What a bummer.
Unfortunately as far as the law is concerned they own the vehicle and the person who sold you the car had no right to. At the end of the day all they want is some $$$.
Have you tried to come to an arrangement with savings and loan to pay it off? Ask to talk to a senior manager and explain your situation, then put it in writing. If it is not in writing it means nothing to them. You never know they may be amenable to a lower amount or a monthly payment.
You could also sell the car (acknowledging their encumbrance) and keep the difference. If you are going to do this, inform S+L and let them know it may take a while but they will get their money. Support your case with a copy of an ad to sell the car.
Another option may be to remove everything you put on the car than can be unbolted and give them whatever is left (then buy it back at auction).
Good luck whatever happens.
(for anyone in NSW buying a vehicle privately DO A REVS CHECK!)
B-Man, "I dunno really how they get away with this (ie G'Ment)" :confused:
If banks and finance companies did not have the basic right to secure property for which they were providing the finance there would be no lending for anyone to buy anything. It is not a scam. The scam in this instance is the vendor misrepresenting ownership of the vehicle.
Unfortunately for slippery ignorance is no excuse.