Bought a car with outstanding finance? It can be quite messy if you don't know how to handle such a situation, most people don't wish to buy a car with finance, but if you have bought a car with outstanding finance and don't know what to do, we are here to guide you, because being in such a situation is rather complex and not everyone has the time to go through with it all. You can file a suit against the seller if they haven't informed you about the financial situation and have still sold you the used car.
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There is a good possibility for you to retain the car if:
There are various companies that buy cars with outstanding finance, they take up the agreement and either use the vehicle in fleets or for selling. Verified companies like those can help you keep your mind clear, in such a case like that, you can relax knowing that they have everything sorted out for you. This makes sure that your side of the transaction is without any repercussions.
If you happen to sell a car with outstanding finance, you could be safe from any legal issues, provided that you were not aware of the financial situation, but in any other case, it is forbidden to sell a car with outstanding finance, since the buyer could file a suit against you, claiming his/her consumer rights. You should report to the finance company or the correct authorities instead of trying to get rid of the vehicle on your own.
You could get a good title provided that you fall under these conditions and if you happen to be the first private buyer from the person who has the car under a finance agreement. The finance company has the power to declare if you can be given a "good title", it usually doesn't depend on the buyer.
Full Ownership of a property which is free of claims against it and can be sold, transferred or put up as a collateral
To help prove that you should be given a "good title", you can claim it with substantial proof, such as the name and address of the person who sold you the used car, the date you bought the used car, details of the advert copy that got your attention, a receipt of the purchase. Having this evidence could help you when you have bought a car with outstanding finance.
You need to remember 2 things in your mind:
These laws act as safeguards in the situation where you don't have the claim to a good title (if you have bought a car with outstanding finance) since you did get robbed of the money and the car right? Knowing that there is a way is helpful since most people wouldn't know how to face such a situation when in panic. Get a used car check to know all details that could help you buy smarter.