Quick Car Question

[This Old Spouse]

Okay, it was confusing to read where the letter came from. So if the registered owners made a claim to their insurance company, Black Horse is full of fish poo.

 

[Livewire88]

The V5 was signed and I got the notice saying it had changed hands. My name is not on that car.
 
The letter is from black horse, The people am paying the money for my loan too.
 
Also, I've not received anything from my insurance company about any claim at all.

 
When you say the letter is from black horse, did you take finance out on the car? or was it a personal loan that you took out to purchase the car?

 

[techen]

It states in this letter:
 
"Your insurers have told us that you have made a claim with them. Until your insurers settle your claim, you should continue to make your monthly payments. We will tell your insurers that we own the vehicle."
 
Yea, Finance. It makes sense now. They do own the car if it's under finance I take it?

 

[Livewire88]

Because if you did take out finance on the car and the agreement has not been paid off Black Horse are the owners of the car, if you have sold it without their knowledge and the car has been involved in an accident and subsequently written off the insurance company are obligated to contact the finance company to find out how much finance is outstanding against the car.
 
The thing is it is not against the law to sell a car with finance against it. But any buyer should always get a HPI check done on any car they are looking to purchase for piece of mind. 

 

[frapadoodle]

Something sounds dodgy. Have you checked on identity theft?

 

[techen]

Because if you did take out finance on the car and the agreement has not been paid off Black Horse are the owners of the car, if you have sold it without their knowledge and the car has been involved in an accident and subsequently written off the insurance company are obligated to contact the finance company to find out how much finance is outstanding against the car.
 
The thing is it is not against the law to sell a car with finance against it. But any buyer should always get a HPI check done on any car they are looking to purchase for piece of mind. 

 
So overall, Am partly to blame for this? As far as I see, If they get in touch with the insurance, The money is going to pay off the total left from there insurance money?

 

[Livewire88]

It states in this letter:
 
"Your insurers have told us that you have made a claim with them. Until your insurers settle your claim, you should continue to make your monthly payments. We will tell your insurers that we own the vehicle."
 
Yea, Finance. It makes sense now. They do own the car if it's under finance I take it?

 
Right so it looks like the car has been in an accident and written off, the insurance company will have to settle the outstanding finance, and then what ever they pay to the finance company will be deducted from the value that they are looking to pay the new owner of the car. 
 
So the person who purchased the car from you will likely be in contact with you asking you to either settle the finance or pay him/her back what the have had deducted from their insurance settlement. I just hope you didn't sell the car to a violent person. 

 

[techen]

It states in this letter:
 
"Your insurers have told us that you have made a claim with them. Until your insurers settle your claim, you should continue to make your monthly payments. We will tell your insurers that we own the vehicle."
 
Yea, Finance. It makes sense now. They do own the car if it's under finance I take it?

 
Right so it looks like the car has been in an accident and written off, the insurance company will have to settle the outstanding finance, and then what ever they pay to the finance company will be deducted from the value that they are looking to pay the new owner of the car. 
 
So the person who purchased the car from you will likely be in contact with you asking you to either settle the finance or pay him/her back what the have had deducted from their insurance settlement. I just hope you didn't sell the car to a violent person. 

 
 
Haha, Honestly I doubt I'll ever see them again. It would have past hands a few times I bet. So the chances of them even finding me is unlikely. So they'll more than likely have to pay for it themselves.

 

[Livewire88]

Because if you did take out finance on the car and the agreement has not been paid off Black Horse are the owners of the car, if you have sold it without their knowledge and the car has been involved in an accident and subsequently written off the insurance company are obligated to contact the finance company to find out how much finance is outstanding against the car.
 
The thing is it is not against the law to sell a car with finance against it. But any buyer should always get a HPI check done on any car they are looking to purchase for piece of mind. 

 
So overall, Am partly to blame for this? As far as I see, If they get in touch with the insurance, The money is going to pay off the total left from there insurance money?

 
 
Yeah you are im afraid  because you should have made the new owner aware that the car had outstanding finance, but then they should have paid for a HPI check. Like I said you have not broken the law but it is the decent thing to do if you are selling a car with finance secured against it. 
 
I would suggest that you settle the outstanding finance ASAP, then your finance company can let the insurance company know that they have no interest in the car anymore and the new owner will get his/her full payout. 
 
If you choose not to pay the finance the new owner could pursue you through the small claims court.

 

[techen]

 

Because if you did take out finance on the car and the agreement has not been paid off Black Horse are the owners of the car, if you have sold it without their knowledge and the car has been involved in an accident and subsequently written off the insurance company are obligated to contact the finance company to find out how much finance is outstanding against the car.
 
The thing is it is not against the law to sell a car with finance against it. But any buyer should always get a HPI check done on any car they are looking to purchase for piece of mind. 

 
So overall, Am partly to blame for this? As far as I see, If they get in touch with the insurance, The money is going to pay off the total left from there insurance money?

 
 
Yeah you are im afraid  because you should have made the new owner aware that the car had outstanding finance, but then they should have paid for a HPI check. Like I said you have not broken the law but it is the decent thing to do if you are selling a car with finance secured against it. 
 
I would suggest that you settle the outstanding finance ASAP, then your finance company can let the insurance company know that they have no interest in the car anymore and the new owner will get his/her full payout. 
 
If you choose not to pay the finance the new owner could pursue you through the small claims court.

 
Thanks for your help then Livewire, I'll get in touch with black horse. Can I tell them I no longer own the car and could I suggest paying the rest of myself rather than letting there insurance company handle it?

 

[Livewire88]

You are welcome 

 
Yeah your best bet is to just tell them you sold the car and settle the outstanding amount if you can afford it, you could choose not to but it will likely come back in bite you in the butt if you don't. 
 
After all it is the right thing to do 

 

[techen]

You are welcome 

 
Yeah your best bet is to just tell them you sold the car and settle the outstanding amount if you can afford it, you could choose not to but it will likely come back in bite you in the butt if you don't. 
 
After all it is the right thing to do 

 
 
Okay cheers, I'll speak to them. Hopefully they dont smack me for not telling them

 

[MBOU]

Suddenly.. I am reconsidering getting a car on finance

 

[techen]

Suddenly.. I am reconsidering getting a car on finance

 
Believe me, Never.... again....

 

[Welshweeks]

I don't see why people ever take a care out on finance as you never own the car until it's fully paid for, the loan company does. As mentioned if there an accident and the car written off the finance company get what's owed on the car first and then you get what's left. At least with a personal loan you get 100% of the insurance money payout and you own the car from day one.