HPI check shows "Unit Stocking" finance on dealer car
Discussion
Hi all,
I have just run an RAC HPI check on a car I'm viewing at the weekend. The report says that there is outstanding finance on it, where the "Agreement Type" is "Unit Stocking" and the provider is "Next Gear Capital Ltd". The dealer is an independent specialist with approx 10 cars in stock, between £10k and £40k each in value. The car I'm interested in is in the middle of that range. (Not trying to be mysterious, just trying to avoid name & shame especially when I doubt anything dodgy is going on!)
Googling the finance provider suggests that this is a form of stock loan available to the trade, and I assume this type of arrangement is quite common. If this is correct, how should I proceed with the sale? Should I insist on transferring funds directly to the finance provider? I was planning to use an electronic bank transfer for payment on the day I choose to collect the vehicle, as I assumed it would be the safest option for me; will that still be possible?
This is all new territory for me (approx 10 times the amount I usually spend on a car!) and although the trader has a very good reputation, I want to take every step to protect myself. Any advice would be much appreciated.
I have just run an RAC HPI check on a car I'm viewing at the weekend. The report says that there is outstanding finance on it, where the "Agreement Type" is "Unit Stocking" and the provider is "Next Gear Capital Ltd". The dealer is an independent specialist with approx 10 cars in stock, between £10k and £40k each in value. The car I'm interested in is in the middle of that range. (Not trying to be mysterious, just trying to avoid name & shame especially when I doubt anything dodgy is going on!)
Googling the finance provider suggests that this is a form of stock loan available to the trade, and I assume this type of arrangement is quite common. If this is correct, how should I proceed with the sale? Should I insist on transferring funds directly to the finance provider? I was planning to use an electronic bank transfer for payment on the day I choose to collect the vehicle, as I assumed it would be the safest option for me; will that still be possible?
This is all new territory for me (approx 10 times the amount I usually spend on a car!) and although the trader has a very good reputation, I want to take every step to protect myself. Any advice would be much appreciated.
That's exactly the sort of reassurance I was looking for. Thanks very much all. While I have some knowledgeable people reading the thread, I have not been able to get the online MOT history site working - the car has just come off a private plate but neither the old nor new plate comes back with any records. Is there any other way of viewing past fails / advisories?
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