PistonBlown
Active member
Recent article in local paper about what can happen...
http://www.stuff.co.nz/the-press/news/8533085/Tourists-stranded-after-van-repossessed
''If the vehicle was used as security over a loan, and payments weren't made, then the people who have security maintain it until the payment is given, even if the car has changed hands,''
This is obviously in NZ but I suspect finance companies and the laws around loans are the same the world over.
http://www.stuff.co.nz/the-press/news/8533085/Tourists-stranded-after-van-repossessed
''If the vehicle was used as security over a loan, and payments weren't made, then the people who have security maintain it until the payment is given, even if the car has changed hands,''
This is obviously in NZ but I suspect finance companies and the laws around loans are the same the world over.