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Financed Car Sold

  • 31-03-2017 9:53pm
    #1
    Amik
    Registered Users, Registered Users 2 Posts: 926 ✭✭✭


    A friend purchased a second-hand car with cash at the beginning of the year. All was fine until recently when a rep from a financing company knocked on his door.

    The car's previous owner had been financing the car and sold it to my friend before fully paying it off.

    The original owner has since disappeared. Will my friend lose the car to the financing company? Does he have any rights?


Comments

  • #2
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Assuming this is a hypothetical and you don't mind musings of the uninformed as this is a discussion forum and legal advice can't be sought. The seller did not have title to the property therefore can't sell it. I'm not sure if equity's darling applies here? Did they pay full value for the car, hypothetically?


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    Amik wrote: »
    Will my friend lose the car to the financing company? Does he have any rights?

    He has two options...

    1. Let the finance company take the car away and sell it, he will be entitled to whatever is left over after their loan is paid off. Trouble with this is that they will do a trade sale or flog it at an auction which means some secondhand dealer will get it for a bargain price and your friend will get very little if anything.

    2. Pay off the loan.


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