We purchased a car from a colleague, who had had the vehicle for over 18 months. We received a signed receipt and a check showed no finance owing. We taxed, MOT and insured the vehicle for a further 18 months and then sold the vehicle on the Gumtree sales website.
The new owner also made a check which showed no finance owing but has since been visited by debt collectors who are trying to repossess the car.
Apparently the original owner purchased the vehicle for £20,000, our colleague purchased it for £10,000 and used it as a builders vehicle, we purchased it for £3,500 due to its state.
What are the new owner's rights and our rights too as we feel awful for the new owner and are trying to do right by him, but cannot take a loss of this size.
The vehicle has now been sold on 3 times, legitimately by my colleague to the best of our knowledge and definitely legitimately by ourselves. We have all the necessary documents and have informed the correct authorities at each sale.
Please can somebody advise of our rights in this matter.
The new owner also made a check which showed no finance owing but has since been visited by debt collectors who are trying to repossess the car.
Apparently the original owner purchased the vehicle for £20,000, our colleague purchased it for £10,000 and used it as a builders vehicle, we purchased it for £3,500 due to its state.
What are the new owner's rights and our rights too as we feel awful for the new owner and are trying to do right by him, but cannot take a loss of this size.
The vehicle has now been sold on 3 times, legitimately by my colleague to the best of our knowledge and definitely legitimately by ourselves. We have all the necessary documents and have informed the correct authorities at each sale.
Please can somebody advise of our rights in this matter.