I purchased a brand new British registered vehicle tax free in Germany. The vehicle was funded through a German finance company on what I thought was an unsecured loan (the contract was in German). I have since sold the vehicle and continue to pay the loan from the UK.
A UK company who manages the German bank's UK debt has told me the loan was secured on the vehicle so in effect I have sold a vehicle to a UK dealer whilst it still had outstanding German finance on it. What are the consequences of my actions and what would happen if I stop paying the German loan when they would wish to recover the vehicle which i have no clue where it is... I sold it 12 months ago. To be clear, the UK company managing the debt does not own it - they are acting on the German bank's behalf.
I understand the error of not seeking a translated contract however the excitement of a brand new vehicle perhaps steered my enthusiasm to complete the deal!
A UK company who manages the German bank's UK debt has told me the loan was secured on the vehicle so in effect I have sold a vehicle to a UK dealer whilst it still had outstanding German finance on it. What are the consequences of my actions and what would happen if I stop paying the German loan when they would wish to recover the vehicle which i have no clue where it is... I sold it 12 months ago. To be clear, the UK company managing the debt does not own it - they are acting on the German bank's behalf.
I understand the error of not seeking a translated contract however the excitement of a brand new vehicle perhaps steered my enthusiasm to complete the deal!