Another car finance query

[p_k_n]

Has anyone had any experience with clearing HP car finance as a buyer or seller? I've left a deposit for a vehicle and ran a HPI check before sending the balance and it shows there is HP finance agreement with Motonovo on the vehicle. When I queried this with the seller, he advised he had sent a bank transfer on Friday to them to pay it off in full.

When I asked for confirmation of the settlement, he said he had been informed by Motonovo that it would take up to 10 days before they send the clearance confirmation letter and that they aren't able to confirm over the phone in advance of this. I'm obviously not proceeding with the purchase until I have proof that the finance is cleared but up to 10 days to receive that confirmation seems a bit archaic. The guy seems genuine and is happy to wait but just trying to work out if this isn't adding up.

Thanks

[MisterBigglesworth]

10 days is about right - archaic is par for the course getting paperwork from finance companies.

I would wait for the settlement letter - until you see proof the car is owned by the finance house regardless of any money you give to the seller.

[simon_harris]

Generally the best way to do it from a private seller is for you to pay the finance company directly and pay any remaining balance to the seller - then you know it is done and can take the care safe in that knowledge.

Simon

[p_k_n]

Thanks for the replies, it definitely would have been preferable for me to clear the finance. I'll just have to wait for a bit longer.

[highpeakrider]

When i sold my bike I provided a print out showing the bank transfer details then confirmed the settlement once the paperwork arrived.