HELP I sold my car on HP

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This topic contains 2 replies, has 2 voices, and was last updated by  angga 3 months ago.

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  • #119403 Reply


    Hi there basically I purchased a car on finance HP this march for around 8350 I made 4 payments on the car and in August my settlement figure was 9k which is unfair as I made oayments and to close my full balance is 16k this is from funding Corp the frauds!. Basically I lost my job due to health issues and I was 1 payment behind, they hassled me so much for their payment to the point I couldn’t even sleep calling me off different numbers sending me letters all the time I suffer from depression and this made it worse, and I also am behind on other debts, now I’ve sold the car when I know I wasn’t allowed to, to a friend who has a dealership he fully trusted me and didn’t need to do a HPI check. I sold it way cheaper than my settlement figure and thought I could raise the rest of the money through a family member to clear off the finance. I can’t even get the car back from him to give back to the finance company because he has sold it to a customer. They put me under so much pressure to pay that I took this drastic measure I’ve sold the car now it is at no point of return what do I do? can anybody please help? They have set a repo date for me but I don’t even own the car anymore?



  • #119715 Reply
    Stuart Masson
    Stuart Masson

    Hi James. Basically, you will have to come up with the settlement figure to pay the finance company.

    Your friend the car dealer will also be in trouble, as a dealer should absolutely do an HPI check when buying in a car, and is absolutely not allowed to sell a car that still has finance outstanding.

    Unfortunately, you appear to have dug yourself into a hole with a very uncooperative finance company. You may feel like they’re hassling you, but you have also admitted that you almost immediately fell into arrears on your account and have sold the car despite knowing that you were not allowed to. Therefore, they very much have the moral high ground and the law on their side.

    I would suggest calling a debt help service like the Money Advice Service and get some professional assistance to sort your situation out.

  • #119983 Reply


    Yes im agree with stuart manson that is absolutely not allowed to sell a car that still has finance outstanding.

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