PX'ing against a used car with finance showing

[tallpaullewis]

Hi guys, I'm in a situation which I have never been in before and I'm hoping for some advice for those that has been here.

My car is for sale. Someone has offered me a px against a more expensive car, with me paying them the shortfall in cash. I normally bumble around in the sub-£1k snotter category with no real worries, but my current car was an extravagant purchase a couple of years ago and is worth about £7k, the new one is advertised for £11k, this is more than I can afford to lose so I want to make sure I do it properly!!

I did a 'HPI Check' on the new car with www.mycarcheck.com, as this seemed to have good reviews. I paid for their comprehensive check and it returned:



I called up the finance company listed on the check and they say that they have no current record, and that the finance was paid off last year. I spoke to the seller and he claims that he knows nothing about it, but that he has owned the car for the last 2yrs.

Is this normal or should I walk away?

[miniman]

So they get your HPI clear car and some cash, and you get their suspect history car. Sounds like a great deal...

[roadsmash]

Ignore the above.

If the finance company say it was paid off last year then you’re most likely safe however I would triple check the dates with them and also run another HPI check with a different company to be sure.

Some members on here can do HPI checks too.

[Nickp82]

This is not an unusual thing to happen ( a 6 year lease is not something I have seen before though).

When I came across these situations when working in dealerships, if I had called the finance company and they confirmed no current interest, I would call HPi to confirm whether the finance record should be there and ask for it to be removed, I assume private customers can request this too.

[ZX10R NIN]

As above get written confirmation & then do the deal.

[Wooda80]

What Nick said ^^^

Call the finance company back. Ask them to

1) Send you a satisfaction note. Either by post or email. This will simply say words to the effect of " Agreement number 1234356 relating to vehicle AB12CDE. The above agreement has been settled and we have no further interest in the vehicle" .Thi sis your proof that the information held on HPI is out of date.
2) If they are happy to do the above then ask them to correct the info on HPI. This is a routine practice for both HPI and teh finance companies. I've sometimes seen the interest disappear off the screen while I'mstill on the phone requesting it, or it might take a day or two.

[tallpaullewis]

Thanks guys. I'll call them again in the morning for written confirmation. I've been on MyCarCheck's facebook page and other people have said they experienced similar things. I've done another check (this time with Parkers) which shows nothing outstanding. I've also chanced a refund of the MyCarCheck report through PayPal.