Outstanding car finance

KittyCat1

I put a small deposit down on a car today through a local dealer.When i collect it next week i shall be paying for it in full in cash from savings.

Nothing wrong with the car at all,exactly what i am looking for,perfect.Has full service history,RAC HPI Report,low mileage etc.The only 'problem' with it is that he told me there is outstanding finance on it,but its settled.The history of the car is that it had 1 previous lady owner from new who was disabled and had the car through finance.He told me the finance is now settled but takes 7-14 days to show up as settled.The car was originally from Carcraft,but the dealer buys them off carcraft and sells them on.

Now the dealer seemed genuine enough.He was 71,extremely welcoming,and i really have no reason not to trust him.He said that when i pick the car up next week he will have all the paperwork off carcraft and the finance company saying the finance is settled.

I just wondered whether there was any other documents in particular i should be asking for to make sure the finance is settled before handing over my cash.

Thanks in advance.

karenx

You should wait till its cleared on the HPi before parting with your cash. As for all you know he could just be saying this, and you could get stung for any outstanding finance on it!
Wait the 14 days from when he said the finance was paid and get a HPi check done yourself and you will be able to tell if it has been cleared or not.

KittyCat1

Thanks for your reply.

Is there any other documents i should get from him apart from the settlement letters from car finance and carcraft or is this enough along with checking on the HPI?

Alias_Omega

For peace of mind, HPI check it once it has come back as cleared. An extra £25, but worth it in your head.

Though, he maybe worried that you could be looking for other cars during the time.

Anihilator

Tbh sounds a bit dodgy

Carcraft buy !!!! cars and sell them overpriced on dodgy finance. Cant see much profit in buying cars off them and selling them on.

Secondly Id expect that an HPI would be clear in the time it took to be sold to carcraft, sold on again etc

I'd be concerned some prime loanee bottomfeeder is selling a car they have on finance.

emmell

Carcraft sell to the trade under the name of CC trade sales. Why they would trade on a car before finance is settled puzzles me, they wouldn't be able to send it to auction with finance owing so why would a trader buy with outstanding finance.
Did you have the RAC report and Hpi check done, if not I wouldn't take any notice of it,
I'd get my own done.
I can't understand why Car craft would sell a low mileage car in lovely condition, they would surely retail it because the cars I've seen that have come from CC trade sales have been utter !!!!. And just because the dealer is 71 doesn't mean he's honest.
ML.

KittyCat1

Thanks for the replies.

Emmell - He said the finance was settled with carcraft and the finance company,just that its not showing up yet on the HPI because it takes 7-14 days.I havn't had the RAC and HPI check done yet as i thought it was a bit too soon and was going to wait until the end of this week to give the settled finance on the car time to show on the report before i pay in full next week.

emmell

KittyCat1 wrote: »

Thanks for the replies.

Emmell - He said the finance was settled with carcraft and the finance company,just that its not showing up yet on the HPI because it takes 7-14 days.I havn't had the RAC and HPI check done yet as i thought it was a bit too soon and was going to wait until the end of this week to give the settled finance on the car time to show on the report before i pay in full next week.

Sorry KittyCat1, I thought the RAC and Hpi check had been done, I must have mis-read your post. What car is it by the way?
ML.

Anihilator

KittyCat1 wrote: »

Thanks for the replies.

Emmell - He said the finance was settled with carcraft and the finance company,just that its not showing up yet on the HPI because it takes 7-14 days.I havn't had the RAC and HPI check done yet as i thought it was a bit too soon and was going to wait until the end of this week to give the settled finance on the car time to show on the report before i pay in full next week.

So the finance is with carcraft!

I'd walk away. Sounds to me someone has been done over by carcraft and their renowned overprice bangers and is spinning a line to punt it on.

Im going to hazard a guess he isnt a proper trader, his version isnt correct and a mechanical check shows something inconsistent or concerning.

CHR15

I reckon he didn't buy it from carcraft, but from a carcraft punter who has sold it to him with finance to carcraft outstanding.

The slightest hint of doubt..... walk away.

Isn't it weird the way all dodgycar dealers get so many cars from little old ladies who only went to the shops and back?

Exemplar

Lots of people offering their opinions on here. Let me tell you the facts. If he says that it will clear all you need to ask the dealer/seller to do is ask for a 'letter of no interest'. This can be faxed immediately nowadays as most of the finance houses will simply generate it from a PC and it will fax there and then. I have done this many times. A letter of no interest means that the car is literally of no interest to the finance house and this, in turn, means that there is no finance outstanding. If this cannot be done then have a think.