Owing finance on a car

Question

my mate sold his car privately 3 months ago and he still owes 4 grand on it. i've been telling him to pay it off as its a serious offence but he shrugs it off saying its not a big deal,and iff he gets a come back he'll just pay it off. am i right in saying he could get himself in big trouble?

Answer 1

Oh yes!  He doesn't own the car if he hasn't paid it off.

So he could get done for fraud & theft, plus the new owner could receive a visit from the police with a view to a charge of handling stolen goods.

Answer 2

yes because it is braking the law to sell any thing on hp also  if he does not pay it then the hp co can take the car back and the man who bought it will land up with nothing then he will take your mate to court

Answer 3

He will get sent to collections and if he still doesn't pay up his credit will get so bad that he will not be able to get financing down the road. No new car, no house, nothing. Things will get difficult down the road to say the least. You did the right thing though, you can't help someone if they won't help themselves.

Answer 4

What a balloon!! He has sold something which wasn't legally his in the first place. I pity the poor person who bought the car from him. They will most likely lose it when the finance company decide to re-possess it when your mate fails to pay the outstanding balance. I would reckon that he is in real trouble. Hope the buyer doesn't know some tough nuts who will be round to sort him out!! Worse still, what if it were somebody who had used all of thier hard earned savings and will never see them or the car again? Your mate needs to get a conscience.

Answer 5

If he does not pay it off, it will do serious damage to his credit history and this will affect his chances of getting other loans/mortgage in the future. You can only advise - it's his choice.

Answer 6

h**l yes, he doesn't own the car to sell it!  The finance company own it until its paid off.  If any checks are done on the car, he will be in big big trouble.  Worse than this is the poor sod who bought the car - the finance company can just repossess it if they find out....