HPI Check - Unit stocking, outstanding finance - help

forumgeek23

Hi all,

I'm off to buy a car tmrw and already put down deposit. After doing HPI check it said there is outstanding finance on the car - it said 'unit stocking' finance. I called Nextgear Capital and they told me it's a normal thing and they loan money to dealers on a short term basis and it's paid off after I purchase the car. They also told me if it's never paid off that they go after the dealer and not the car.

Has any one please got any experience with this? I just want to make sure the above sounds normal as I know nothing about car finance and dealerships....

The company I am buying the car from are Abbeywood Motors in Sheffield.

Thanks in advance for any help you can give me.

Nick

AdrianC

Perfectly normal and safe.

Few dealers can afford to have their own real hard cash tied up in all that stock.

Nodding_Donkey

If you are buying from a bona fide dealer why are you wasting money on HPI checks>

forumgeek23

Adrian - thank you.

Nodding - probably shouldn't have used the word dealer sorry. It's a car garage and they own just the one site. Apparently been around 25 years but as you can tell I'm a nervous type lol. You hear so many bad stories these days that I'm just trying to be thorough.....

Thanks again.

s_b

Nodding_Donkey wrote: »

If you are buying from a bona fide dealer why are you wasting money on HPI checks>

because belts are better than braces, even an old donkey should know that:D

rhino_horn

You can ask the dealer to provide proof that they have paid off the stocking loan. We do that for our customers as we give all of our customers an HPI certificate. It can take a few days for the HPI system to update so we always screenshot the evidence that we have paid off the stocking loan to give our customers peace of mind.