there is finance owing on my car?

fishlib

I just got a letter from a finance company saying that there is still finance owing on my car since before I bought it. I bought the car from a (what i thought was a reputable)garage in Dublin. Anyone any experience of this and if so could I be liable for the finance owing or could the company repossess my car? is the dealership liable? Who is in the wrong here (it is also nearly a year since I bought the car and this is the first I have heard of it) thanks

Anan1

You need to get back onto the dealership and have them sort this out.

Piriz

Anan1 wrote: »

You need to get back onto the dealership and have them sort this out.

+1

what would happen if he bought the car privately? (for curiosity sake)

Anan1

Piriz wrote: »

+1

what would happen if he bought the car privately? (for curiosity sake)

And the previous owner refused to pay off the finance? He'd lose the car - until the loan is paid off it belongs to the finance company.

mathepac

Private sale / dealer sale if money is owed the outcome is the same - repossession.

Apparently there's a glut of cars with finance owing showing up for sale on dealer forecourts, trade magazines, web-sites and at auctions in the UK.

MugMugs

Piriz wrote: »

+1

what would happen if he bought the car privately? (for curiosity sake)

He'd be in a spot of bother.

slimjimmc

The car still belongs to the finance company so they are perfectly entitled to seize it any time it's parked in a public place (some may even lift it off your driveway). It doesn't matter if you bought privately or through a dealer, it's still legally belongs to the finance co. until every cent of the loan is paid.

coylemj

And don't bother to tell donedeal if you discover that a car for sale on their website has outstanding finance, they don't want to know. Happened to me, luckily I paid for the motorcheck report after looking at the motor (2008 E200) but before making an offer. It was a private sale and I got all sorts of evasive excuses from the seller when I challenged him. Needless to say I walked.

pistolpetes11

It really should be a criminal offense to knowingly sell a car with finance outstanding on it , with out informing the new buyer

Its Fraud isnt it ?

CiniO

Shouldn't it be organized somehow, that if there is a finance outstanding on the car, it should be noted on registration certificate, so the new owner could find out about it before transaction?

bazz26

pistolpetes11 wrote: »

It really should be a criminal offense to knowingly sell a car with finance outstanding on it , with out informing the new buyer

Its Fraud isnt it ?

A quick cartell or motorcheck report done before buying will tell you if there is outstanding finance owned on the vehicle. Any potential buyer should be doing this once they have chosen a car they want to buy.

shawnee

bazz26 wrote: »

A quick cartell or motorcheck report done before buying will tell you if there is outstanding finance owned on the vehicle. Any potential buyer should be doing this once they have chosen a car they want to buy.

Looks like it at the moment , I would always have thought that there wouldn't be much owned on anything over 4 or five years old but there seems to be outstanding finance on the whole fecking country at the moment. I know of a transit van that was picked up here in Limerick recently at around 4 in the morning and when the "owner" woke up it had been dragged and loaded on a transporter. Managed to contact the finance company who told him it was at a holding depot in Nenagh. After a few days he did get his tools back but the place was full of vans.
So it is as bazz says buyer beware ":p

fishlib

Thanks, I have contacted the garage and they are getting back to me tomor so hopefully it will get resolved!

January

I gave a car on trade in to a garage before, said they'd write a cheque to the finance company paying the outstanding balance, imagine my shock three months later when I realised the DD's were still coming out of my account, rang the dealer straight away and they told me they forgot to send the cheque off and sorted it within the day for me and wrote me a cheque for the three DD's that were taken from my account, could be something as simple as cheque being lost/forgetting to send it.

Hope it's sorted soon.