Buying a used car HPI says it’s on finance
Discussion
Morning all,
My niece is going to look at a car today which having completed a HPI it has outstanding finance on it. She spoke to the seller - link below; and he told my niece the following;
“Apparently they're given money by a finance company to get the cars into stock and it would be cleared on sale. He says he can show me when I'm there”.
How does this work? Any pitfalls? What’s the catch? Run a mile?
https://www.ebay.co.uk/itm/2015-SEAT-IBIZA-TOCA-1-...
TIA
My niece is going to look at a car today which having completed a HPI it has outstanding finance on it. She spoke to the seller - link below; and he told my niece the following;
“Apparently they're given money by a finance company to get the cars into stock and it would be cleared on sale. He says he can show me when I'm there”.
How does this work? Any pitfalls? What’s the catch? Run a mile?
https://www.ebay.co.uk/itm/2015-SEAT-IBIZA-TOCA-1-...
TIA
Sounds legit, it is very typical for a dealer to have 'stocking finance' in place.
The rules are different when buying from a dealer, as along as you have written confirmation from the dealer (that there is no finance) you will be covered.
If in doubt ring the finance company.
This only applies to creditable dealerships, not some bloke selling cars from the local pub car park.
The rules are different when buying from a dealer, as along as you have written confirmation from the dealer (that there is no finance) you will be covered.
If in doubt ring the finance company.
This only applies to creditable dealerships, not some bloke selling cars from the local pub car park.
BREAKING NEWS - Business runs on credit shocker!
Business makes a return on the existing capital employed
Business seeks to employ even more capital to make an even greater return
Bank / finance company / investor approves business plan and provides the extra capital to make the extra return and takes a % of it for doing so.
Wouldn't surprise me if Lookers were putting millions of £s worth of cars through the block every week so they'd have a policy of "everything marked for auction goes on stocking" rather than have to make a decision on every individual vehicle.
Business makes a return on the existing capital employed
Business seeks to employ even more capital to make an even greater return
Bank / finance company / investor approves business plan and provides the extra capital to make the extra return and takes a % of it for doing so.
Wouldn't surprise me if Lookers were putting millions of £s worth of cars through the block every week so they'd have a policy of "everything marked for auction goes on stocking" rather than have to make a decision on every individual vehicle.
Wooda80 said:
BREAKING NEWS - Business runs on credit shocker!
Business makes a return on the existing capital employed
Business seeks to employ even more capital to make an even greater return
Bank / finance company / investor approves business plan and provides the extra capital to make the extra return and takes a % of it for doing so.
Wouldn't surprise me if Lookers were putting millions of £s worth of cars through the block every week so they'd have a policy of "everything marked for auction goes on stocking" rather than have to make a decision on every individual vehicle.
Think you’ve missed the point somewhatBusiness makes a return on the existing capital employed
Business seeks to employ even more capital to make an even greater return
Bank / finance company / investor approves business plan and provides the extra capital to make the extra return and takes a % of it for doing so.
Wouldn't surprise me if Lookers were putting millions of £s worth of cars through the block every week so they'd have a policy of "everything marked for auction goes on stocking" rather than have to make a decision on every individual vehicle.
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