Until we know the legislation under which the PCN was served, the form of the submission to TEC is not decided.
I don’t have that vehicle anymore and one I have now is on finance
What car you have now is irrelevant, the bailiffs are after money to pay the debt, and if you don't pay can seize goods to sell to generate the money. It is common for cars to be seized as they are fairly easy to find. The fact your car is on finance will not stop them.
My question is still the same - when you moved address did you update the V5C for the vehicle ?
Reason for asking is that the only avenue open to you to revert the matter back to the PCN, is to submit an out-of-time declaration. Whether this is a Witness Statement, or a Statutory Declaration depends on the reason for the PCN and the legislation under which it was served. Parking PCNs are mostly, (may be exclusively) served under the Traffic Management Act and require a Witness Statement.
Any Out-of-Time submission must have a statment from you saying why you are submitting out-of-time. The TEC court officer will pass the details to the enforcing council who can object to it and normally do so on the basis that they sent all the statutory enforcement documents to the name and address advised by DVLA, (i.e. the name and address on the V5C). If they do this, it is almost inevitable your declaration will be refused. I'm afraid there is no easy "Get out of jail free" card.