car finance

[Deltascort]

Good morning

my nephew is in a bit of a sticky situation,

hes 17. purchased his first car about 6 months ago. and now wants to sell it due to getting a very good job and being able to afford a better car,

we now have discovered the car has outstanding finance on it. he didn't check. he completely was naive to any hpi check etc

we have found out the finance was taken out 3-4 years ago. and about 3 owners ago. so god knows how it got this far. maybe its still being paid. im not sure

my question is. can we clear this finance. its a 2014 polo. so if its 4 years old. there cant be much left on it. (i hope)

can i phone up pay it off. or go to sell it and use it as a part ex clears the finance ?

is there anyway to get a settlement figure ?

thanks in advance, and if any of the questions above are stupid

thank you

just done another hpi check and the finance was taken out on the 10th feb 2018. so if it was a year year pcp/hp. then could end February. im basing this on if it wasnt being paid. then it would have been reposed by now. or someone would have come knocking

Edited by Deltascort on Monday 10th January 11:07

[samoht]

It's also quite possible that it's simply a paperwork issue and no money is currently owing, could be e.g. dealer stock financing that didn't get cleared on the computer.


"A full HPI Check will also give you further details including, the date and type of the agreement, which finance company the agreement is with and its contact details. "
https://www.hpi.co.uk/car-finance-check.html

So it is an option to contact the lender and explain, not sure if data protection regs will limit what they can tell you though.

[Deep Thought]

Deltascort said:

Good morning

my nephew is in a bit of a sticky situation,

hes 17. purchased his first car about 6 months ago. and now wants to sell it due to getting a very good job and being able to afford a better car,

we now have discovered the car has outstanding finance on it. he didn't check. he completely was naive to any hpi check etc

we have found out the finance was taken out 3-4 years ago. and about 3 owners ago. so god knows how it got this far. maybe its still being paid. im not sure

my question is. can we clear this finance. its a 2014 polo. so if its 4 years old. there cant be much left on it. (i hope)

can i phone up pay it off. or go to sell it and use it as a part ex clears the finance ?

is there anyway to get a settlement figure ?

thanks in advance, and if any of the questions above are stupid

thank you

just done another hpi check and the finance was taken out on the 10th feb 2018. so if it was a year year pcp/hp. then could end February. im basing this on if it wasnt being paid. then it would have been reposed by now. or someone would have come knocking

Edited by Deltascort on Monday 10th January 11:07

As per the other comment its very possible that the finance company havent updated HPI. I'd be contacting the finance company, explain the situation and see what they say. They can check their records instantly online, so shouldnt be a problem getting to the bottom of it.

Assuming it is just a clerical error, they can contact HPI to have the record and also send you an email / letter declaring they have no financial interest in the car, if needs be.

[Deltascort]

i am worried to do that, in case they say "oh we have been looking for this car etc. something along these lines.

are they worried who pays it off ?

i have ran a full hpi check, and can see the following details

i have taken out the agreement number

Vehicle Desc.
Polo Match Edition S-A
Ca
Agreement Type Hire Purchase
Agreement Date 10 Feb 2018
Agreement No.
Company
Oodle Financial
Services Limited
Contact Number 01865 910 425

[Deep Thought]

Deltascort said:

i am worried to do that, in case they say "oh we have been looking for this car etc. something along these lines.

are they worried who pays it off ?

i have ran a full hpi check, and can see the following details

i have taken out the agreement number

Vehicle Desc.
Polo Match Edition S-A
Ca
Agreement Type Hire Purchase
Agreement Date 10 Feb 2018
Agreement No.
Company
Oodle Financial
Services Limited
Contact Number 01865 910 425

If you bought the car in good faith and oblivious to finance outstanding, it is my understanding they cant take the car off you nor are you obliged to pay the finance, so i'd treat very carefully in terms of language used when you call them.

[Deltascort]

ok thank you for that

we are just stuck for selling the car on. as we now are in the stage of purchasing a new car with this as a part ex

do you think its best to wait till the 10th feb. when the 4 years is up. on the basis it was a year deal

and then hpi it again couple of days after that. just to see if we get lucky and it was cleared ? if not make enquires after that

thank you

[ilikejam]

Just phone them up and ask all the questions you have. It's the only real way to get any answers. The finance could be 5 or even 6 years.

If you're worried about them coming after the car, just don't give them your number or any personal details.

[samoht]

FWIW it appears Oodle car finance has a maximum term of five years
https://www.nerdwallet.com/uk/car-finance/oodle/
although that would seem a rather long period to pay off a then four year old Polo. However if the finance hasn't been being paid off, then it'll be outstanding indefinitely I imagine.

[Deltascort]

samoht said:

FWIW it appears Oodle car finance has a maximum term of five years
https://www.nerdwallet.com/uk/car-finance/oodle/
although that would seem a rather long period to pay off a then four year old Polo. However if the finance hasn't been being paid off, then it'll be outstanding indefinitely I imagine.

would they let me pay it off ?

[Deep Thought]

Deltascort said:

samoht said:

FWIW it appears Oodle car finance has a maximum term of five years
https://www.nerdwallet.com/uk/car-finance/oodle/
although that would seem a rather long period to pay off a then four year old Polo. However if the finance hasn't been being paid off, then it'll be outstanding indefinitely I imagine.

would they let me pay it off ?

Please dont ring up the finance company and offer to pay the finance off.

Its the finance companies problem not yours - You can easily prove you have good title of the car if it does (i'd say its 90% likely its not been updated), and it would be their problem to prove otherwise.

https://www.citizensadvice.org.uk/consumer/buying-...

https://www.whatcar.com/advice/buying/what-happens...

[ZX10R NIN]

Speak to the finance company, offer nothing listen to what they have to say & go from there. You may well find out the finance is paid.