Conditional Sale Finance Reported on HPI check

elephata

Hello,
I paid for a ford focus including a part exchange at the trust ford Edgware dealership. The dealer had informed me that all their cars are free of finance and HPI checked when I first spoke to him. As this is a Ford main dealer I did not feel the need to run a HPI check myself before paying for the car. I decided to run one yesterday out of curiosity and I have found that the HPI is showing outstanding finance and that there is a conditional sale finance reported on the vehicle. I am due to pick up the vehicle today, I've emailed the dealership and they tell me that it has been settled however it takes time to "update" the system on Experian. Do I have the right to ask for a full refund on everything I have paid as they have mislead me and seemingly sold me a car that has outstanding finance and wasn't theirs to sell.

neilmcl

It will be theirs to sell, it's illegal for them to do otherwise. There really isn't anything to worry about.

AdrianC

elephata said:

Hello,
I paid for a ford focus including a part exchange at the trust ford Edgware dealership. The dealer had informed me that all their cars are free of finance and HPI checked when I first spoke to him. As this is a Ford main dealer I did not feel the need to run a HPI check myself before paying for the car. I decided to run one yesterday out of curiosity and I have found that the HPI is showing outstanding finance and that there is a conditional sale finance reported on the vehicle. I am due to pick up the vehicle today, I've emailed the dealership and they tell me that it has been settled however it takes time to "update" the system on Experian. Do I have the right to ask for a full refund on everything I have paid as they have mislead me and seemingly sold me a car that has outstanding finance and wasn't theirs to sell.

"Conditional sale finance" is known as "stocking finance". It's how they afford to have a million quid's worth of cars sat on the forecourt waiting for buyers. Every garage has it.

They send a list through to the financier of what's in stock periodically.

If you've got buyer's remorse, and you're looking for a way to back out of the deal, this is not it.

Penguin_

As above, they fund the cars on their forecourt via company such as Lombard. When you pay for your car they will mark it as sold on the system & it will then get taken from their account & settled.

elephata

Thank you for your replies. I don't have buyers remourse at all, I was very much looking forward to sorting this out and getting my car today. I'm simply concerned about the outstanding finance shown on the HPI. I think it's a genuine concern. When I contacted the finance company today they informed me that they still have a financial interest in the car. They have told me to ring the finance company again on Tuesday as apparently they will have settled the finance by then. I don't understand why this is the norm, surely they should settle the outstanding finance before the payment is taken from the customer.

neilmcl

elephata said:

Thank you for your replies. I don't have buyers remourse at all, I was very much looking forward to sorting this out and getting my car today. I'm simply concerned about the outstanding finance shown on the HPI. I think it's a genuine concern. When I contacted the finance company today they informed me that they still have a financial interest in the car. They have told me to ring the finance company again on Tuesday as apparently they will have settled the finance by then. I don't understand why this is the norm, surely they should settle the outstanding finance before the payment is taken from the customer.

The finance will be settled prior to you collecting the car. Again, I'll repeat, there is nothing to be concerned about, it is illegal for the dealer to hand over the car without good title.

Arunmor

springboot said:

Don't trust your dealer and always do car history/condition check by yourself. https://carcheckup.co.uk is the best option in the UK to do so. They also provide extensive free check including mileage issues apart from premium one. I suggest to to buy premium check to see all details like  engine number, VIN number, stolen or police marker record, write-off check, damage history, outstanding finance, high-risk record, ex-owners history, V5C (Logbook) history, colour change history ..etf

I have just reported this guy for spamming the board.  Check his history.

sheslookinhot

An almost 4 year old post, quoting a post that didn’t appear on this thread ????

facade

sheslookinhot said:

An almost 4 year old post, quoting a post that didn’t appear on this thread ????

The post popped up yesterday, and has now been removed, it stays in Arunmor's quote though.

Pity that when you quote it doesn't add the timestamp.