closing tag is in template navbar
Time Factors Watches



TZ-UK Fundraiser
Results 1 to 8 of 8

Thread: Buying secondhand goods with finance on them

  1. #1
    Master Christian's Avatar
    Join Date
    Dec 2008
    Location
    London
    Posts
    7,919

    Buying secondhand goods with finance on them

    Random question but one I haven't seen an answer for, so thought I'd ask!

    I'd say everyone is aware and pretty careful about buying secondhand cars to check there is no outstanding finance. My understanding is that if you bought a car that had outstanding finance, it never actually was fully owned by the seller and the finance company can take the car off the buyer.

    The recent thread 'does your watch cost more than your car" got me thinking. With watches costing as much as some cars and with 0% interest retail finance being so common...what happens if you buy a secondhand watch that someone has just taken out on finance and is using as a quick way to raise cash, or worse took the finance and has no intention to pay back once they have sold on the watch? Is this the same situation as a car?

  2. #2
    Master
    Join Date
    Apr 2015
    Location
    Devon
    Posts
    4,373
    I can't say for certain, but I'm guessing that any finance on a watch would be an unsecured personal loan, so not attached to the watch. Finance can be attached to cars and houses easily but not sure if they would do it against a watch?

  3. #3
    Finance company wouldn't have the watch's serial number, so they could never prove it was 'theirs'. As above, it must be unsecured, so they would chase the original buyer, not the watch

  4. #4
    Master Christian's Avatar
    Join Date
    Dec 2008
    Location
    London
    Posts
    7,919
    Ah, I see. One less thing to worry about when buying secondhand! Thanks.

  5. #5
    Master
    Join Date
    Dec 2015
    Location
    swansea uk
    Posts
    1,827
    Quote Originally Posted by Christian View Post
    Ah, I see. One less thing to worry about when buying secondhand! Thanks.
    Crooks dont need to do that these days, they just hack an account and pretend to be someone else and get away with it apparently

  6. #6
    Master draftsmann's Avatar
    Join Date
    Oct 2015
    Location
    Malta and sometimes bits of Brit
    Posts
    4,572
    Are hire purchase terms still used for certain types of household goods? It’s inherent to that type of contract that title does not pass to the customer until the final payment is made.

  7. #7
    Craftsman
    Join Date
    Jun 2014
    Location
    Yorkshire
    Posts
    598
    It’s the individual that has the loan, the shops just have easy access to money to shift stock so o wouldn’t worry about it.


    Sent from my iPhone using TZ-UK mobile app

  8. #8
    Grand Master MartynJC (UK)'s Avatar
    Join Date
    Dec 2008
    Location
    Surrey, UK. Odiáxere or somewhere in-between
    Posts
    10,043
    Blog Entries
    20
    Same as for phones. With some costing £1K+ I have an interest free loan to pay for mine. But it is a personal agreement not secured against the phone. If I sell the phone I still have to pay off the loan.

    "Time is an illusion, lunchtime doubly so”. HHGTTG


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information