HPI shows finance in place : what next?
Discussion
So following my other car being written off, I put a (very) cheeky bid on a car on ebay and I won it. Ran a HPI check on it having won, and its showing as outstanding finance. Bummer. The car itself isn't worth much (<£3k), but more than I can afford to just throw away.
The thing is, the check company (carstatuscheck.co.uk) don't show *who* is still holding a claim on the car.
What do I do next? I've emailed both the seller (who is a trader : he told me it was bought from a finance company and is going to re-certify its cleared tomorrow) and the check people, but is there any other central repository of car finance I can check to find the names of any companies who might have claims?
Thanks in advance
The thing is, the check company (carstatuscheck.co.uk) don't show *who* is still holding a claim on the car.
What do I do next? I've emailed both the seller (who is a trader : he told me it was bought from a finance company and is going to re-certify its cleared tomorrow) and the check people, but is there any other central repository of car finance I can check to find the names of any companies who might have claims?
Thanks in advance
5lab said:
a trader : he told me it was bought from a finance company and is going to re-certify its cleared tomorrow)
Thanks in advance
I'd be okay with this but would re-run my own check again (even if it costs me another £), but I wouldn't accept the trader phoning me up and saying "yes mate, all done", or "I've phoned them and it'll be off next week. Now can I just have the long number of your card......"Thanks in advance
devnull said:
E30M3SE said:
did you even read the thread?OP said:
carstatuscheck.co.uk
The above is not a HPi check.Many dealers have their cars on stocking plans, buy a car from BMW, Audi, Mercedes or whoever and they will all have finance on them, how do you think they afford all that stock.
Did he say it was a stocking plan or it was from the previous owner?
Having finance on a car is nothing to worry about, just need to make sure you know who it is with and that is cleared.
Log book loans are the worry these days as they are not listed on the credit register. So you buy a car and a month later someone comes and takes it, and they can as it is theirs.
Did he say it was a stocking plan or it was from the previous owner?
Having finance on a car is nothing to worry about, just need to make sure you know who it is with and that is cleared.
Log book loans are the worry these days as they are not listed on the credit register. So you buy a car and a month later someone comes and takes it, and they can as it is theirs.
Either request HPi to do an investigation or obtian the finance providers details, give them a call and state you have no desire for them to disclose any personal details or figures, but can they confirm if they have an interest in the vehicle. If they don't and it's just a case of the database not being updated, they can generally do it there and then.
But if it's a trader, this really isn't your problem.
But if it's a trader, this really isn't your problem.
I wouldn't worry about it too much as long as you've done all your checks and balances but as ever with these things if you still have your spidey senses tingling despite the reassurances, walk away. I've sold a car privately with 18k finance outstanding on it before, as long as everyone's honest and upfront, no biggie. Of course that means you relying on one significant variable - the seller!
thanks for all your help
The check I did was a tenner, and claims to show finance, but they don't tell you (I only found this out by email) its an extra £15 to find out who its owed.
Anyway, the seller (who is a trader in the loosest sense - ie sells a few cars a week, probably not a legit business) bought the car off a logbook firm, which I confirmed by finding the ebay advert he bought it from (at an even better price than I'm getting - lucky guy). I phoned the firm up and they claimed they did have claim on the car, but no longer do. Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on. The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
Off to pick it up tonight. I would admit what it is, but its a significant step towards boring from what I'm used to and I don't fancy the ridicule
the V5 is all present except for the yellow 'sold to a trader' bit - I'm assuming that any other logbook loan company would require the whole thing, thus I'm good for loans outside the register thing?
The check I did was a tenner, and claims to show finance, but they don't tell you (I only found this out by email) its an extra £15 to find out who its owed.
Anyway, the seller (who is a trader in the loosest sense - ie sells a few cars a week, probably not a legit business) bought the car off a logbook firm, which I confirmed by finding the ebay advert he bought it from (at an even better price than I'm getting - lucky guy). I phoned the firm up and they claimed they did have claim on the car, but no longer do. Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on. The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
Off to pick it up tonight. I would admit what it is, but its a significant step towards boring from what I'm used to and I don't fancy the ridicule
the V5 is all present except for the yellow 'sold to a trader' bit - I'm assuming that any other logbook loan company would require the whole thing, thus I'm good for loans outside the register thing?
Edited by 5lab on Tuesday 3rd December 11:17
Edited by 5lab on Tuesday 3rd December 11:17
JimmyConwayNW said:
But most people would not buy car without seeing the logbook so should not have logbook loan on it..... Or would they 
Call the dvla, tell them you have lost your log book, get a new one sent out, sell the car and take a loan out the day before.It is becoming a real problem and something needs to be done, even some of the loan companies like Lombard are getting caught out.
There are now one or two hpi companies that will cover you, like and insurance policy.
5lab said:
logbook firm............
I phoned the firm up and they claimed they did have claim on the car, but no longer do.
Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on.
The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
You need to be very careful here, if the guy is still paying that is fine, they have no interest, but if he stops paying they will come after the car. I phoned the firm up and they claimed they did have claim on the car, but no longer do.
Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on.
The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
Maybe you have got crossed wires, but make sure you get something in writing from the selling dealer that he will settle any finance outstanding and from the logbook loan company that as of todays date they no longer hold and interest in the vehicle.
The fact they have registered their interest suggests they are legit as they don't have to, but just get something in writing.
Been a few horror stories about these logbook loan companies and it has always ended up with the new owner loosing out.
gizlaroc said:
5lab said:
logbook firm............
I phoned the firm up and they claimed they did have claim on the car, but no longer do.
Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on.
The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
You need to be very careful here, if the guy is still paying that is fine, they have no interest, but if he stops paying they will come after the car. I phoned the firm up and they claimed they did have claim on the car, but no longer do.
Due to a glitch on their system (the car was faulty when they sold it, so didn't clear all the debt), the guy is still paying, so they'd accidentally left the marker on.
The markers now been taken off, and they also confirmed that they wouldn't have put interest on the car if anyone else had a claim, so we're all good and clean.
Maybe you have got crossed wires, but make sure you get something in writing from the selling dealer that he will settle any finance outstanding and from the logbook loan company that as of todays date they no longer hold and interest in the vehicle.
The fact they have registered their interest suggests they are legit as they don't have to, but just get something in writing.
Been a few horror stories about these logbook loan companies and it has always ended up with the new owner loosing out.
The guy stopped paying. The logbook company recovered the car, and flogged it on (to the trader). As it was damaged at the time (duff gearbox) the sale value didn't clear the value of the debt, so the guys still paying whatever is left. However, the logbook company now has no interest in the car, as they've already recovered it and sold it once. They told me over the phone that they have no interest in the car, but due to the fact the customers loan (no longer secured) was still in progress they accidentally left the marker on. They cleared the marker whilst I was on the line.
Butterface - YGM
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