LEMOJ

They will never cancel the direct debit if the car if it is in trade and you are paying it with DD, even if you inform them that you have sold it to mr x and mr x has also paying the tax. they will keep taking the payments from both trader and keeper. If as a trader if you tax the vehicle for 6 months or year, they will not send you any refund unless the car is registered with your name. I hope it clarifies the situation

OK lets assume that if I am successful in taking the car back from customer with no additional costs and register the car with my name and then call finance company and explain the situation and show them the original purchase receipt which is a very basic one and states "i mr X has sold my car to mr Y for the amount of ££ on this date". Do you think it will help the situation?

Thanks to everyone who shared their valuable opinions. This is a indeed a lesson for all of us to be very careful when purchasing or px from people. At the moment I am just encouraging the guy to settle down his matter with finance company, apparently he assured me that he is in touch with with the finance company and matter will be sorted soon. I have decided to give him a week or so to see how he settles his matter. fingers crossed I have taken the details from hpi the finance company name, ref and telephone. To be honest I am a bit confused not sure how to sort out, the only thing that comes to mind is to take the car back from the buyer refund him and take legal action against him? If you have any better solution to come out of this trouble please let me know? I am not a ltd company and neither vat registered. I will keep updating you guys.

No it is not a personal loan. Some motor finance company financed it. Thanks

Hello Dear Members, I recently started trading a few months ago not well informed about the outstanding finance cars. I am in a situation and i need your expert opinion. I bought a car 07reg from private seller advertise on gmtree a month ago for the amount 1500 with good faith, eml light on, no mot and rusty arches. I spent about 450 to get it fixed and sold the car for £2400 within 2 weeks. (at that time I did only a basic hpi check if the car is in cat but did not bother to do a complete hpi check about outstanding finance, MY MISTAKE i know). Now after a month or so the seller called me and informed me that the car which he sold to me has an outstanding finance about £2000. and he is trying to settle it down with finance company. and he did this because he was broke and some family emergency etc. Now my questions are, WHAT SHALL I DO NOW? and where i legally stand? should i tell the customer I sold car with good faith about this and ask him to return? will the finance company will write to new keeper about outstanding finance? or shall i wait for him to clear the outstanding debt?

Good afternoon respected members, I am newbie in motor trade operating from home, buying 2 or 3 vehicles at a time and parking them on road outside with no parking restrictions. my question are 1- Can I legally operate this from home buying couple of vehicles and selling them. no mechanical or paint work done at or outside home. my friend's garage nearby who looks after all this. 2- I have to tax vehicle to bring them from auction houses or other private sources using green slip. I have not applied for number plates because I have no forecourt or private land to store them. most of them sell within 4 weeks and remaining 5 months tax money DVL keeps it .. No refund.. because i am in motor trade and vehicle is not registered on my name . Can I legally tax stock vehicle without registering it on my name? Is there a way I can save the remaining months tax? will there be any problem if the buyer use the same green slip to tax again which i have already used to tax online without registering vehicle on my name. your expert opinion required. Thank you