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Outstanding Finance From Previous Owner Caused Your Car To Be Repossessed
With more and more people unable to keep up with the costs of running a car, they are forced to sell it on and use other modes of transport or sell it to buy a cheaper car to run. Along with soaring fuel prices, annual increases on car insurance and even road tax increments, it's easy to see how so many people have to abandon their beloved cars.
Outstanding finance on a car may result in repossession
Car crimes that are related to finance and repossessed cars are usually people who have a car that has been bought using money from a loan. When this happens the registered keeper (who may also be the driver of the vehicle) is not the legal owner of the car. The finance company i.e. loan company legally own the car until the full loan amount has been paid off. This is the same as repossessed cars that may have been taken by the finance company; they then try to sell the car on to recuperate some of the losses they would suffer from the customer who could not pay back the loan.
Car crime relating to finance and repossessed cars are extremely hard to get away with, unless you know a little about the car buying process or what to look out for when buying a second hand vehicle, otherwise you could easily become a victim.
When you buy a second hand vehicle you should never take the sellers word for truth, they will say anything to make a sale and unless you have grounds for it, any problems found after the sale of a vehicle from a private seller, you will be liable for any costs.
The biggest problem are people who buy second hand vehicle without having it checked out first, the log book doesn't always provide you with sufficient information such as if it has been repossessed, if there has been any serious damage or if it has been reported stolen, the current market value and so on. You wouldn't buy a house without running a few checks on it first so why not do the same for a car? By getting a vehicle data check you will be told everything about its history, number of former keepers, engine size and colour. You will then be able to match it against what the description the seller has given.
Vehicle data checks can also help prevent you become a victim of car crime as many people try to sell cars that do not belong to them i.e. when they have a loan on it and it legally belongs to the finance company. When you become the registered keeper they will automatically assume you have also taken responsibility for the outstanding finance. There have been car owners who have been conned this way and have had to go through lengthy and expensive court appearances to show that they are innocent victims that were duped into buying a car.
To prevent yourself from becoming a car crime victim in finance and repossessed car crime, get clued up before making that purchase, read up on vehicle data checks as it could save you from making a big mistake.