Urgent advice required - HP/Car Finance

waterboi

i have sold my car to a car dealer as part exchange. i gave the dealer the registration number of the vehicle a week before we completed the sale. we did have a previous loan with welcome finance, but when we completed a hpi check, it said the car had no outstanding finance. i paid for another independent hpi check the day before we signed, and it still had no outstanding charges. i still have a copy of this.

a week after we handed our car to the dealer, and took our new one away, they had sold the car, but finance had been refused as it claimed there was outstanding finance with welcome.

where do i stand?

somethingcorporate

What has the dealer said?

Have you taken the car with finance away?

waterboi

somethingcorporate wrote: »

What has the dealer said?

Have you taken the car with finance away?

The dealer has asked me to get it removed, and I've called the HPI checking company i used, who've said it still doesn't show any outstanding finance on it.

ive been driving the new car for nearly 2 weeks now

waterboi

i called the credit company who have financed the new car, to see if i could increase the loan to pay for the part ex from the dealer, and they've told me its the dealers responsibility now, as they should've carried out their own HPI check before acceptng the car.

however, i feel this is morally wrong

chanz4

waterboi wrote: »

i called the credit company who have financed the new car, to see if i could increase the loan to pay for the part ex from the dealer, and they've told me its the dealers responsibility now, as they should've carried out their own HPI check before acceptng the car.

however, i feel this is morally wrong

morally wrong, but you were the one that knew you still owed cash on it

DevCoder

Just to clarify, because it's not very clear from your OP.

At the point you did the HPI check and then another independent check (which is the hint I think), did you owe money on finance with the original car?

meer53

Why would you have to do an HPI check to find out whether you still owe money on finance ? Didn't you know ? It's your responsibility to tell the dealer the truth.

thegirlintheattic

Did you know that you owed money on the car?

Garage_Flower

Does the previous finance company know that you've sold their car?

SeanG79

Some banks log their interest with HPI, others with Experian and some with both. So the car may come back HPI clear but still have a security watch with Experian. Many banks however check both Experian and HPI before issuing finance on a vehicle.

That you did the 2nd independent HPI check I am assuming you were aware that there was still finance outstanding on the vehicle?

How much is still owed? You may be able to approach the lender you still owe and they will give you permission to sell the vehicle, and make an arrangement to pay any shortfall over instalments, this will depend largely on your payment history and how much is outstanding. Also they will not appreciate the fact you have tried to deceive them by selling the vehicle without settling the finance.