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HPI Check - outstanding finance.
Hi everyone,
Firstly, I realise that when somebody says 'a friend...' meaning themselves, but this time it really is a friend!
Anyway, she's just bought a 2002 '52 reg small car from a private seller for £1500 cash. She decided to HPI check it after buying it and found that there's outstanding finance on it dating from 2005.
She contacted the seller, and luckily he was quite genuine - he said he'd owned the car for two years (verifiable on the V5) and had no idea that there was any finance outstanding on it. He offered her her money back, so no problem there.
The car itself is very good - never been in an accident, low mileage, excellent condition and a limited edition model so she's quite keen to keep hold of it.
The question is, are the finance company likely to chase it after this time, bearing in mind that the previous owner had it for two years and heard nothing? Will the low value of the car mean it's not worth the company chasing it? Is there any statute of limitations on this sort of thing?
Basically, how big a risk does she have of the finance company reposessing the car? If quite small she'll keep it, if it's a big risk she'll get her money back.
Thanks in advance for any help on this.
Firstly, I realise that when somebody says 'a friend...' meaning themselves, but this time it really is a friend!
Anyway, she's just bought a 2002 '52 reg small car from a private seller for £1500 cash. She decided to HPI check it after buying it and found that there's outstanding finance on it dating from 2005.
She contacted the seller, and luckily he was quite genuine - he said he'd owned the car for two years (verifiable on the V5) and had no idea that there was any finance outstanding on it. He offered her her money back, so no problem there.
The car itself is very good - never been in an accident, low mileage, excellent condition and a limited edition model so she's quite keen to keep hold of it.
The question is, are the finance company likely to chase it after this time, bearing in mind that the previous owner had it for two years and heard nothing? Will the low value of the car mean it's not worth the company chasing it? Is there any statute of limitations on this sort of thing?
Basically, how big a risk does she have of the finance company reposessing the car? If quite small she'll keep it, if it's a big risk she'll get her money back.
Thanks in advance for any help on this.
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Comments
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He offered her her money back, so no problem there.
Bite his hand off and HPI the next car before buying.0 -
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if finance is owed on the vehicle, technically its owned by the finance company isnt it! if the person who took out the finance defaukts on it gets repossesed it will have to go back. maybe wrong but someone other than a troll may confirm.0
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People have said if you bought it in good faith and no knowledge of any finance on the car they cannot take it
back. Which i find a bit strange.
If you HPI'd the car and it came back clear and it wasn't then i agree with that but if you failed to HPI it then
i would have thought they could claim it back as you made no effort to find out if it was a legit sale.Censorship Reigns Supreme in Troll City...0
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