Unit Stocking loan on car purchase...

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

Nearlyold

Yes it's perfectly normal, in any event if you buy from a dealer you automatically have good title to the car as the dealer takes responsibility by default for any title issues.

forumgeek23

Nearlyold wrote: »

Yes it's perfectly normal, in any event if you buy from a dealer you automatically have good title to the car as the dealer takes responsibility by default for any title issues.

Sorry I shouldn't have said dealer. It's a car garage in Sheffield, been around 25 years but this is all new to me so I'm probably coming across as paranoid - you hear so many awful stories these days though!

Thanks for replying.

Pay_me

Sounds similar to what I experienced.

I purchased a used car from a local motor dealer. The HPI check came back with a record for Black Horse Finance Ltd and a Reference No. I phoned Black Horse Finance to check and was advised that it was stock something or other finance that had been given to the dealer during their purchase of the car and it would not affect me in anyway.

I purchased the car and not had any issues. I did a bit of reading on the internet and it appears that it is a normal way for dealers to acquire new vehicles to sell.