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NSW Car Loan Finance - Repossess Car?

Discussion in 'Other/General Law Forum' started by JarredW, 15 May 2015.

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  1. JarredW

    JarredW Active Member

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    Hi,
    I recently was advertising my car for sale as it is still encumbered under finance (car loan), so I was selling to clear finance. A friend approached me and asked if they could take over payments as they desperately needed a vehicle. We came to a private verbal agreement where they were to pay x amount of dollars to cover each finance repayment. As of late they have not been paying, and it am now stuck paying the finance on a vehicle that is not in my possession. What is my legal position as to repossessing the vehicle? The vehicle is still encumbered.

    Many thanks
     
  2. Tim W

    Tim W Lawyer

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  3. JarredW

    JarredW Active Member

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    Still have not got vehicle back. Finance company cannot do anything as i am still keeping up with the payments,so not to destroy my credit file, and all they have done is just note where the car is situtated. Have been trying to contact who I sold it to with no prevail. Now I am stuck paying of the finance for a vehicle i do not have. Would really love to know where I stand legally.
    Thanks
     
  4. Tim W

    Tim W Lawyer

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    Nothing has changed.
    You are responsible for the debt.

    Have you considered asking the lender if they would convert the car loan to an unsecured personal loan?
     

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