HPI Check & Outstanding Finance

gaz1234

gaz1234

gaz1234

Associate
Joined
29 Dec 2005
Posts
229
Does anyone know or had any bad/past experiences with buying a car that has got outstanding finance owed on the car?? What precautions are needed to buy the car and not get stung?
 
I think you answered your own question in the title.

I have access to unlimited checks and I perform quite a few, on old to new cars. Its safe to say I've never seen one with a credit discrepancy, about 1 in 10 I check has a changed numberplate (legitimately) and thats about it.

I'm gonna go on a limb here and say that the power of these things and the associated risks of not using one are somewhat exaggerated by, yes, the people who try to sell you one at £35.
 
Chronos-X said:
I think you answered your own question in the title.

I have access to unlimited checks and I perform quite a few, on old to new cars. Its safe to say I've never seen one with a credit discrepancy, about 1 in 10 I check has a changed numberplate (legitimately) and thats about it.

I'm gonna go on a limb here and say that the power of these things and the associated risks of not using one are somewhat exaggerated by, yes, the people who try to sell you one at £35.
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OK, well the chap i am possibly going to buy the car from said he has finance outstanding and the HPI check outlined this yesterday. Will calling the current finance company help? Now the HPI check is done will they provide any more information at all? Am i stupid to even consider the buy?
 
The only "safe" way to buy the car is to contact the finance company and get a settlement figure, then you pay that to the finance company and any residue to the seller. This gets messy where the settlement figure is more than the car.

The finance is secured against the vehicle, so if you "buy" it and the seller doesn't pay the finance then they could repossess the vehicle from you. Rare, but it does happen.
 
blueboy2001 said:
The only "safe" way to buy the car is to contact the finance company and get a settlement figure, then you pay that to the finance company and any residue to the seller. This gets messy where the settlement figure is more than the car.

The finance is secured against the vehicle, so if you "buy" it and the seller doesn't pay the finance then they could repossess the vehicle from you. Rare, but it does happen.
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Ok, will call finance company tomorrow and see what happens! He said that he's owned the car since september (as V5 says) and he said he paid 12,000! We had agreed on 10,300.
 
Depending on what deposit was involved, the car may well be in negative equity. Also the finance company may well refuse to discuss anything with you unless authorised by the owner of the car.
 
blueboy2001 said:
Depending on what deposit was involved, the car may well be in negative equity. Also the finance company may well refuse to discuss anything with you unless authorised by the owner of the car.
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Someone else pointed that out! This may well be a waste of my time then!? Even if i get receipt and V5 from him would that be any type of security?
 
Now hes saying that i need to pay the finance company using bankers draft and the finance company will pay him the rest as they will charge him handling fees as not paying by direct debit!?!?!?
 
gaz1234 said:
Now hes saying that i need to pay the finance company using bankers draft and the finance company will pay him the rest as they will charge him handling fees as not paying by direct debit!?!?!?
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My name is Benjamin Mbutu. I will send you the money for 2 cars and you send me change. DO we have the honourable agreement?
 
Hmm, sounds a bit dodgy to me. The finance company will only want their money back - they will calculate a settlement figure that will be valid for a short period, and that is what you pay them to clear the finance agreement. I cannot think of a reason why they would take more than the settlement figure and return it to the customer. Any sort of fees should be accounted for in the settlement figure.

If he can't show you a letter from the finance company dated within the last month with a settlement figure and the time period that the figure is valid for then I'd walk away.
 
atpbx said:
To put it bluntly the guy is trying to rip you off.
Walk away.

Do not ignore this advice.
Or ask anymore questions.
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or collect $200 as you pass GO
 
Are you familiar with nigerian money scams?

Out of interest - and I say this without racism - does the guy look/sound of african descent?
 
Sounds abit odd to me,

Remember there are other cars available out there that are HPI clear etc and will save you a lot of hassel.
 
Chronos-X said:
Are you familiar with nigerian money scams?

Out of interest - and I say this without racism - does the guy look/sound of african descent?
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believe it or not, our finance dept actually factors this in when running a risk on new customers

there are lots of things that set the fraud alarm bells ringing at our place,

web orders with free e-mail addys (eg hotmail/yahoo)
no land line numbers given, only mobile
different delivery address's to the account holders
ordering lots of high value items
ordering lots of the same thing, but in different colours

plus lots of other stuff.

But its been statisically proven by finance, that fraud is more likely if the customer has an african name, especially as we are quite an upmarket mail order clothes company.
 
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