richierich37 236 Posted November 13, 2011 Report Share Posted November 13, 2011 whats the deal with this?...............i go to buy a car and the owner tells me that the previous owner still owes money to the finance company.he bought it cash and has owned the car for over a year now and has the v5 present. the car is a straight one never written off or anything.if i buy it cash can i get it taken off me by law or will the finance company hunt me down for the outstanding balance?????if you know for sure please post up with links to real evidence..................TIA richie......... Link to post Share on other sites
ian_GTI 0 Posted November 13, 2011 Report Share Posted November 13, 2011 All the v5 means is you are the registerd keeper not the ownerThe finance company are the owners of it untill it has been paid off Link to post Share on other sites
richierich37 236 Posted November 13, 2011 Author Report Share Posted November 13, 2011 All the v5 means is you are the registerd keeper not the ownerThe finance company are the owners of it untill it has been paid offok right, can they repo the car off me being the 3rd owner though?????thanks :-) Link to post Share on other sites
ian_GTI 0 Posted November 13, 2011 Report Share Posted November 13, 2011 Yep its there'sIt doesn't matter how many people it goes to on the log book you can't sell somthing you don't own, and some they still own it they can take it back when ever they like Link to post Share on other sites
richierich37 236 Posted November 13, 2011 Author Report Share Posted November 13, 2011 nice, i'll pass on it then!!!!!!as usual too good to be true! :-( Link to post Share on other sites
bungy 2 Posted November 13, 2011 Report Share Posted November 13, 2011 nice' date=' i'll pass on it then!!!!!!as usual too good to be true! :-([/quote']They always are....You pay for what you get.... Link to post Share on other sites
J5KE F 0 Posted November 13, 2011 Report Share Posted November 13, 2011 U can get a bargain if you contact the finance company, ask for a settlement figure and use that when buying the car. That way you can usually tke over the monthly payment and only buy the car for the difference.. Most folks wil be sellng cos they are either struggling to cover the payments or they have taken on the vehicle as part of a refundancy..The only car I have ever made money on was a 2 year old ibiza tdi when i gave the owner £500 and took over £195 per month for a year... Then i paid the £99 settlement fee after using the finance transfer with all interest paid by the previous owner! Swapped it in for a main dealer px on my r32 for an agreed value of 5.5k!I would suggest if its a decent car to get the finance details and research it, contact them and find out the facts! Particularly if the interest has been paid off already! Link to post Share on other sites
rodney 17 Posted November 13, 2011 Report Share Posted November 13, 2011 yup i agree...the finance company own it which is why a bank loan is always a better option.. IMOThat said... I guess they are unaware of the change of owner ..I would suggest... and thus there is a deal to be had if you contact them as they original chap may have defaulted by selling the car...???????So IF the car is all it can be then ask for the finance company details and have a chat.. Deals to be had as they just want money and chances are as they have already made money on it,,, they will settle.. Rule 1: You dont ask you dont get!!!! Link to post Share on other sites
oldmandon 1 Posted November 13, 2011 Report Share Posted November 13, 2011 Some good advice there from Mr Stig and Mr Bundy.......not everything in life is a disaster......... Link to post Share on other sites
richierich37 236 Posted November 13, 2011 Author Report Share Posted November 13, 2011 thanks for your replys guys, the outstanding finance is way too much to take on! :-( Link to post Share on other sites
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