Stocking loan on car?

dilby00

Hi all -

I've put a deposit down on a car in a showroom (its from second half of 2015) and just thought I'd do a HPI check before I went to get it as they do the final service as part of the car prepping.

It's come back that there is outstanding finance on the vehicle, so I called the place to tell them to cancel the order, and explained why. They didn't seem phased and said that that finance is a 'stocking loan', and is on most of their vehicles. They added that when I pick up the car it'll be sorted and I'll receive a signed certified showing that the HPI is clear, but the stocking loan is common across the industry to allow bit firms to keep lots of cars on the showroom floor.

Is that correct, or am I being mislead?

Thanks!

wgl2014

Often done by dealers, not an issue for you.

facade

It is correct.
You wasted your money really, if you buy a car from a dealer with outstanding HP, it is not your problem, and you keep the car.

The dealer HPIs all their stock before they buy it, costs them pennies, could save them 1000s.

dilby00

Thanks both - at least I know now. Thankfully only cost £9.

motorguy

facade wrote: »

It is correct.
You wasted your money really, if you buy a car from a dealer with outstanding HP, it is not your problem, and you keep the car.

The dealer HPIs all their stock before they buy it, costs them pennies, could save them 1000s.

I'd still strongly recommend paying for your own quality HPI check.

• You could be dealing with an unscrupulous dealer (i know its hard to believe but apparently they do exist) who knows theres finance on it and will have shut up shop and disappeared
• The car could be a write off
• The car could be stolen
• There could be a mileage discrepency
• It could be an import
• It could be recorded as scrapped

For the pain any one of those might cause you AFTER you've bought the car, i'd be spending the tenner rather than the worry of trying to sort it all out when a problem surfaces.

worried_jim

£9 seems cheap for a proper hpi check.

facade

motorguy wrote: »

I'd still strongly recommend paying for your own quality HPI check.

I guess you are right. I took "dealer" to be a main franchise for the marque (commonly referred to as "stealers") , rather than a "trader".;)

dilby00

thanks all. The Which and WhatCar recommend online site was £9; they had 3 options, whereas the 9 was most popular and the mose expensive 14, and included things I already knew or didn't need to know.

I've since spoken to the firm and they've explained in even more depth and it all makes sense, so I'm happy to continue. I think the process could be made a bit clearer though!