what is the law

[pontiac]

ive just bought a car but didnt hpi check till now because a mate said it was abit too cheap too my suprise ha ha it has come back as finance owed what do ido i have been told that if the car has had 3 owners since the finance it would be ok and it wouldnt be taken away from me if finance company found it is this true or what is the law please help

[NORMANTHEDOG]

i think,if the payments on the car are behind,then the car belongs to them,but if a certain percentage of the finnance has been paid,then the finnance company has to chase the person who the finnance is named in.so you might be ok,whether the person that sold it to you has committed a crime,i dont know.

[ugly_bob]

not sure on exact law, but I had accident in work van a couple of months ago. Insurance company wouldn't pay up because of outstanding finance (even though it was a clerical error and a different van). Took threat of solicitors to get any movement frm anyone - ins co., bank etc.

[curlyfilm]

not 100% but if you bought it privately the finance company cannot touch you, but if you bought it from a car dealer they may have rights too take it back

[NORMANTHEDOG]

curleyfilm,dont talk rubbish,it dosent matter if you buy it from a dealer or private,its still owned by the finance company

[tali122]

as a private purchase it is up to the buyer to make the necessary checks - caveot emptear,(?) and , my understanding is ,if the original defaulter doesn't pay the finance company will take the car away as legally its theres- again im not 100% sure , a bit like you've discovered your car is a ringed stolen one -then it becomes the property of the insurance company ie you lose it