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What happens if you buy a car with finance on it?

I bought a motorcycle from a shop and the HPI check has something on it about a 60-month lease. I telephoned the number for the associated finance company and they said it ‘looked like’ there was still money owed but that they would need to contact someone else to find out. They said they would try and call me back yesterday to let me know but I’ve still heard nothing. I phoned the shop who sold me the bike and they seemed very helpful saying that it would be illegal for them to sell me the bike with finance on it and that if there are any problems to ring them back. Anyone know where I stand with this? I can’t afford to be paying off finance companies and things like that.

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3 Responses to “What happens if you buy a car with finance on it?”

  1. Damian M said :

    If there is outstanding finance and the original owner stops making the payments and the bike was bought privately, then the finance company can reposess it from you, so you lose everything.

    However as thie was bought from a dealership then fear not, you’re covered.

  2. stevie x said :

    I is illegal to sell something which still has finance on it.
    The reason is the finance company own it until the last payment is made. The bike shop should have done the checks and the money paid to the finance not the seller. He only gets any amount over the debit. I think it’s lucky it was a shop rather than a private seller.

  3. Colin M said :

    In essence, the bike belongs to the finance company until they release it once they’ve been paid off. It makes no difference what name is on the registration document. If that’s the case, it’s not the keepers’ property to sell.

    I’d have done the HPI check BEFORE buying it and not gone ahead until I had proof in my hand that there was nothing owing on it. However, all you can do now is chase the finance company up to find out what actually is the situation.

    If it turns out they still have an interest in it, go back to the dealer with that evidence in hand and demand that they either take the bike back and refund you or pay off the finance and supply proof that they have done so.

    If they refuse, go straight to trading standards with your evidence that they’ve sold a bike that was not theirs to sell.

    Hope it all works out.


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