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Finance is currently owed on this vehicle

  • 12-07-2015 11:05am
    #1
    Registered Users, Registered Users 2 Posts: 2


    Yesterday I gave 200 Euro deposit to dealer in Cork and today I checked car history & Finance . I have got the same report as you "Finance Check Result: Warning finance is currently owed on this vehicle. A search of the official finance records held by HPI (Ireland) indicates that this vehicle is currently subject to a finance agreement in the Republic of Ireland. During the next working day, MyWheels.ie will contact the Financial Institution to verify the vehicle is still subject to a finance agreement and will email you back with the status " . I am so much disappointed at first and I will wait for the final report from mywheels.ie from Financial institution.
    If turns negative, I will ask my 200 Euro deposit from the Dealer.


Comments

  • Registered Users, Registered Users 2 Posts: 81,220 ✭✭✭✭biko


    Moved out from old thread


  • Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    It may have just been traded in and finance cleared.
    Don't panic at this point


  • Moderators, Society & Culture Moderators Posts: 40,340 Mod ✭✭✭✭Gumbo


    Ask the dealer what the story is.
    Ask for written confirmation from the financial institution that finance is cleared.


  • Registered Users, Registered Users 2 Posts: 4,697 ✭✭✭goochy


    What dealer is it main or independent ?


  • Registered Users, Registered Users 2 Posts: 4,940 ✭✭✭dingding


    It may be that the dealer has finance on it and that is what is showing up. I would query with the dealer.


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  • Registered Users, Registered Users 2 Posts: 893 ✭✭✭mhackett102


    I would question it but wouldnt be too worried just yet.. Im selling my sisters car and she was repaying the payments monthly. The last payment was made in the last week of June, but someone who was interested in the car done a history check on it yesterday and it came up that finance was still currently owed. I was able to show them a letter from Volkswagen to prove that all the payments have been payed!


  • Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    Talk to the dealer. I had this issue with a uk car. Turns out he was selling it on behalf of the finance company


  • Registered Users, Registered Users 2 Posts: 2 prapa


    I have also got warning message as the tax was not paid for 4 months in 2009 and have total 4 owners on the car as the car is 2007 model.
    I will wait for Financial Institution confirmation about the car loan held on the car and will decide on owning the car.
    Thank you for your posting.


  • Closed Accounts Posts: 3,973 ✭✭✭Sh1tbag OToole


    Just out of interest what happens if you do buy a car with finance owed on it? Is there a risk a bailiff will hop in and drive away while you're doing your shoppings in Lidl and leave you high and dry? What are the risks?

    Do you have to do a full sweep of the car for GPS trackers and the likes?


  • Registered Users, Registered Users 2 Posts: 84,733 ✭✭✭✭Atlantic Dawn
    M


    Just out of interest what happens if you do buy a car with finance owed on it? Is there a risk a bailiff will hop in and drive away while you're doing your shoppings in Lidl and leave you high and dry? What are the risks?

    Do you have to do a full sweep of the car for GPS trackers and the likes?

    It can be taken away and you get nothing. In theory buying from a garage should offer protection against this but if the garage went bust it may not.


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  • Registered Users, Registered Users 2 Posts: 21,499 ✭✭✭✭Alun


    dingding wrote: »
    It may be that the dealer has finance on it and that is what is showing up. I would query with the dealer.
    It would appear some dealers do this as an accounting trick. I recently bought a car from a large chain of dealers who did exactly that.


  • Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    I would have thought that a 07 car is pretty old in terms of having finance owed on it at this stage.


  • Registered Users, Registered Users 2 Posts: 9,661 ✭✭✭Voodoomelon


    You'd think; my 2005 740 had a red credit check warning in 2013. Came back clear once a check with the bank was complete. It was repossessed around the 2006 mark apparently.


  • Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    I can understand a luxo barge that probably had a long term to spread over the large original cost price but an ordinary run of the mill family saloon or hatch is a bit unusual at this stage imo.


  • Closed Accounts Posts: 3,973 ✭✭✭Sh1tbag OToole


    It can be taken away and you get nothing. In theory buying from a garage should offer protection against this but if the garage went bust it may not.

    How does the taking away work? Are they able to get your address? Do they get a court order against you?


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