the finance of when i hand oved my wad of hard earned??

 

Bob

Ooooh careful there Bob. If the car is on finance, the finance company owns the car. You could end up giving dosh to chappy and if he runs away, you have not got good title to that car - it still belongs to the finance company.

 

Check out with the help of google or cal finance company just to check.

 

Good Luck - Gio

Why not contact the finance company?

 

Vijay

Best bet is ask the owner to get a settlement figure from the finance company and you pay it direct and give him the balance.

 

That is what i did last time

 

Cheers

Kirbz

had you not hpi'd the car and just bought from the owner you would have been ok and protected under the consumer credit act but as you now know and they know you know you cannot buy the car off him without the finance company being able to take it off you

I think if you make out the cheque to the finance company then there is nothing he could do with it as he wont be able to cash it or pay it into his account.

But still go with caution.

it will be fine if the guy is a honourable, generally fantastic long standing forum member just like me but over on the GTR forum instead of this one :D

Paul

Tooley if that is correct then may be ok as my mate did it through his business. Maybe a bit of a gamble as we are both in chester and the car is 250 miles away!!

 

Bob

Bob mate,

I pretty sure Gio is right, the finance company owns the car,

bit like a mortgage, its never yours realy till you pay it off.

Get legal advise.

Tony

Found this on Trading Standards Advice Leaflet.................

 

The Consumer Credit Act 1974 gives 'good title' to the innocent private purchaser of a car which later turns out to be subject to a claim by a finance company because of a previous unpaid hire purchase or conditional sale agreement. This means that the finance company which is claiming the money cannot usually repossess the car against your will.

 

 

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