PH detectives required: Outstanding finance.

[Gorilla Boy]

I am due to look at a car tomorrow and i have done a full HPI check on it using mycarcheck and its come back with:

This registration is recorded as having outstanding finance ring xxxxxxx for further investigation

Since it is out of office hours i cannot ring the company to follow this up with further investigation.

Anyone got any tricks up their sleeves? PM me for info

[blearyeyedboy]

I had a similar alert for my first car. I spoke to the finance company who told me they knew all about it. My dealer was selling the car in order to pay off the loan that the previous owner owed. I got a written statement from the dealer to the effect that if finance still showed as owing when I sold the car, they'd refund what I paid for it.

Wasn't a problem when I came to sell.

EDIT: I only agreed to hand over my money when someone from the finance company confirmed that they had no further interest in the car once it was sold by the dealer. Without that- letter or no letter from the dealer- I would walk.

Edited by blearyeyedboy on Sunday 29th January 10:11

[glenrobbo]

You MUST contact the finance co. to find out the outstanding amount before committing to purchase the vehicle. Some operate out of normal working hours, so it my be possible over the weekend. Once armed with this figure you can suggest to the vendor that you settle for the agreed price LESS the outstanding finance figure, and post off a cheque to the finance co. for the remainder. (it may help on the trust front if the vendor is witness to the posting of the cheque)
If the outstanding balance is more than the asking price - it does happen - then just walk away. There are plenty more cars out there.
Top marks for running the HPI check, this is exactly why everyone should. Probably 1 in 5 cars have some kind of impediment, so NEVER EVER buy without HPI.
Hope this helps.

[IrrElephant]

Which finance company is it? PM me.