A question of finance.
Discussion
Hi, hoping someone out there can answer my question. Tried to sell a car on behalf of a friend and it turns out after an HPI check there are TWO outstanding claims on this car, one we believe is the current finance which was sold to her as a personal loan but the other is outstandng from June 04! I know what you're thinking, did she HPI it when she bought it, NO , quite simply as it came from quite a large garage that sell all makes of car. My question is this, should she not have been advised of this finance at the time of purchase in August06?
In the first instance i think it appears they didn't HPI it which i find very odd, they are, as i said, not a small garage and have been selling for over 30 years! As regards the finance, she was sold a loan, turns out the loan was secured on the car which in itself isn't too much of a problem, that can be settled, however after she contacted them and asked if there would be a problem selling the car they replied "you can do with it as you see fit, it's your car!" which suggests to me a personal loan. All a bit confusing, the stumbling block is the initial outstanding finance from 04, should i visit the garage and get an explanation as to why she was sold a car with outstanding debt or take advice from a legal source? Thanks.
herewego said:
If I bought a car from a garage, I'd expect them to be responsible for any outstanding finance.
Certainly in most cases.. As she is unaware of the outstanding finance then we can assume that they didn't chat to her about the finance on the car and adjust the price accordingly, so I would say they will be required to settle the finance...I had a similar experience when purchasing a BMW from a garage near Cardiff. The garage ensured me the car was HPI clear and would forward a copy of the report as it was currently at their other branch. I mistakenly took them at their word (silly I know) and drove the car away. A week later a friend of a friend who worked in the motor trade ran a check for me and it came up as a Cat C write-off with outstanding finance.
As to the Cat C, there was nothing I could do as the garage fobbed me off for a month and then suddenly closed down without trace. I had the car thoroughly inspected at a BMW dealership who gave it a clean bill of health so I kept the car for 5 years and sold it when it's value wasn't overly affected by the Cat C status.
On checking with the finance company it came to light that the finance had actually been settled but they had not notified Experian, so all was well in this respect. This might be the case for you too.
As to the Cat C, there was nothing I could do as the garage fobbed me off for a month and then suddenly closed down without trace. I had the car thoroughly inspected at a BMW dealership who gave it a clean bill of health so I kept the car for 5 years and sold it when it's value wasn't overly affected by the Cat C status.
On checking with the finance company it came to light that the finance had actually been settled but they had not notified Experian, so all was well in this respect. This might be the case for you too.
Jasandjules said:
herewego said:
If I bought a car from a garage, I'd expect them to be responsible for any outstanding finance.
Certainly in most cases.. As she is unaware of the outstanding finance then we can assume that they didn't chat to her about the finance on the car and adjust the price accordingly, so I would say they will be required to settle the finance...It could just be that the hpi is showing an old finance tag which is settled, the only way to see if its valid is to check with the finance company. If however she were to go to a dealer they would be able to find what agreements are attached to that car (assuming she may be interested in trading it in!!).
On checking with the finance company it came to light that the finance had actually been settled but they had not notified Experian, so all was well in this respect. This might be the case for you too.
The above had crossed my mind, we have the number for the finance house concerned and will contact them on Monday to check whether their claim on the vehicle is still valid. Will advise on the outcome, thanks.
The above had crossed my mind, we have the number for the finance house concerned and will contact them on Monday to check whether their claim on the vehicle is still valid. Will advise on the outcome, thanks.
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