Brought a car from Toyota with outstanding finance??
Discussion
Hi All,
Brought a used car today from Toyota, the sales guy said that the car was HPI Clear, so I trusted him.
Got home looked in the Toyota service book and there was a HPI check sheet which he done today at 10am, it says finance is outstanding 'hire purchase' start date 14/06/2011 for 24months. Surely Toyota cannot sell a vehicle with finance on it?
I suspect Finance has been paid its just alarming that the sales guy didn't mention anything!
I've brought and sold many vehicles over the years and always complete a HPI check, with this being my first purchase from a main dealer I trusted them.
Any help please?
Cheers
Lee
Brought a used car today from Toyota, the sales guy said that the car was HPI Clear, so I trusted him.
Got home looked in the Toyota service book and there was a HPI check sheet which he done today at 10am, it says finance is outstanding 'hire purchase' start date 14/06/2011 for 24months. Surely Toyota cannot sell a vehicle with finance on it?
I suspect Finance has been paid its just alarming that the sales guy didn't mention anything!
I've brought and sold many vehicles over the years and always complete a HPI check, with this being my first purchase from a main dealer I trusted them.
Any help please?
Cheers
Lee
Same happened to me. Bought from a Toyota dealership. Sold the car six months later to a garage and nearly fell of my chair when he checked and the car had £5500 outstanding on it. Quick phone call to Toyota finance and a fax to the garage stating they would pay off the outstanding finances.
Finance can be paid off immediately but can take weeks to appear on HPI reports.
In some cases it can be paid today, for example, and still be showing "owing finance" until the HPI company updates their database.
I would recommend spending £25 on a proper HPI check which will provide you with the company who have financed the car along with a reference number
call the company and ask directly, if it has been cleared they will happily send you a letter or fax to confirm this
if it hasn't been paid conatct the dealer and get it sorted (along with £25!)
In some cases it can be paid today, for example, and still be showing "owing finance" until the HPI company updates their database.
I would recommend spending £25 on a proper HPI check which will provide you with the company who have financed the car along with a reference number
call the company and ask directly, if it has been cleared they will happily send you a letter or fax to confirm this
if it hasn't been paid conatct the dealer and get it sorted (along with £25!)
I've taken a few cars in as a part ex that have had outstanding finance and only realised I had forgotten to send the cheque off clearing the finance when I've had a call from the person who traded it saying that they had received a letter from the finance company asking why they are unable to claim the monthly payment from their bank.
Oops!
Oops!
Don't waste £25 doing the above.
Go back to the dealer and ask them to either provide you with a 'Letter of No Interest' from the finance co. or an HPi report showing it's finance clear, you will get one or the other.
By doing this if the finance settlement has been overlooked, it will get sorted.
Go back to the dealer and ask them to either provide you with a 'Letter of No Interest' from the finance co. or an HPi report showing it's finance clear, you will get one or the other.
By doing this if the finance settlement has been overlooked, it will get sorted.
Hi all,
The HPI check which was in my service book says the finance company and reference number, unfortunately they are closed tomorrow.
Odd that Toyota completed the HPI Check this morning at 10am but never actually showed me the document, they just said its HPI clear.
Either way i'm sure i'll get it sorted.
The HPI check which was in my service book says the finance company and reference number, unfortunately they are closed tomorrow.
Odd that Toyota completed the HPI Check this morning at 10am but never actually showed me the document, they just said its HPI clear.
Either way i'm sure i'll get it sorted.
I think we all agree the finance is held by the dealership and not a previous owner.
What would happen if they have not paid off the finance yet and went into administration on Monday? In my opinion it is not acceptable for a main dealer to sell a used vehicle with finance outstanding.
Should we give the dealer the benefit of the doubt, have they paid it off and it's just the HPI data that needs updating or might they have cash-flow issues and be on the brink?
What would happen if they have not paid off the finance yet and went into administration on Monday? In my opinion it is not acceptable for a main dealer to sell a used vehicle with finance outstanding.
Should we give the dealer the benefit of the doubt, have they paid it off and it's just the HPI data that needs updating or might they have cash-flow issues and be on the brink?
astroarcadia said:
I think we all agree the finance is held by the dealership and not a previous owner.
What would happen if they have not paid off the finance yet and went into administration on Monday? In my opinion it is not acceptable for a main dealer to sell a used vehicle with finance outstanding.
Should we give the dealer the benefit of the doubt, have they paid it off and it's just the HPI data that needs updating or might they have cash-flow issues and be on the brink?
You might be right actually, LSF offer dealer support and finance, anyway i'll find out tomorrow!What would happen if they have not paid off the finance yet and went into administration on Monday? In my opinion it is not acceptable for a main dealer to sell a used vehicle with finance outstanding.
Should we give the dealer the benefit of the doubt, have they paid it off and it's just the HPI data that needs updating or might they have cash-flow issues and be on the brink?
Thanks again.
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