buying a car with outstanding finance??

[cubz]

im looking at car on sunday and just hpi checked it, it came back with outstanding finance but since finance was taking out car has had change of owner, i have phoned some company that is going to trace it back and see if it can be cleared or not but wont tell me name of the finance company so i can phone them direct.

whats people thoughts on this?

car had finance taking out on july 11 and new owner purchased car in october 11?

[cubz]

*Why don't Used Car Expert check for outstanding finance?
Provided you get a receipt from the car seller, whether they are a dealer or private individual, there is no reason to lose your car as a result of someone else's outstanding finance.

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 agreement. This means that the finance company is not entitled to repossess the car from you.

A dealer is obliged under Sale of Goods Act 1979 and the Consumer Credit Act 1974 to check that a car is not subject to a finance agreement before they sell it (unless they describe it in the advert as having outstanding finance).



what does people think of the above???

[Mikester]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

[scarr89]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

This is the safe option. Get back on pistonheads/autotrader 

[barrym381]

wouldnt go near it plenty more out there 

[R32UK]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

this is true... although how do they find the car?

[Kerrse]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

this is true... although how do they find the car?

I presume through the same way debt collectors etc do

I personally wouldnt touch a car with outstanding finance as said above im pretty sure the car belongs to the finance company until the finance is settled ?

[The Mighty Elvi]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

this is true... although how do they find the car?

Much in the same way they find you for a parking fine.  

[R32UK]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

this is true... although how do they find the car?

Much in the same way they find you for a parking fine.  

Why has the finance company not found the car then 

[The Mighty Elvi]

Dont touch it.

It belongs to the finance company till its paid off.

If you buy it. They will come and take it. You will be left with no car, no money and no leg to stand on.

There are plenty of other cars out there.

this is true... although how do they find the car?

Much in the same way they find you for a parking fine.  

Why has the finance company not found the car then 

Where does it say that they are looking for it?