buying a used car but HPI check shows finance owing.

currantbun

Hi all, just after a bit of advice please.
My oh and I are buying a used fiat punto from an independant dealer. we have paid £100 deposit and are due to pick the car up tomorrow.
I have just HPI'd the vehicle and it is showing as having outstanding finance. Unfortunately the finance company is now closed so I cant speak to them until the morning. Where do we go from here?

frothey

they will often show stocking plans on HPI's - effectively the dealers fund the cars on their forecourt through a finance company, though this is more normal for a dealer than an independant. Finance companies also can take a long time to take the marker off - BMW and MINI are a nightmare for this. Just phone the finance company on the HPI and ask if they still have any interest in the car.

colino

Go to the dealer tomorrow and have him sort it out with the finance company or get your deposit back.

nmonline

Hi, most likely nothing to worry about. You need written confirmation from the finance company that they have " no further interest " in the vehicle. It's not uncommon for hpi to still show settled agreements, especially if ti has only recently been paid off. Make absolutely certain that you get it in WRITING, though, as it is also not unheard of for finance companies to make mistakes.

frothey

colino wrote: »

Go to the dealer tomorrow and have him sort it out with the finance company or get your deposit back.

The dealer would have to sort the finance out as it's illegal for him to sell it with finance outstanding.

currantbun

Thanks for your advice

I have spoken to the finance co and they still have an interest in the car as the finance has not been paid or the account closed. I have left a message for the dealer to call me back.

King_Nothing

The car I bought in March showed as finance on the HPI when I bought it, but all has been fine, I think the dealer I got it off, must finance the cars, then pay them off like explained in the first reply.

currantbun

having spoken to the dealer (who knew nothing about the outstanding finance) we have put the purchase on hold. He is trying to get hold of the previos owner (who may be missing a limb by tonight) and if he sorts out the finance and provides documentation showing the debt is clear and accout clear we will go ahead with it next week.

The finance company said they would not chase us for the debt / try to repossess the car if we bought it, but that it would be an issue if we had an accident resulting in an insurance claim.

Inactive

currantbun wrote: »

having spoken to the dealer (who knew nothing about the outstanding finance) we have put the purchase on hold. He is trying to get hold of the previos owner (who may be missing a limb by tonight) and if he sorts out the finance and provides documentation showing the debt is clear and accout clear we will go ahead with it next week.

The finance company said they would not chase us for the debt / try to repossess the car if we bought it, but that it would be an issue if we had an accident resulting in an insurance claim.

Not much of a dealer that does not HPI the cars that he buys.

Anyway, it's a good job that you are on the ball.;)

dx052

frothey wrote: »

they will often show stocking plans on HPI's - effectively the dealers fund the cars on their forecourt through a finance company, though this is more normal for a dealer than an independant. Finance companies also can take a long time to take the marker off - BMW and MINI are a nightmare for this. Just phone the finance company on the HPI and ask if they still have any interest in the car.

Spot On

"Hi, most likely nothing to worry about. You need written confirmation from the finance company that they have " no further interest " in the vehicle. It's not uncommon for hpi to still show settled agreements, especially if ti has only recently been paid off. Make absolutely certain that you get it in WRITING, though, as it is also not unheard of for finance companies to make mistakes."

Correct

"Not much of a dealer that does not HPI the cars that he buys.

Anyway, it's a good job that you are on the ball."

Exactly

Just as well you only paid a £100 deposit. These things happen quiet a lot. It is down to the dealer to make sure there is no interest in the car. Between the previous owner and dealer they will decide who will settle the finance (not your problem). Once its paid it will show as clear of finance on HPI, if the payment is made by cheque you will have to wait for clearance, could take up to 14 days or there about. If your really keen on the car I would just work with the process all be it inconvenient.