Secured Loan - Car Voluntary Termination

molerat

You are free to sell the vehicle but that marker is enough to put many buyers off.

Although the information is inaccurate as there is no finance agreement on the vehicle (which the small print does clarify), it is you that has a personal finance agreement, I believe they have been quite clever as they are not holding personal information so maybe not covered by the ICO's remit ? Are HPI actually regulated by anybody ? Might be worth giving the ICO a ring https://www.ico.org.uk/Global/contact_us

BeenThroughItAll

Black Horse did this to me on a motorcycle about seven years ago. When I part-ex'd it the dealer identified outstanding finance.


I rang BH and advised them that they had no legal right to put an HPI marker on as the finance was a personal loan not HP; they removed the marker immediately and it was gone the next day.


Have you actually tried communicating with the finance company in question? It's worth talking to them before you start worrying about it.

brooky148

Just an update:

I sent them an email on the 18th and got no response so just rang them today and explained that I wanted to sell the car and pay off the balance. In asked if this was allowed as the type of agreement I have isnt secured on the car, they said yes it wasn't a problem. I mentioned the fact that I did an HPI check on the car and it came back showing outstanding finance and that I would struggle to sell the car in this state. They actually said to me that they can remove the marker straight away as my account has good history, no missed payments etc which I was chuffed about. I thought i'd be set out for a long argument to get them to do this but they actually did it on their own back. They even have adjusted my payments so its not too much of a burden until the car sells!

So all in all, I'm all set. Just need to sell the car now and pay off the balance owed.

Thank you very much for all your help and Merry Christmas to you all!