my daughter has bought a car with finance inrerst on it where does she stand now and how does she get it removed
2007-12-19 00:53:53 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
In England?
Sadly, the finance company legally own the car. She could lose it. It sucks, but she can sue the person who sold it to her for any money she lost, and so on up the chain until the one who sold it fraudulently is sued. Anyone who sold it in "good faith" is not guilty of a crime, but ultimately the legal owner, the finance company, is entitled to its money first.
PS the V5 document and sale receipt do not necessarily prove ownership in court.
2007-12-19 00:59:26 · answer #1 · answered by Anonymous · 1⤊ 1⤋
The car still belongs to the finance company, she will not be able to do anything about it unless the person who bought the car on finance pays it off, although sometimes you can transfer the credit agreement to a buyers name, however if your daughter has bought the car already she will not want to pay again! Try and get a refund from the seller and give it back quick, in future make sure you run an HPI check before buying a 2nd hand car for cash.
2007-12-19 01:01:11 · answer #2 · answered by neogriff 5 · 2⤊ 1⤋
She stands at the bus stop.
Unfortunatley the finance company own the car. Your daughter's only claim is against the person she paid for the car.
2007-12-19 01:03:48 · answer #3 · answered by Anonymous · 1⤊ 1⤋
It depends on who she bought it from, and the type of finance registered. If the finance is a loan only, you're safe. If it is hire purchase and bought from a bona fide dealer in good faith, AND without knowledge of the outstanding finance, you're safe. (Take care, though if you were told that the finance would be cleared, that is knowledge of an outstanding debt). If you bought from the person who borrowed against the car, take professional advice.
2007-12-19 01:03:03 · answer #4 · answered by Duffer 6 · 1⤊ 1⤋
If she bought a car with cash and it didn't have a clear title because the owner owed money on it, she's got a problem and they can repo the car unless the debt is cleared. If when she paid the cash, she got the title, she should be okay.
2007-12-19 01:20:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If the item, in this case a car, has an outstanding debt on it, I think its safe to say-----you are liable.
Always best to have a vehicle check done on the purchase, before parting with any money
2007-12-19 01:01:05 · answer #6 · answered by Anonymous · 1⤊ 1⤋
sorry she -- she can contact the states attorney and he will file charges for the individual that sold her the car and she should be able to get her money back or the person will go to jail!!!
2007-12-22 22:12:11 · answer #7 · answered by mister ed 7 · 0⤊ 0⤋