Can I ask, did you trade your old car in with a car dealer?

A trick that "some" dealers do to retain cash flow is they accept your car as a trade in but do not clear the finance until a perspective buyer purchases the car. For a dealer to sell the vehicle they need full title of the car, but many do this as a way of keeping their money until the last minute.

If this is the case speak to your old finance company and explain that the vehicle has been sold. I am not positive on this bit but i was sure it was your responsibility to clear any finance owed. A lot of dealers offer to do this on your behalf building in the finance repayment with the sale.

A dealer will always do a HPI check on any car received so they will know if there was finance owed.

Hi...you need to establish when the old account was settled and if not why? The responsibility is with the new company whom you have taken the extra amount. You also need to contact the old company to confirm whether they have been contacted to settle the account. The new lender effectively has your money and should reimburse you for lost interest payable to the old company.

Hi there,

Have purchased a car within the last month. As far as i was concerned my new finance company were going to settle the amout owed by my old finance company for the outstanding on my old car.

This evening i have just checked my credit file and found my old finance company have given me a late mark. Clearly i'm not feeling too impressed by this. Question is, who do i speak to about this? The old finance company for giving me the late mark or the new finance company for not settling in time?

Any advice gratefully received.