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Hi everyone
Thanks for your help in advance, not sure where to post my question as it is quite complicated. I bought a car last year from what I thought was a private sale. Everything checked out ok with the paperwork and the car so I went ahead and bought it. I am now purchasing a newer car from a main dealer and was going to trade my car in. It was showing as having outstanding finance out on it taken 6 months after I purchased the car. After doing some research and making phone calls I have now found out this 'private seller' was in fact acting through a limited company. The car in question was traded into a main dealer by the person I thought I was buying the car from, passed to auction to be sold and was bought by this 'private seller' who turned out to be the director limited car company. He took out unit stocking finance on my car and many others and then sold the cars privately and kept all the money, never paying the unit financing company and has disappeared from everyone's radar and his company has went insolvent. I am now left with a car that it turns out I don't own but is worth very little in terms of a finance companies worth and they are saying they have no plans to repossess the car just now but also can't provide me with a clearance letter to say that they have no further interest in the car. I am at a loss as to what to do and any help or advice would be much appreciated.
Thanks for your help in advance, not sure where to post my question as it is quite complicated. I bought a car last year from what I thought was a private sale. Everything checked out ok with the paperwork and the car so I went ahead and bought it. I am now purchasing a newer car from a main dealer and was going to trade my car in. It was showing as having outstanding finance out on it taken 6 months after I purchased the car. After doing some research and making phone calls I have now found out this 'private seller' was in fact acting through a limited company. The car in question was traded into a main dealer by the person I thought I was buying the car from, passed to auction to be sold and was bought by this 'private seller' who turned out to be the director limited car company. He took out unit stocking finance on my car and many others and then sold the cars privately and kept all the money, never paying the unit financing company and has disappeared from everyone's radar and his company has went insolvent. I am now left with a car that it turns out I don't own but is worth very little in terms of a finance companies worth and they are saying they have no plans to repossess the car just now but also can't provide me with a clearance letter to say that they have no further interest in the car. I am at a loss as to what to do and any help or advice would be much appreciated.
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