Car hpi, need new car

tomd9408

I purchased a vehicle in Oct 2011 that cost £6000, i part exchanged my previous vehicle which was worth £3500 so the dealer gave me a finance deal of £2500.

I'm paying £68 per month, and i called them recently for a settlement figure, and they wanted £1800

I would like to sell this car and purchase another, reason being as my current car is 2 door, and in need of a 4 door.

When i was thinking of selling privately i remembered that its hire purchase, and it says in the contract i cannot sell the car.

I was just wondering if its still under HPI even though i initially paid more than 50% of the car price in cash (£3600) car was £6000, also i've made 18 payments of £68 also.

What is the best way for me to change this car? I have good/fair credit rating.

Edit;

Ran a HPI check and it comes back as "Outstanding finance"

chanz4

its 50% of the agreement, but it would remain on hp

liamfahy

Why don't you consider part exchange with a dealer like you did with your previous car? However, I would stick with the car you have until you pay off the loan.

rajarr

why not find a third party to sell it to, get the money settle the car then it is yours. Then there is nothing to stop you selling it and transferring it into the third parties name

[Deleted User]

rajarr wrote: »

why not find a third party to sell it to, get the money settle the car then it is yours. Then there is nothing to stop you selling it and transferring it into the third parties name

yes there is the HPI comes back with outstanding finance and you cant sell something you dont own

rajarr

woodbine wrote: »

yes there is the HPI comes back with outstanding finance and you cant sell something you dont own

that's what I'm saying.. say for example he has £2000 to settle of the vehicle, he gets £3000 for it settles the finance off and then and keeps the remaining £1000. He then transfers it into the new persons name and you are sorted. Nothing to stop him doing that as long as the person purchasing it is happy to transfer the money a bit early so he can settle it off before he hands over the keys.

Apples2

rajarr wrote: »

that's what I'm saying.. say for example he has £2000 to settle of the vehicle, he gets £3000 for it settles the finance off and then and keeps the remaining £1000. He then transfers it into the new persons name and you are sorted. Nothing to stop him doing that as long as the person purchasing it is happy to transfer the money a bit early so he can settle it off before he hands over the keys.

It is possible as long as you have the finance companies agreement beforehand. It is their car.

Out of interest would you hand over £2,000 to some bloke selling his car privately and hope the car is ready to collect a few days later having trusted him to clear the finance?

rajarr

Apples2 wrote: »

It is possible as long as you have the finance companies agreement beforehand. It is their car.

Out of interest would you hand over £2,000 to some bloke selling his car privately and hope the car is ready to collect a few days later having trusted him to clear the finance?

Fair point, on reflection I would probably send a cheque myself to the finance company and give the other person the difference then I know it is going to be settled

gb12345

rajarr wrote: »

Fair point, on reflection I would probably send a cheque myself to the finance company and give the other person the difference then I know it is going to be settled

I wouldn't do that either - why would you want to pay off someone's finance and then risk that they would disappear with an HP free car.

The best thing to do would be for the seller to speak to the HP company and explain the situation to them and see what they suggest - they will have come across this situation before and probably have procedures in place to deal with it.

Buzby

The way round this is for the purchaser to pay the finance company in order to obtain good title.

rajarr

I wouldn't send the cheque without having the actual car... as you said get permission from the finance company they will probably give you a invoice of some sort and then you send payment and have car put in your name