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HPI check / buying a car thats got finance outstanding
Hi,
Looking to buy a car which has BMW Finance outstanding on it (private seller).
The seller said he is paying the settlement figure off the car tomorrow so it will now be cleared of finance.
Question is how long does it take for this to filter through so its not showing on a HPI check?
Do HPI checks list who the finance outstanding against the car is with?
He has said he will add me to his BMW Finance account and give me a password so i can phone them and ask them myself thats its all paid off which is great but could it be possible there could be more than one finance package secured against a car with multiple different companies?
Thanks for any help or advice.
Looking to buy a car which has BMW Finance outstanding on it (private seller).
The seller said he is paying the settlement figure off the car tomorrow so it will now be cleared of finance.
Question is how long does it take for this to filter through so its not showing on a HPI check?
Do HPI checks list who the finance outstanding against the car is with?
He has said he will add me to his BMW Finance account and give me a password so i can phone them and ask them myself thats its all paid off which is great but could it be possible there could be more than one finance package secured against a car with multiple different companies?

Thanks for any help or advice.
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Comments
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Hmmmmmm why would he want to add you to it? Is this a sly way of passing the debt onto you...?! I'd ask him to pay it off and get BMW Financial Services to fax a letter to you to confirm they have no further interest in the ve-hickle...0
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No by add me i mean give me access rights to his BMW account so i can ask BMW myself as to whether the monies owed has been paid off.....they wouldnt allow me access to his account otherwise under data protection.0
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I'd still prefer to see it in black and white as saying "well he gave me access to his account" wont stand up well in courts lol.0
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No; but at least the OP can ask them to post proof etc and get the wheels in motion to complete the deal. The other thing the OP can do is ring BMW finance in his own right to check how they handle these things. Forearmed is forewarned.0
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Spose i can phone HPI themselves and ask the following;
Do HPI checks list who the finance outstanding against the car is with?
And if there is more than one company does it give you a list of who.0 -
I brought a car that had outstanding finance off a mate. he phoned the finance company told them he was selling it to me and I paid the finance off over the phone with a debit card. at least that way you know its paid off.0
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HPI and experian checks detail the finance companies and agreement number that are still interested in the car.
Edt: I'm assuming they do the same check for customers as they do for the trade.0 -
Thanks.
Martin - BMW Finance wont accept payment via card, only cheque or CHAPS transfer.0 -
hi i recently put a deposit on a bmw from a trader who old me it was hpi clear, i did my own hpi check via the rac and the hpi check came up with outsranding finance on the vehicle.
he hpi report gave the full name and telephone number of finance company and the agreement number. i rang the finance company who advised me payment of the outstanding finance in full had been made by creidt card but would take 10 days to clear and they would not issued me with a letter of no interest until this period had passed.
i informed the trader that i would pay for and collect car once finance payment had cleared, after 10 days i was faxed letter of no interest and collected vehicle, i rechecked hpi check after 5 days and it had been updated to say no outstanding finance on vehicle.
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
Cheers for that.
I'll do a HPI before any money changes hands, as he is doing a CHAPS transfer it should clear within a few days.0
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