Outstanding Finance!

February 18, 2008

T am looking to sell my CTS and i spoke to someone the other day who did a HPI check and it has outstanding finance with Toyota VRM. I bought the car last June and didnt even think about doing a HPI check (dont ask why, i just didnt think about it!) but i havent heard from toyota at all so i phoned them and all she could tell me is that they still have an interested in the vehicle. Now i dont know what to do. Obviously im going to struggle to sell it privately with outstanding finance (theres not many idiots like me out there) but i can sell it to a wholesaler who knows about the finance and has made me an offer. This offer is about £600 less than what i owe on it so should i just sell it and count myself lucky that toyota havent taken the car back yet or should i wait and see what happens? Also, im buying a house and cant really afford to be left with a car loan and no car

February 18, 2008

Who did you buy the car from?

If it was from a garage i would go back to them and enquire about the outstanding finance.

You could always try the Citizens Advice Bureau or Trading Standards to find out where you stand legally.

February 18, 2008

Apparently

"It is actually against the law to sell a car if it still has finance on it. Please make sure you always settle outstanding finance before ownership is changed."

So I wouldn't sell it just yet if I were you. It would be wise to get legal advice on this one as you could take the seller to court in order to get your losses back.

If you were to sell it to the wholesaler, would they be willing to put it in writing that they will take full responsibility of the outstanding finance so you will not become liable in the future.

You say you still owe money on the CTS - why didn't your finance company do a check to see if this car already had finance, I would ask them for advice as at this moment they have a interest in the car too.

February 18, 2008

Thanks for the advice.

The loan i have is not secured against the car, its a personal loan as i bought i pravate so they have no interest in the car. I would get something in writing from the wholesaler but i think i will ring the CAB for some more advice.

Cheers again

February 18, 2008

A little update for the few people who have been reading:

I rang Toyota Finance again and she couldnt give me details but said the payments were being made. She also said she would call the last owner and settle the outstanding finance. I then called him myself and he said he had spoken to Toyota and he was clearing the finance it would be sorted by the 8 March

I think ive been really lucky here (if he does actually pay it) but my house sale is going through now so i could do with getting rid quicker. At least it hasnt been reposessed ;)

Anyway, Thanks for the advice and ill be back on the 8 March if it hasnt cleared!

February 18, 2008

February 18, 2008

A little update for the few people who have been reading:
I rang Toyota Finance again and she couldnt give me details but said the payments were being made. She also said she would call the last owner and settle the outstanding finance. I then called him myself and he said he had spoken to Toyota and he was clearing the finance it would be sorted by the 8 March
I think ive been really lucky here (if he does actually pay it) but my house sale is going through now so i could do with getting rid quicker. At least it hasnt been reposessed ;)
Anyway, Thanks for the advice and ill be back on the 8 March if it hasnt cleared!

Seems a bit odd that it's taken him nearly a year to clear the finance since you bought it! :wacko:

Think you can count yourself extremely lucky there mate! :thumbsup:

February 18, 2008

He didnt realise he couldnt sell the car and keep making monthly payments so thats why it wasnt cleared. He has made the payment every month so im gonna give him the benefit of the doubt and put it down to an honest mistake.What have i learnt? ALWAYS do a HPI check :rolleyes: