Sods law rules!!

[mick307]

So, i sold the Mondeo, now looking for another Veccy as a replacement. Only got a small budget, so expecting to buy at the bottom end and do a few jobs to put the car back to good condition.

Spent all weekend hunting and found a Bamboo Green, beautiful colour in the flesh but horrible in pictures, 1.8 LS, low miles (50k), went for a look, a few scratches but looks ok and the best part, its an 04 plate.

Result i thought, until i HPI'd it, outstanding finance from Welcome Finance. cant get hold of them today to see what is left so spoke to the seller again. He is Nigerian, told me he will NOT be paying off the finance on the car, but promised he will keep repayments up!!!!!!!!!!!!!!

So, anyone had this before, gone ahead with the buy and then had to fight the finance company to keep the car??

All my instincts are to walk away, which i will be doing but i just wondered if anyone actually knows the law regarding this, is there any loophole that could be exploited??

I post this as a reminder to always DO AN HPI CHECK when you are looking and also to see what knowledge we have about Finance Laws.

Cheers and thanks,

Mick.

[Big Sig]

WALK AWAY!!!!

Its against the law for him to sell it without clearing the finance. You could find out how much is left, and deduct it from what he wants for it. But I suspect that its owing as much as he wants, thats why he won't pay it off. 99.999% if you buy it and don't clear the finance, he will stop paying and you will lose the car and all your money.

Basically, the finance company own the car until its paid for.

[mick307]

Mmm, i probably will walk away, too many "things" i dont like about the whole thing. However, i have done some digging on t'interweb and found some interesting things, such as,
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. Remember, this does not apply to cars which have been stolen, or cars that were subject to a lease or hire agreement.

He has already offered to give me a receipt that says he will pay off the finace although he has verbally told me he wont be.

Interesting scenario, i may just string him along a bit more to see where it goes.

I was under the impression that the likes of Welcome and Yes finance kept the V5 until all payments had been made, yet he had the V5 and all other relevant paperwork.

I just might have some fun with him for the day, then speak to the finance co tomorrow to let them know what he has offered to do.

Mick.

[Big Sig]

Sorry but I still think your onto a loser with this car. My cars in the past that have been on finance, I have always held the V5. You maybe able to defend your case in court with your above credit act. But at what cost. IMO, just not worth the hassle.

I also like the bit in your first post where you failed to mention he said he ain't gonna keep up the repayments.

Sounds like he wahts the cash for the car and you get the hassle trying to keep hold of it. Never worth it.

[nickabbott2008]

Mmm, i probably will walk away, too many "things" i dont like about the whole thing. However, i have done some digging on t'interweb and found some interesting things, such as,
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. Remember, this does not apply to cars which have been stolen, or cars that were subject to a lease or hire agreement.

He has already offered to give me a receipt that says he will pay off the finace although he has verbally told me he wont be.

Interesting scenario, i may just string him along a bit more to see where it goes.

I was under the impression that the likes of Welcome and Yes finance kept the V5 until all payments had been made, yet he had the V5 and all other relevant paperwork.

I just might have some fun with him for the day, then speak to the finance co tomorrow to let them know what he has offered to do.

Mick.

Walk away mate!

"Innocent private purchaser" - But this isn't you! You've done a check, he's admitted it has finance and you know it does! So, by buying the car you won't have a leg to stand on if they come chasing it back.

If he had a signed letter from you and him saying he'll pay it off when you bought the car, doesn't mean squat! "Oh, I lost my job and can't afford it anymore, here's the address of the person that bought it!" (And then they will know that you knew it had finance!"

Not meaning to sound nasty but there are a lot of Nigerian scams going around (ebay in particular) so just be careful!

[mick307]

Got to be honest, when i met him today and he told me he was Nigerian, selling his car thats on finance at below its market value, very pushy for a quick sale, lives in a rented flat, i couldnt see anything wrong

Is that what they call stereotyping!!

Just had an email from him. I asked if he would be happy to give me a receipt for more than i was paying (to make its true value) that said he would be using the cash to pay off the finance, he has said yes he is happy to do so, in fact if i type what i want on the receipt he will hand write it and sign it when i pay the cash to him

Scam, no never

Gonna keep playing with him through the day i think.

Mick.

[c_maxx]

Don't do it full Stop your asking for trouble!

[Dal150]

Walk away mate, it alls sounds as though it could go horribly wrong.
You wanna be 100% about buying goods not 50%.

[gsxrster]

how many times ..... WALK AWAY !!!!!!!!!!!!!!!!

[Padster72]

I work for Welcome Finance in the collections unit. DO NOT BUY THIS CAR!

If the scr0te decides to stop paying, and you knowingly bought the car with finance on it, you would become liable for the outstanding balance. Welcome WILL track the registered keeper down, up-lift the vehicle, and ensure that the balance is paid up, whether done amicabley with the new keeper, or via a variety of legal routes.