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TOPIC: Finance due on a car I don't have anymore!

Finance due on a car I don't have anymore! 3 months 2 weeks ago #96462

Thanks Othen, it seems the police cannot help (worth asking) as it's a civil matter.

A friend of mine suggested the voluntary surrender option and just do all I can to help them recover the car. I would hope that the car is being looked after as it's a limited edition model with low mileage from new when I got it at 6 months old.

I won't do a runner no, but at the same time, I cannot pay off the finance, so I will have to see where it ends up I suppose. I just wish there was a way to simply get the car back, give it back and let the owner who bought a car from my friend that was not his to sell, go after him.

I've checked all correspondence and think that my (rather stupid) part is clear....God, this is something I would never do again, the last thing I wanted with everything else going on.

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Finance due on a car I don't have anymore! 3 months 2 weeks ago #96463

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Write to the dvla and they should give you the address of the new keeper... That's if they registered it on their name.
If its not been registered on their name the car might never be recovered.
Police won't help but if for some reason the car is stopped by the police and they go into ownership of the vehicle they will take the car off the person. I know of this happening.
I'm in the motor trade and see so many of these cars with finance outstanding being sold, alot get used as taxis or broken for parts too

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Finance due on a car I don't have anymore! 3 months 2 weeks ago #96466

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I'm slightly confused about this Blindsided. Didn't you tell us above that the finance company had already been in touch with the new keeper? In that case it will be recovered soon enough, so that part will just happen. You don't own the car anyway, so you can't just go and take it back.

Once the car is recovered the new keeper will will want his money back from your friend, which he may try to extract with a CCJ or a baseball bat.

I think you need to focus on the money you will still owe the finance company (the recovery fee plus the shortfall on the loan once they sell the recovered car). That won't be a small amount - so working closely and candidly now to get this resolved will be the sensible thing to do. I'd try to get this sorted out quickly, otherwise as was said above the car will end up broken for parts once people realise what is happening.

O

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Finance due on a car I don't have anymore! 3 months 2 weeks ago #96488

Hi Othen,

The debt collector has apparently been in touch with the new owner (I don't have his details). I wanted to surrender the car but with the caveat that I don't have it to hand over...

I honestly don't care what happens to the new owner or my friend in this, I just want the situation that should never have happened, resolved. I'll be doing whatever I can to help!

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