What happens if a car has outstanding finance

If a finance institution comes after you to repay the loan down the line, you can use the receipt to help prove you were an innocent buyer. Finally, if you know that the car is financed but the seller has assured you that he or she will pay off the remaining finance before transferring ownership, then be sure to complete the sale at the financial institution where the loan is held so that all parties witness the payment of the loan and the transfer of ownership.

You can organise this ahead of time by asking the seller to contact the finance company and advise them of his or her plans to sell the car. Remember, sorting out any outstanding finance as soon as possible is key to avoiding the heartbreak of finding yourself out of pocket in the unfortunate event of a claim. But did you know that the make and model of your c Looking for new car insurance? Use the following 10 questions to help narrow your search for new policies and providers:.

Our thoughts are with everyone who has been affected by the recent storms. Friday, 21 October Both of these cars show that large SUVs don't have to be expensive to run. What Car? What happens if I buy a car with outstanding finance? View all new car reviews. Car deals. View all deals. How can I find out if a car has outstanding finance? What if I find out the car has outstanding finance before I buy it?

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The most reliable family cars - and the least. ADR is a way of solving disagreements without going to court. You can contact the trade association directly to ask how the ADR process will work. Keep a record of the date you asked the trader about the scheme - you might need it if you take further action.

If you can't resolve the situation through an ADR scheme you'll probably have to take the seller to court to get a refund. Taking court action can be stressful and time-consuming, so make sure you take professional advice before you do this. You can get help from your local Citizens Advice.

Contact the Citizens Advice consumer helpline if you need more help - a trained adviser can give you advice over the phone.

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