Buying something from second-hand that has a loan on it

I want to buy something second-hand from someone, but the person took a loan out to buy it.

What happens if I buy it and the person still has the loan outstanding - will the finance company come after me?

Posted By: Larry Hagman on April 17th 2011 at 13:43:20

Message Thread

Buying something from second-hand that has a loan on it (NCFC) - Larry Hagman, Apr 17, 13:43:20
- GOBB is right, the finance company own whatever it is until final payment.... (NCFC) - HairyBobbingManAss, Apr 17, 13:50:37
  - That's frightning (NCFC) - Larry Hagman, Apr 17, 13:59:18
    - My Dad told me (NCFC) - KentonCanary, Apr 17, 15:42:57
    - If it is just a personal unsecured cash loan there is no way goods could be seized (NCFC) - Yellalee, Apr 17, 14:18:12
      - The seller told me... (NCFC) - Larry Hagman, Apr 17, 14:50:18
        
        Don't do it (n/m) (NCFC) - maddog, Apr 17, 15:29:53
        
        Ah. Buyer very much beware... (n/m) (NCFC) - Yellalee, Apr 17, 14:55:00
        
        OK, I think I will give it a miss then (n/m) (NCFC) - Larry Hagman, Apr 17, 15:36:18
    - that's obviously much more difficult to track (NCFC) - HairyBobbingManAss, Apr 17, 14:11:54
      - Everything has a serial number (n/m) (NCFC) - BerlinCanary, Apr 17, 14:13:00
        
        I've just sold 8 garden benches. No serial number on those fuckers. (NCFC) - tudders, Apr 17, 15:59:01
      - actually, I'm full of shit (NCFC) - HairyBobbingManAss, Apr 17, 14:12:48
- Depends on the terms of the loan, but most finance companies won't let them sell... (NCFC) - Arganth, Apr 17, 13:50:08
- possibly (NCFC) - ghostof barry butler, Apr 17, 13:47:50
  - Further (NCFC) - ghostof barry butler, Apr 17, 13:50:53

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