Could you help explain this used car's finance record ?

vietnamica

Could you help explain this used car's finance record? I am interested in this used car and have paid for a report online.

The report said: Our records shows that there is still outstanding finance owning on this car. We recommend that you use below information provided to contact the finance company to clarify this matter before you purchase this car.
The seller is a local dealer.

In the record, the Agreement type said Unit stocking.
Agreement term: 4
It lists the agreement number, contact and the name of the finance company.

What does it mean? Is there any worry?

Thank you

neilmcl

It will be finance held by the dealer. Nothing unusual with this, most used car dealers will use finance to stock their forecourts, it should all be cleared when you purchase the vehicle, as a dealer would be breaking the law by selling a vehicle without good title and finance cleared.

facade

It means the dealer is using finance to pay for the cars he has in stock. Perfectly normal, few dealers can afford to have hundreds of thousands of pounds tied up in stock, they simply don't have the cash.

The dealer will clear the finance when the car is sold.