can someone let me know if i'm reading this correctly.
Is point 2 stating that if I purchase a vehicle from a private seller, and he/she does not inform me that the vehicle is subject to a hire purchase agreement, then the title of the vehicle still goes to me? As I purchased this vehicle in good faith, and wasn't informed.
Some of the terminology trips me up: disposition: the act of the sale? debtor: the finance company?
Protection of purchasers of motor vehicles.
- This section applies where a motor vehicle has been bailed or (in Scotland) hired under a hire-purchase agreement, or has been agreed to be sold under a conditional sale agreement, and, before the property in the vehicle has become vested in the debtor, he disposes of the vehicle to another person.
- Where the disposition referred to in subsection (1) above is to a private purchaser, and he is a purchaser of the motor vehicle in good faith without notice of the hire-purchase or conditional sale agreement (the “relevant agreement”) that disposition shall have effect as if the creditor’s title to the vehicle has been vested in the debtor immediately before that disposition.