Unfortunately if you buy a car with outstanding finance you become liable for its discharge. You are the registered owner of the vehicle. Finding out if a vehicle is clear of any encumberances is one of the purposes of having a vehicle check done in advance when purchasing second-hand. I was in the position once of having put a deposit on a lovely second-hand car. When the RAC ran a check they found there was outstanding finance. I walked away. Lost my deposit but didn't inherit the outstanding repayments.
....
Yes, we can argue that people should do a HPI check, but it's not a requirement of purchase either. If it was, it should be the responsibility of the seller to produce a HPI report. I actually think that should be made law, but that's another matter.
Someone please explain to me how someone can become liable to a finance agreement that they did not sign or weren't aware of.
Hi,
I got in contact with the bank, they wanted my details, a copy of the VRC to prove that the vehicle was transfered to me, now i dont have the VRC since i gave it to the insurance company when they wrote the car off, but they are sending me a copy of it to send to the bank. I think there is an investigation on into the finances owed by the client of the Bank.
There is a bit of a process gap here, surely.
If the registration and ownership documents for the car indicate that Joe Customer is the reigstered owner of the car, then why should a potential purchaser need to estabish how the owner funded the purchase ? The official document in front of the potential purchaser clearly states that Joe Customer is the owner of the car.
If the bank owns the car, then logically they should have their name recorded on the document as the owner. Or, like a mortgage deed, have Joe Customer down as the owner, but with the bank having a claim over the asset.
z
...Again i agree with Thrifty...
Jbbcie, i know it sounds unfair but the nature of a hire purchase agreement is that the car is not owned by the other person until its fully paid for. Its like a secure loan on the car in a way - so the debt remains with the car. i really think somethink should be introduced where a hire purchase provider is required to have their interest noted on the car documents so that a purchaser can see they have an interest in the car and can resolve this before buying or walk away.
" i did get it checked with a Garda friend and he said it was as clean as a whistle"
I don't think a Garda could advise on credit agreement status, only if there were outstanding tickets, or if it had been stolen....but I'm open to correction!
"I have not as yet contacted the seller as i am waiting for the bank to get back to me..."
Don't wait, especially with only weeks to go to Christmas...chase the bank as you need your claim settled, and make contact with the seller immediately...if you can!
QUOTE]
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?