What happens if you buy a car from someone but they still have outstanding finance on it?

Will that effect me in anyway?

What happens if you buy a car from someone but they still have outstanding finance on it?

the car could remain as security on the outstanding loan. if the seller defaults on repayments the finance company may take the car from you. you will need to get a letter from the sellers finance company assuring that the finance has been settled with the funds from the sale of the car to you. you will not be responsible for the payments but as i say you could loose the car. worth doing an HPI check to see if any finance is registered as outstanding on the car. it is more likely that a dealers financier rather than a bank will use the car as security. worth 鎷?0 on www.hpicheck.com

this applies in the u.k not u.s

What happens if you buy a car from someone but they still have outstanding finance on it?

You get to take over the payments. Unless you can get a written contrac that they will finish their payments (and then you are in danger of them quitting and you having to sue them)

What happens if you buy a car from someone but they still have outstanding finance on it?

As far as I%26#039;m aware you are not allowed to sell a car if you still have outstanding finance on it. Check it out mate. You could end up with the bill.

What happens if you buy a car from someone but they still have outstanding finance on it?

If their finance is HP (Hire purchase), then the car will not be yours, it is also not theirs to sell until the last payment has been made.

However, if it was bought with a bank loan or other loan, then it will be yours when you buy it.

Before you buy it, I would really make sure it is not HP, as the company will have a legal right to reposses it from you, should the person you bought it from miss any payments.

Hope that helps.

What happens if you buy a car from someone but they still have outstanding finance on it?

I we want to be technical about this, the car does not belong to that person until it is paid for, therefore it is illegal for them to sell it.

If they do sell it, they will still have to pay the repayments on it, NOT you, as the finance agreement was made in THEIR name not yours.

What happens if you buy a car from someone but they still have outstanding finance on it?

You in the UK? In which case it%26#039;s illegal to sell a vehicle with outstanding finance - the finance company own the thing, that%26#039;s not the same as being the registered keeper. So it%26#039;s not the vendor%26#039;s to sell.

If he doesn%26#039;t keep the payments up you are at risk of the finance company repossessing their car.

So DON%26#039;T.

What happens if you buy a car from someone but they still have outstanding finance on it?

The car can be taken back by the finance co. which originally

loaned the money! It wasw your responsibility to check this

out prior to agreeing to purchase! In short, you are the looser,

Sorry! Although you can get legal redress, but this is always costly, and you may not get full satisfaction!

What happens if you buy a car from someone but they still have outstanding finance on it?

it means that the car belongs to the finance company so they can reposes the car at any tme if payments not kept up hpi check will show if any finance is showing on a vehicle you cant take over someone elses payement either the finance must be settled before selling a a vehicle

What happens if you buy a car from someone but they still have outstanding finance on it?

The finance company will reposess it from you, even though you may have bought it without knowing that finance still existed on the car. Unfortunately the person who sold you the car has turned you over - I knew someone who bought a car from an auction and unbeknown to him it had outstanding finance left on it - within 4 weeks the baliffs turned up and reposessed the car.

He lost all his money as I recall.

What happens if you buy a car from someone but they still have outstanding finance on it?

It is illegal for anyone to sell a car with outstanding finance on it

as the car belongs to the Finance Company until the final payment and option to purchase (small print) payment is paid.

The seller may be prosecuted and the car may be repossessed.

If you have bought such a vehicle, you should talk to the Finance Company

What happens if you buy a car from someone but they still have outstanding finance on it?

you will be liable for all outstanding finance

What happens if you buy a car from someone but they still have outstanding finance on it?

they cant sell you the car without the title, which should be held by the financer untill the car is paid in full. if they have the title, then the money owed is not a loan for the car, its a personal or other type of loan,and the car can be sold, sellers loss. look at the title. whos name is the car in?

What happens if you buy a car from someone but they still have outstanding finance on it?

Yes.

They did not have the right to sell the car.

Until they have paid off the finance, the car belongs to the finance company. By selling it they have effectively sold stolen goods, and you have bought stolen goods. The finance company has the right to reclaim the car at any time, leaving you with no car.

If the seller pays of the remaining finance immediately, then you are safe. But until then you are on dodgy ground.

What happens if you buy a car from someone but they still have outstanding finance on it?

Legally the seller shouldn%26#039;t sell the car knowing finance is owing on it as it belongs the finance company until final payment is made.

If you bought it knowing finance was owing then the car could be taken from you by the finance company. However if you had no knowledge prior to purchase that finance was owing, then the finance company cannot take the car from you and must pursue the person owing finance for the money owed.

What happens if you buy a car from someone but they still have outstanding finance on it?

It is illegal to sell motor vehicle with outstanding finance on it. It is down to the seller to ensure that the account is paid in full before he sells the vehicle. The seller will then get a letter from the finance company nstating that the car has been paid for in full, and that there is no further payments to be made. You can demand a copy of this letter if you decide to buy the car.

Whatever you do, do not agree to take over the finance payments, firstly because it is illegal, and secondly because this will not prove your ownership once the car is paid for.

What happens if you buy a car from someone but they still have outstanding finance on it?

Yes, the car legally belongs to the finance company until the loan is paid back. If the other person doesn%26#039;t pay their instalments the finance can take the car away from you.

You have no legal claim to the car.

What happens if you buy a car from someone but they still have outstanding finance on it?

you lose car and what you paid