my car on someone elses finance - HELP - HotUKDeals
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my car on someone elses finance - HELP

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Bassicaly , i brought a car ( well i took over the finance payments ) and i would like to pay it all off , theres like 12 months left which comes to about 1300 pound over the 12 months , but 700 pound…
brock101 Avatar
7y, 6m agoPosted 7 years, 6 months ago
Bassicaly , i brought a car ( well i took over the finance payments ) and i would like to pay it all off , theres like 12 months left which comes to about 1300 pound over the 12 months , but 700 pound of that is intrest on the loan

i got the guy whos car it was , to phone up the people who gave him the finance to say he would pay it all off it one go , but he recently lost his job a couple of months ago and he told the finance company and there now letting him pay smaller amounts back untill he finds another job , on a loan he took out from them and another car he got finance on

they bassicaly told him they wouldnt accept the one off payment becuase there bassicaly doing him a favour by letting him pay less on the other car and loan

where do i stand ? what can i do ?

surely they have to take the payment ? at a lesser rate of intrest ?
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brock101 Avatar
7y, 6m agoPosted 7 years, 6 months ago
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#1
obviously now aswell the car is in my name
#2
So is this guy paying back smaller amounts on a car he has? Or your car? Description is a bit confusing :)
#3
Is it personal finance and has it been transferred to your name?
#4
munnski
So is this guy paying back smaller amounts on a car he has? Or your car? Description is a bit confusing :)


on a car he has
#5
masterruckus
Is it personal finance and has it been transferred to your name?


no the finance is still in his name
#6
dcx_badass
£700 interest on £600. Haha some people! I know it wasn't you.


i know thats why i want to pay it all off , dont know what he was thinking
#7
Who is the registered keeper? You should just pay the guy what you agreed to, be that a lump sum or essentially idemnification on the loan. If they won't take a lump sum and you agree to pay the loan amount then give him what it will cost him to finish paying it, and make sure the car is legally yours.
2 Likes #8
He had no right to sell you the car in the first place.
banned 2 Likes #9
thats what i was thinking the cars not actually yours , it's the finance company lol what on earth made you buy the car
#10
seancampbell
Who is the registered keeper? You should just pay the guy what you agreed to, be that a lump sum or essentially idemnification on the loan. If they won't take a lump sum and you agree to pay the loan amount then give him what it will cost him to finish paying it, and make sure the car is legally yours.


im the registered keeper of the car , but id like to pay it all off all the finance , but the finance company wont let him do it , if he pays off the full amount i wont have to pay all the intrest will i ?

thats what im after can i make him ring them back up and make them take a bigger payment at a reduced rate or intrest ?
#11
so even tho the cars registered to me i have no rights bassicaly ?
#12
Indeed, depending on the type of finance, it is possibly illegal for him to sell you the car in the first place and you may never get to be the legal owner.
#13
tinkerbell28
Being the registered keeper means diddly squat if the car has finance secured on it, this does not sound good hun, in all honesty,


Agreed, being the " registered keeper " means SFA in the eyes of the law.
#14
Inactive
Indeed, depending on the type of finance, it is possibly illegal for him to sell you the car in the first place and you may never get to be the legal owner.


thats the thing when he was on the phone , he told them he had sold the car and wanted to use the money to pay it off , they just said no , they didnt say anything about it being sold on
#15
dcx_badass
You need to try get it paid off asap.


im trying but i dont want to pay all the intrest , come 700 on 600 what was he thinking the intrest must have been stupid

im stupid for not checking all this out first

worth thing is ive been paying it for a year
#16
Am I right in thinking that until the money is paid in full to the finance company, it's legally still their car?
#17
Shengis
He had no right to sell you the car in the first place.


+1 When will people learn ?
#18
dxx
Am I right in thinking that until the money is paid in full to the finance company, it's legally still their car?


If it's a secured loan (car finance) then yes, if its an unsecured personal loan, then no. I'm guessing the former though.
#19
dxx
Am I right in thinking that until the money is paid in full to the finance company, it's legally still their car?


i do know this , once more then two thirds is paid off , they cant legally take the car , thats like 2 payments away , so i dont understand why the oan company wont take the payment

or something like that anyway
#20
The Finance company own the car until its paid off in full. He cant sell something he doesnt own. If he has then they can take the car and you can do nothing to stop them. your issue is with the guy that sold it to you.

best of luck
#21
i done something similar about 6 year ago, i bought a scooter off a friend that still had £1200 left on the fianance, had it about three weeks then recked it had to pay the £1200 +pay £350 +3 points for recless driving
#22
tinkerbell28
So it's is finance secured on the car then, oh dear.


yea , so bassically im ****ed
#23
jambo1082
i done something similar about 6 year ago, i bought a scooter off a friend that still had £1200 left on the fianance, had it about three weeks then recked it had to pay the £1200 +pay £350 +3 points for recless driving


what if the car got wqrecked wouldnt the insurance company cover it ?
#24
How do you know the guy that you purchased it from has been making the payments that you have given him?

You will not have access to the agreement.
#25
brock101
i do know this , once more then two thirds is paid off , they cant legally take the car , thats like 2 payments away , so i dont understand why the oan company wont take the payment

or something like that anyway


That's like saying you only have to pay 2/3 of your council tax, telephone bill, broadband etc. Try it and see how far you get :lol:

Finance companies do have leeway on these thing but that particular 'rule' (afaik) is only applied once the car has passed hands a few times and assumes the buyer had no prior knowledge of the outstanding HPI. If it was that easy everybody would be doing it ;-)
#26
Inactive
How do you know the guy that you purchased it from has been making the payments that you have given him?

You will not have access to the agreement.

its definitley been getting paid the money comes out of my bank account every month on a direct debit
#27
tinkerbell28
Yes you are especially as what you think is your legal rights are way out, I suggest you take a read.......
Hire Purchase
The HP company owns the car; you buy it from them over a set time.

You will usually pay a deposit of between 10% and 15%.
The car's yours only after you make the final payment.
You can't sell the car unless the finance company has been repaid in full.
By putting down a deposit, you have lower monthly payments.
Many dealers offer HP as an option.

http://www.theaa.com/motoring_advice/car-buyers-guide/cbg_finance.html



so they shoud just let him pay the full amount for me , shoudnt they ?
#28
brock101
what if the car got wqrecked wouldnt the insurance company cover it ?


yeah, if i had insurance:oops:, i was young and foolish
#29
tinkerbell28
Yes but how do you know he has been paying off the finance on the car :thumbsup:


I give up, you can't make them do anything it's not your agreement, they may want their moneys worth if he has defaulted........or he could be lying.


well the direct debit is set up direct with the finance company , so i assume so . i assume im just paying the payments he would have been paying
1 Like #30
Ok, heres my solution.

YOU ring the finance company and ask to clear the finance as after doing a belated HPI check you realised there was money owing to them. That should do it.
#31
Shengis
Ok, heres my solution.

YOU ring the finance company and ask to clear the finance as after doing a belated HPI check you realised there was money owing to them. That should do it.


thanks , will the make me pay all the intrest ? or just whats left on the car?
#32
Shengis
Ok, heres my solution.

YOU ring the finance company and ask to clear the finance as after doing a belated HPI check you realised there was money owing to them. That should do it.


lol thanks thats made my day ive now got something to say to them
#33
ill be back later and tell you what they say
1 Like #34
brock101
thanks , will the make me pay all the intrest ? or just whats left on the car?


Probably the full amount as that's what the agreement was for. You may get lucky though ;-)
banned#35
you are well and truly screwed

the car never belonged to him to sell - it was the finance company's

if he defaults on the loan, the finance company will come calling and remove the car from you

leaving you out of pocket for what you have paid and with no car

happy to help!
banned#36
so if he lost his job and is paying smaller amounts does that mean you in turn are paying smaller amounts?

or is he paying 2 amounts now he has a new car?

AFAIK the finance company cannot refuse to settle the account if you are willing to pay
1 Like #37
As above, a registered finance company cannot refuse to accept full payment. They are entitled to interest but they must settle when asked. If they refuse, report them to the financial ombudsman. It is a serious breach of their license and against the law.
#38
dimebars
so if he lost his job and is paying smaller amounts does that mean you in turn are paying smaller amounts?

or is he paying 2 amounts now he has a new car?

AFAIK the finance company cannot refuse to settle the account if you are willing to pay


no the loan on my car is getting paid back as normal , its his other 2 loans he is paying back smaller rates for
#39
thanks for all your help ,
#40
you can pay finance off, I paid mine off in full after 18 months

there may be a penalty though (should be in the original agreement) I'd check as this MAY be in excess of the amount you are trying to save although I know I did not pay one.

hope you sort it

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