Finance Outstanding on HPI check. Help!
Discussion
Hi,
I was due to purchase a car today, however on doing a HPI check last night it confirmed there is finance outstanding.
I called the seller who confirmed that this is correct and his intention was to pay it off on the day of the sale prior to me paying him. I very much thought this would be the case and asked for confirmation that the account is cleared prior to completing the sale, which he had no problem with.
This morning he called to confirm he has paid off the finance, he advised the finance company will send a letter but it will take a few days. He said he can call them and go through a security check then pass me over to them and i can verbally confirm its been resolved. I had initially planned to transfer the funds then go collect the car the same day but, however i then changed it so i can get the verbal confirmation first then transfer the funds. As a backup i called the finance company with the details provided by the HPI check and they advised they still have an interest. They wouldn't go into details due to DPA but led to believe a DD payment has been made which can take up to 10 days to show as cleared. I then advised this to the seller, his comments were similar to that of the finance company but he confirmed its definitely been paid off and he again confirmed i can clarify this with him when i get there.
Time was getting on and as the bank have a cut off point for same day transfers so i was not able to get everything done today.
It has been left that i will go first thing Monday and we can speak to the finance company, providing this checks out then i will transfer the funds and seal the deal. Do you think verbal confirmation will be sufficient? They did tell me they can send a fax to confirm, however if i make the call, pass over to him and then get the verbal confirmation from the agent on the phone i think this should be ok?? Based on what they originally told me there is a possibility they may again say they hold a financial interest in which case the seller will hopefully wait until they update their records and provide written confirmation. I checked several old posts which advised paying the outstanding off (providing its not too much) myself by debit card which will clear things up immediately.
Apart from this hiccup everything about the seller and the car is perfect, he's been very understanding about my concerns, he agreed to delay the transaction until Monday even though we agreed today. I honestly don't believe he would try and pull a fast one but you just never know....
Sorry its abit of an essay, also i know this subject has come up many times but just need to some advice on my situation so i can decide how to proceed.
Please let me know your thoughts.
Thanks
I was due to purchase a car today, however on doing a HPI check last night it confirmed there is finance outstanding.
I called the seller who confirmed that this is correct and his intention was to pay it off on the day of the sale prior to me paying him. I very much thought this would be the case and asked for confirmation that the account is cleared prior to completing the sale, which he had no problem with.
This morning he called to confirm he has paid off the finance, he advised the finance company will send a letter but it will take a few days. He said he can call them and go through a security check then pass me over to them and i can verbally confirm its been resolved. I had initially planned to transfer the funds then go collect the car the same day but, however i then changed it so i can get the verbal confirmation first then transfer the funds. As a backup i called the finance company with the details provided by the HPI check and they advised they still have an interest. They wouldn't go into details due to DPA but led to believe a DD payment has been made which can take up to 10 days to show as cleared. I then advised this to the seller, his comments were similar to that of the finance company but he confirmed its definitely been paid off and he again confirmed i can clarify this with him when i get there.
Time was getting on and as the bank have a cut off point for same day transfers so i was not able to get everything done today.
It has been left that i will go first thing Monday and we can speak to the finance company, providing this checks out then i will transfer the funds and seal the deal. Do you think verbal confirmation will be sufficient? They did tell me they can send a fax to confirm, however if i make the call, pass over to him and then get the verbal confirmation from the agent on the phone i think this should be ok?? Based on what they originally told me there is a possibility they may again say they hold a financial interest in which case the seller will hopefully wait until they update their records and provide written confirmation. I checked several old posts which advised paying the outstanding off (providing its not too much) myself by debit card which will clear things up immediately.
Apart from this hiccup everything about the seller and the car is perfect, he's been very understanding about my concerns, he agreed to delay the transaction until Monday even though we agreed today. I honestly don't believe he would try and pull a fast one but you just never know....
Sorry its abit of an essay, also i know this subject has come up many times but just need to some advice on my situation so i can decide how to proceed.
Please let me know your thoughts.
Thanks
If it were me, and this was a private sale, I would want written confirmation from the finance company named on the HPI check that they no longer had an interest in the car. I wouldn't accept a 'handed over phone' as confirmation that all's well. While he may not appear to be trying to con you, you never know. If he's kosher then he'll be happy to get everything in order, after all, it does strike me as a little odd that he was waiting until the morning of the sale to pay off the finance company.
Quite simply don't touch the car until the finance company says it has no interest.
When they do release interest it's obviously better to have written proof (fax) rather than a verbal confirmation.
Make sure the HPI report details marry up to the finance company you are talking to.
May take some time for the HPI report to be cleared as the finance company have to contact them.
When they do release interest it's obviously better to have written proof (fax) rather than a verbal confirmation.
Make sure the HPI report details marry up to the finance company you are talking to.
May take some time for the HPI report to be cleared as the finance company have to contact them.
paoloh said:
MSTRBKR said:
I wouldn't buy it until HPI says its clear. Never trust a finance company or the bloke that failed to inform you straight away when you went to look at his car.
"never trust a finance company"Where do you think HPI gets its info?
But if you get a clear HPI check you are insured for £30k iirc should it actually have problems that didn't come up in the check. So I'd still wait for HPI clear for peace of mind.
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