How to ensure finance cleared on car when buying from trade?

[Si_man306]

My Dad’s due to get a new (to him) 911 GTS Targa on Tuesday (well earned retirement treat after a lifetime of slaving). The car has finance at the moment which the dealer claims will be cleared once he’s paid at the time of purchase. This apparently will take 4-5 days to clear/ show on HPI after the car is delivered.

Although I know it’s common for dealers to use credit to buy cars, is this right, what’s to stop him taking the money and not paying my dads new car off? Shouldn’t the HPI be clear at time of purchase?

Car is being delivered with £50k part ex collected at that time and £50k bank transfer.

Thanks in advance.

[Si_man306]

Thanks- it’s a trader (rather than private sale) so a bit more confident but I’m not 100% sure if it’s SOR or not (although it’s a well established garage).

I assume the difference is one has the garage owing the finance and the other is the original owner has the finance (and would clear once paid by the garage?). Will check.

[Si_man306]

Nickp82 said:

Request a clearance confirmation by email from the finance company.
I.e, find out which company it is that has the interest and ring them directly.

Contacted them some time ago- it won’t clear until 4-5 days after paying the money to the garage....hence the issue and wanting to check.

[Si_man306]

Nickp82 said:

It won’t clear from HPi for that period but the finance company can provide you a letter of clearance as soon as (Or shortly after) the funds have been received. I have done it many times when working in main dealers.

Great- thanks for this, appreciate the follow up!