Here is the story… James faced financial problem and could not continue the repayment of the installments of his car. In order to avoid his car from being repossessed and be auctioned off cheaply by the finance company, James, then sold his car to John cheaply with a condition that John has to continue the repayment of the remaining installments to the finance company. John was very pleased to have the car because it was a good new car, yet, been sold cheaply by James to him. Relevant transfer forms were pre-signed by both James and John and the transfer could not be effected pending repayments of all installments due to the finance company. Three months later on, John defaulted and did not continue paying on behalf of James the remaining installments to the finance company. The finance company then issued a demand letter to James to pay the installments due to the company. This then was also followed by a notice to repossess the car by the finance company to James. John could not be traced and the car was also gone with him. James was very desperate as James also could not pay. Further, James also thought that […] read more