Bought vehicle with outstanding finance (help needed please)

[ad76]

Looking for some help please.

 

Last year I purchased a vehicle from a dealer (no longer trading) that it has turned out has outstanding finance on it.

 

Have contacted the finance company and they have basically said they want the car back or money paid. After doing a bit of digging online have come across the information that if the consumer buys the vehicle in good faith and it later turns out to have finance outstanding then title reverts to them.

 

I have made the finance company aware of this, however they have added it to Experian high risk data record. Can anyone advise myself on what steps to take now please.

[sir_gilmour]

Hi ad76

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.

[borisbeaver]

I have asked the admins to move this to the motoring forum for you.

[rebel11]

Thread moved.

[Andy77799]

Can we get links to moved threads please?

[ad76]

any help available?

[ad76]

could really do with some advice on how to proceed and so that the legal title is mine and that if i wish to sell the car in future, it can happen unhindered.

 

Thanks

[gbjadyy]

i know how i would deal with this, i would inform finace company that i have a financial interest in the vehicle ( which i would have) and offer the car back to them in return for settling my finacial interest in the said vehicle ( full purchase price i paid plus any servicing and other work since carried out) i would then inform them that after discovering they also have an interest then it would be to my own benifit to park up the said vehicle ( to lesson the risk of accidental damage) and that this would incur charges on the vehicle at a daily rate for the safe keeping of the car, given all info they will then have they will have to decide if there financial interest is a worthwhile one and knowing they would have to bring a court case (costing them) to resolve it really wouldnt be worth there bother as your financial interest will most likely far exceed theres and so they will end up giving title to you, ( this is my take on the matter but i will let you decided how i drew the reasons for doing it this way)

[afcwben]

Was the dealer a Ltd company or a sole trader?

[ad76]

Not sure to be honest

[afcwben]

I stand to be corrected if it is a ltd company that no longer trades then your options may be few, however if he is a sole trader then you can legally go for him personally

[ad76]

Don't think this avenue would be fruitful as when I spoke to the guy he said "sue me, you won't get anything". So just want to know how to enforce the legal title being mine and have the entry with experian deleted so it can be sold on without them notified.

[gbjadyy]

you can always go down that route of going after the trader but if finance company come for the car dont let them have it on the grounds that you have a financial interest in the goods ( trust me), do it right and the title will go to you

[patdavies]

First question.

 

Where are you? If in Scotland, you automatically have good title under Scottish law if you bought in good faith.

 

If in England/Wales then the answer is not so clear cut, but Courts have generally held that if you bought from a trader then as he is the 'professional' in his role and assumes liability for ensuring good title, you are presumed to have good title. If you purchased from a private individual, you don't have a leg to stand on.