NSW Private Car Sale Agreement - Can I Repossess?

[JarredW]

Hi,
I was recently 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 the 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 I am now stuck paying the finance on a vehicle that is not in my possession of. What is my legal position as to repossessing the vehicle under Contract Law? The vehicle is still encumbered.

Many thanks.

 

[Tim W]

Did the credit provider agree to any of this?

 

[JarredW]

Did the credit provider agree to any of this?

No Tim, they are unaware of the situation

 

[Tim W]

No Tim, they are unaware of the situation

Well, I suggest the first thing you do is speak to them.

 

[JarredW]

Well, I suggest the first thing you do is speak to them.

Thanks Tim,

I have contacted finance company, and they have advised me to collect vehicle back. If i am confronted with any dispute, do I have the right to in clove authorities to collect. The car is registered under there name as so I wouldn't obtain any speeding tickets or parking fines, but still secured under finance company