Dealership HPI'd my car 2 weeks early

Thomas_Crown

Anihilator wrote: »

So the dealership have paid off your finance already!

No they didn't, the OP paid cash for the car.

vikingaero

pgilc1 wrote: »

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.

Well Mrs V's Corsa was bought on 12 months finance and we had to delay collection for a couple of days until the HPI had cleared on it.

The dealer did go bust about a year later! :eek::D

motorguy

vikingaero wrote: »

Well Mrs V's Corsa was bought on 12 months finance and we had to delay collection for a couple of days until the HPI had cleared on it.

The dealer did go bust about a year later! :eek::D

But that could have been the finance by the previous owner?

A lot of dealers hold off clearing the finance for a week or two, so that they've the car sold on rather than have to stump up for the amount ahead of that.

Thats entirely different than the dealer taking out finance on cars he has in stock (or not in stock in this case)