A while since I have needed your help, here I am again!
My wife purchased a car from Carcraft on finance 2 weeks ago, practically the day before they went into administration.
The finance was approved via GMAC (Conditional Sale Agreement) and we drove the car away that evening having paid £100 deposit.
Carcraft filled in the V5 listing my partner as the owner and told us they would send this off.
Obviously we now know Carcraft have gone bust and have appointed Grant Thornton as administrators.
Our assumption was the finance agreement would stand and that we would make our payments to GMAC.
Today we had a phone call from a gentleman kindly telling us that GMAC didn`t pay Carcraft for the vehicle
and that Carcraft also did not send back the V5 listing my partner as the new owner.
We still have the other parts of the V5 listing my partner as the new owner.
The gentleman told us he would be in contact in due course to collect the vehicle from us!
Who owns the car?
We have the V5 listing us as the new owner,
Carcraft no longer exist,
the finance company never entered into the contract with Carcraft,
my own guess would be the administrators,
Any advice would be hugely appreciated,
my own feeling is to keep schtumm and wait for Grant Thornton to come after us which may be months off,
hopefully we will be the bottom of a long list of creditors.