Anonymous asked in Cars & TransportationInsurance & Registration · 2 months ago

I sold a veichle when it was on finace?

Okay so I sold my van when it was still on finace.

I did not notify the finace company and instead carried on paying the monthly payment,as I lost my job due to covid and basically messed up.

The person who bought the van off of me has now had a letter of reposition on the van and as you can imagine are fuming.

I still have the money and have not spent it

And am wondering can I just call them and explain and pay it in full.

Or is it not quite as simple as that now.

I take full responsibility and understand I've messed up and could potentially be facing prison but would just like some advice really 

Ps I'm in the United kingdom 

4 Answers

  • ?
    Lv 7
    2 months ago
    Favourite answer

    Ignore the anonymous troll, you're not facing prison.  And it's repossession, not reposition.

    If you still have the money from the 'sale' of the vehicle, offer a full refund to the buyer and get the van back.  Yes the buyer is mad, because you totally forgot to tell them that the vehicle they paid you for was impossible to transfer into their name.  That's why your lender (with your permission) registered a lien against it, in fact.  That's also why they threatened to repossess it.

    If you can nullify the purchase & sale of the vehicle, and a full refund should do that, you should be fine.  

  • Anonymous
    2 months ago

    You sold a vehicle you did not own. The finance company owns it.

    . You carried on paying the monthly payment(so why the hell does the finance company EVEN CARE.?  They want the money; not the car.  There is no reason that the current owner would get a repossession Letter IF YOU ARE STILL MAKING THE PAYMENTS.  If anything, you can go to the finance company with the money you got paid for the car and PAY FOR IT BECAUSE YOU ARE THE ONE WHO OWES MONEY ON IT.  Their office is open even during the Virus, just wear your mask. and pay it in full.  Actually, AFAIK they are bound by the contract you signed with them to receive payments.  Telephone them and explain that you can pay in full.  That will release the title to the new owner.

    . I am certain you see the LOGIC there and everyone is happy.  You only drove it for a time, so you rented your time so you get a small piece of the pie.  Which is all you invested into the car.  Prison is a long ways off.  Now you understand that YOU messed up. 

  • Anonymous
    2 months ago

    I have NO idea what a "letter of reposition" means.  Do you mean repossession?

    This is serious financial fraud in a matter that is controlled 100% by a contract.  Your contract with the finance company includes language about "disposing" of the vehicle.  Read the contract.  I cannot address the UK.  In the USA this is a felony (a serious charge) fraud charge.

    Yes, you CAN call "them" and explain.  What "they" will do after that is "their" choice.  Your credit is going to go down the sewer.  The person who purchased the van from you also has the ability to sue you for damages.  Only you and that person know the extent of the damages.

    Prison?  I doubt it unless you have a previous record.  Fines/criminal charges?  Yes.  And, as I said, your credit is now seriously damaged.  This is financial fraud.

  • Anonymous
    2 months ago

    You didn't just "mess up", you committed fraud and can definitely go to prison for that. EPIC FAIL. Coming here to ask for advice is also an epic fail. You need legal advice and there's only one way to get that. Go see a solicitor.asap.

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