I have sold my car still on finance to be paid back by the Car Company. Not done yet

[Evian]

Hello,

I had a car still on finance and because I had problems to keep paying it I had decided to sell it.
I went to a buyer, announced in internet, with a long story selling sportive cars and I told him how
much for the car. He had offered one amount (low by the way) but as I was desperate I said yes.
I told him I will come back trying to pay the debt in two months( not paying other important things)
and then he will give me the money.
He saw my problem and he offered me the possibility to pay back the debt for me and pay me the difference.
It sounded great! End of my nightmare.. And nothing so far from that.
I have a kind of contract with his legal address and signature since the 23th of Feb 2013 saying that I was receiving x amount that was TRUE and he will pay by bank transfer the actual debt for x amount.
Today I am still waiting and of course the financing people as well ad it is the 4th payment I didn't do, I have one more to don't attend and they will ask for the car back.
The car is in his garage and the papers with me.
The reason he is giving to don't pay yet is that the account number (international as the car is not from UK)
we have given them was not working from a xe account he tried to use. The account is perfectly correct, we have sent 50 £ from out bank in UK and it is working...
Now is waiting for his money back from the failed transfer(that I've not seen) another 10 days, in between they have passed me another receive of course with the penalty and everyday the interest are higher.

What can I do? I don't have the money he gave me to stop this. And if he takes long in pay back it will be late
Or if he decides to keep my car, what to do? Still having to pay my loan and the legal process can take ages, plus I don't have the money to pay a lawyer of course.

Thanks if someone could help me

[gravytrain]

Re: I have sold my car still on finance to be paid back by the Car Company. Not done

I don't know if it help you, but the legal situation is that there is only one "contract" and that is the one between the dealer and yourself.

If the car was on HP or a conditional sale it was not yours to sell, you cannot transfer the liability(car) under a contract.

You may well be guilty of a criminal act, and if the other party knew the car was under finance he may likewise be liable.

I should have a word with your friend and get the car back pronto. If you can't afford it, send it back and pay the balance of the agreement.
You and your friend will have to sort out your financial arrangement after the car is returned.

[CleverClogs]

Re: I have sold my car still on finance to be paid back by the Car Company. Not done

1. Get the car back - NOW.
2. How much of the HP or finance deal have you paid?

[Inca]

Re: I have sold my car still on finance to be paid back by the Car Company. Not done

I agree with previous posters,,you need to get the car back,you CANNOT sell a car that's on finance/HP..it's not yours to sell,,and I think it's a criminal offence too.

[enquirer]

Re: I have sold my car still on finance to be paid back by the Car Company. Not done

What do you mean by 'finance'? Hire Purchase? Or a loan taken out in order to make a purchase?

With HP, the car remains the property of the company. Disposing of it is theft. Knowingly purchasing or handling it is Receiving. With a loan, the car is yours to do with as you will.