Bought outstanding finance car

[MattR 177]

As above, You cant take the car back from the current owner, they can pursue you for additional costs they have incurred - the situation, after all, isnt their doing. Chase the person who sold you the car and stay on top of it. In the meantime, lets hope he settles the finance. Good luck, keep the updates coming, and always HPI everything!!!

[Arfur Dealy 823]

There’s nothing nice about this, he’s knowingly screwed you. He’s taken you for a mug and is continuing to do so. That’s the face of it...,,

[justina3 518]

How long before the finance company ask for the car back, or pass it out for collection he might be famous and on the sherrifs are coming. 

[LEMOJ 0]

2 hours ago, trade vet said:

Hi Lemoj

Firstly,you cannot just claim the car back from your customer and refund them,they have good title to it,you may have to pay them consequential damages on top.I would demand that the previous owner  gets you a copy of the balance and settlement figure from the finance company,the original finance agreement and the purchase invoice they were given by the supplying dealer showing their signature.If there are discrepancies in the paperwork,that could be good news.If there aren’t,you will just have to settle the balance yourself.In this situation,I have never known a seller settle the balance afterwards.Also bear in mind,that if the agreement is registered with HPI you may have difficulty recovering the balance from the seller if you persue them in the small claims court.Despite What some people might say on here,variations of this happens to all of us at some time.I hope your seller comes with the money,keep us informed...and good luck.

 

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?  

[It's me 612]

no

[Screenman 47]

3 hours ago, LEMOJ said:

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?  

Are you a dealer or not a dealer? Pretending not to be one when you are is a no go in my humble,Trade Vet gives excellent advice.

[Andy Entwistle 96]

On 27/03/2018 at 4:48 PM, LEMOJ said:

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?  

Finance companies aren't stupid. I used to deal with these scenarios on a daily basis back in my previous life. They will work out straight away that you are a dealer and then you have no chance.

My advice is firstly, do right by your buyer. Its not his/her fault and they shouldn't be made to suffer. Either offer to buy the car back or negotiate with the finco. They don't really want it back, they would rather have cash, so try and negotiate ( you're a car dealer, you should be good at that !) get the best deal you can and take it on the chin.

Lesson learnt, Hpi et all are there for a reason. Always check the car to protect yourself. if you check and the finance isn't registered, but subsequently comes to light, then the data provider will cover you. 

You might grumble at paying a few quid per car to check em, but if you lose £10k because of 1 deal, thats a lot of HPI checks !!