Dealership HPI'd my car 2 weeks early

superclan

I was wondering if anybody could help with this matter. I am in the process of replacing my wife's car. I arranged with the dealership that I would PX my car against the new one. When they told me what they would give me for mine I was quite shocked at how little they would offer. I therefore told them that I was sure that I could sell mine for more money privately. I therefore put my car for sale and was quickly offered over £700 more than PX price which I was quite happy with. My buyer phoned me last week to arrange collection on the weekend but stated that there was outstanding HPI on it. I told him that I had paid cash for the car to which he replied that the HPI was dated from 19/01/2010. He told me that the dealership had probably done this. (they were not getting the car for another 2 weeks if I did not sell) When I spoke to the dealership they told me that they had done it by accident and would get it removed immediately. I contacted my buyer and told him this. Three days later he phoned me that the car was still showing HPI on it, I went to the dealership in person and they told me that it takes a couple of days to get cleared, but assured me it would be done.
Due to this I have now lost that buyer as they got fed up so I am now selling the car to another buyer that has still offered over £500 more than PX value. I want to know if I am entitled in an official capacity to request the dealership to make up the shortfall that I will lose due to them. I have asked them for some kind of goodwill gesture but seen to poo-poo it. However if they have broken a trading law I will have more clout.

motorguy

I dont understand what you're saying here?

HPI is a company that checks a cars financial history http://www.hpi.co.uk/ so how is there 'HPI' on it?

Or are you saying that the dealership put through a finance deal on the car BEFORE they even got it in as a trade in? And if so, how? Who would have taken out finance on a car they havent seen or was even with the dealership?

Hintza

+1 ...........................

superclan

Yes, the dealership have taken out finance on my car. Apparently it is done when they take a car in by PX. It is until such time that they sell my car on. It would be like a bridging loan. They pay the finance with the money from the sale of my car. When I spoke to the finance company they as much as told me the car then belongs to them if anything was to happen to it.

By all accounts it is not an unusual scenario.

motorguy

superclan wrote: »

Yes, the dealership have taken out finance on my car. Apparently it is done when they take a car in by PX. It is until such time that they sell my car on. It would be like a bridging loan. They pay the finance with the money from the sale of my car. When I spoke to the finance company they as much as told me the car then belongs to them if anything was to happen to it.

By all accounts it is not an unusual scenario.

Its IS an unusual scenario.

I know a lot of dealers will have a finance facility with a company / bank for the used and new stock, but financing an individual car doesnt sound at all right to me.

I would go so far as to say they've financed it 'early' to get the money ASAP.

Alarm bells to me are ringing about that dealership :eek:

Hintza

Qunatifiable loss perhaps?

harveybobbles

superclan wrote: »

Yes, the dealership have taken out finance on my car. Apparently it is done when they take a car in by PX. It is until such time that they sell my car on. It would be like a bridging loan. They pay the finance with the money from the sale of my car. When I spoke to the finance company they as much as told me the car then belongs to them if anything was to happen to it.

By all accounts it is not an unusual scenario.

One question:
























!!!!!!...?!

Anihilator

So the dealership have paid off your finance already!

vikingaero

Dealership stock finance isn't that uncommon. Even some big dealerships do it to help with cashflow.

motorguy

vikingaero wrote: »

Dealership stock finance isn't that uncommon. Even some big dealerships do it to help with cashflow.

Do they do it on individual cars though? I understood it to be say, the agreed value of stock was £500K therefore they could finance £300K against it or something like that.

I never have heard of it being done down to individual car level.

It would worry me that they had put a car on finance they didnt actually own at that time - that is not a simple 'mistake' - it smacks of cash flow issues to me.

plane_boy2000

I'm sure there's something slightly illegal about taking out finance on a car you dont have ownership of.......

Whay not ask the garage to make up your loss in the form of extras / more discount