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Did You Buy a Car With Finance Owing Without Knowing?

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Did You Buy a Car With Finance Owing Without Knowing?

The popularity of new car finance deals has seen a spike in the number of people opting to use some form of finance to buy their new vehicles. This has also seen the rise in the number of cars with outstanding finance. What this means for an average buyer who is looking for a second-hand car is that there are higher chances of buying a car with finance – with or without knowledge. That’s why it’s often recommended that one takes time to perform a car registration check to find out whether there’s any money owed on the vehicle before they make a purchase.

But What Happens if You Realize the Car You Bought Has Finance Owning?

You’ll often have the right to keep the vehicle even if it’s with finance owing. This is especially true if you bought it without knowing that it was subject to a finance agreement or if you purchased it honestly and had no reason to believe there was an issue. You also have the right to keep the vehicle if you are a private buyer or the first private buyer to purchase the car from the owner who had a financing agreement.

But even so, the lender will want to recover their money and may get in touch with you about the vehicle. In which case, the lender will have the burden of proof to show that you didn’t buy the car in good title. But still, it may be in your interest to be receptive when the financing firm contacts you because it will display your honesty and willingness to corporate. So, basically, you want to email or write to them, explaining the situation, but be sure to keep copies of your communication with the firm. It’s also essential to specify details like when you bought the vehicle and the person (dealer) who sold it to you. You can include any other aspect that you deem critical including sale certificate, receipt or even the link to the advertisement.

You should get in touch with the dealer who sold the car to you about the same. Be calm when doing so and keep a copy of the communication between the two of you. Please note that this may not be as easy as you’d expect, because if the dealer knew that the car was on finance but still sold it to you, they would likely be very slippery.

If This Doesn’t Work in Your Favour

If the lender won’t listen to your part of the story and demands the car back or payment, yet you are sure that you’ve got a good title to the vehicle, then you will have to file a claim to the finance firm and even seek legal representation.

Please note that you will only have rights to the car if you bought it without knowing that it has outstanding finance. Otherwise, you will be as vulnerable as the dealer and won’t have good title to the vehicle. And if the lender can prove that you don’t, then you may lose the car.

 

 



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