Help....strange issue with car finance on HPI

DrEskimo

marcusjames wrote: »

I wasn't trying to reject the car. A service was due and I decided to do this before selling the car. It was at this service when the faults were identified. The supplying dealer said the car was clearly mis-sold to me and offered to buy it back. I didn't ask them to do this.


I have spoken to FCA and the finance company fraud departments. FCA are not interested as I do not have a direct relationship with a regulated financial institution. The finance company said they will do some investigation but they do not feel a fraud has been committed.


What they did tell me was that the finance has been taken over 36+3 months and so clearly not a stocking finance arrangement.


Words fail me. I wouldn't believe this would be possible but it is.

I imagine the key to this lies in the 'invoice' the dealer supplied to get the finance. Have you asked to see a copy?

Nilrem

ciderboy2009 wrote: »

Personally I would be reporting this to Action Fraud and lodging a formal complaint in writing (ie: pen and paper) with the finance company informing them of the report reference.

I would imagine that the finance company would have a fraud department - that's who you need to try to get in contact with.

Yup

If he's got finance on the vehicle by supplying a faked invoice it's Fraud, pure and simple.

Action fraud should be interested, the police unfortunately are unlikely to be interested unless the finance company makes a complaint.

The finance company should be very interested (if they're doing their jobs right), but will likely need a complaint in writing stating explicitly that the vehicle has not been sold, copy in the ombudsman with a note about how the finance company are not clearing it.

DUTR

marcusjames wrote: »

I wasn't trying to reject the car. A service was due and I decided to do this before selling the car. It was at this service when the faults were identified. The supplying dealer said the car was clearly mis-sold to me and offered to buy it back. I didn't ask them to do this.


I have spoken to FCA and the finance company fraud departments. FCA are not interested as I do not have a direct relationship with a regulated financial institution. The finance company said they will do some investigation but they do not feel a fraud has been committed.


What they did tell me was that the finance has been taken over 36+3 months and so clearly not a stocking finance arrangement.


Words fail me. I wouldn't believe this would be possible but it is.

Well it all seems weird, so what are you going to do?
The buyer agreed to buy the car before seeing it, so in a sense he's obliged to buy it as is.

NBLondon

marcusjames wrote: »

The supplying dealer said the car was clearly mis-sold to me and offered to buy it back.

Did you accept that offer? Presumably not as you at that point decided you'd rather sell it privately... or did you think you'd try selling privately to see if you'd get more with the dealer offer as a fallback? Either way - that offer has gone as the car is not in the same condition i.e. the HPI check. If you can clear the issue and the dealer offer to buy back still holds - that's great (get it in writing if you can).

Otherwise - you have to keep pushing the finance company and ombudsman - they are the ones who will have to remove the HPI flag. You have title to the car (got the receipt from the Renault dealer); the dodgy buyer has defrauded the finance company by securing a loan against an item he didn't own. So if the finance company don't investigate or respond - you might have a case for taking them to court because they (through negligence) have damaged your free use of your property. Could you quantify any losses caused by not being able to sell the car ?

Or perhaps you could embarrass the finance co by writing to a consumer column in the national press?

DoaM

NBLondon wrote: »

Did you accept that offer? Presumably not as you at that point decided you'd rather sell it privately... or did you think you'd try selling privately to see if you'd get more with the dealer offer as a fallback?

Might be worth re-reading the OP's posts. OP was selling privately but then the car developed a fault. On inspection the original dealer (whom OP purchased from) then offered to buy it back.

On the face of it, it is not as you're describing. Of course we only have the OP's side of the story.

marcusjames

The fraud team from the finance company called me this morning. They have removed the hpi flag and will chase the dealer for their money to be refunded.


The lady I spoke to confirmed that this is possible, but she's never seem it happen before.


A car trader can take finance out on a car for stocking. If the deal then falls through, it lies with them to cancel the finance and clear the hpi flag. If they don't, it requires the seller to go to court.


That did not happen in my case. It was fraud as he falsified an invoice.


Sellers beware!

NBLondon

Glad you got that sorted.... Will the supplying dealer still honour the buyback deal so you can get rid of the car?