UK HPI car check says finance outstanding

leinster93

Hi guys, just wondering what experienced folks views are on this. Ran a check on a uk car from a main car dealer in mainland uk. Came up with an alert on the report saying Licence plate and VIN currently recorded as having outstanding finance.
Have the finance company contact number. Should I phone them and see what they say?

Eoinbmw

Run a mile plenty others out there!

Badger2009

It's not unusual with a dealer. They often have finance on their stock of cars. I would just ask them about it.

If it was a private sale I would tell you to leave it.

leinster93

I've looked into it and seems to be an arrangement with the finance company and the dealer. The finance company trade in this way to help dealers deal with cash flow. Haven't got the full low down on it but they finance company allow 150 days to the dealer and pay the finance back then after sale.
I haven't asked the dealer yet but will raise it...

ewj1978

Whats to stop you paying the dealer. Driving off in your shiny car, Him/her then doing a runner with your cash? Finance firm will still own the vehicle.

leinster93

They are an approved Ford franchise dealer. They would damage their reputation and be blacklisted.

Yes, it is still a possibility.

buzzing147

I'm looking at buying a car, did a history check, said on the check that finance wasn't cleared and maybe bank didn't update records, so got them to check, and got reply today that the bank confirmed the finance is Not Cleared!

What to do next? Run or buy? Don't wanna buy a car that someone else owes money on.

It's a reputable dealership too. Strange. Maybe something simple?

Henry Ford III

Talk to the dealer.

If it's all good and above board and you still want to buy make 2 payments:-

1/. Direct to the finance house.
2/. To the dealer.

Sorted.

buzzing147

Henry Ford III wrote: »

Talk to the dealer.

If it's all good and above board and you still want to buy make 2 payments:-

1/. Direct to the finance house.
2/. To the dealer.

Sorted.

Confused now! I thought one payment direct to the dealer was enough to own a car! The car has just come in, someone traded it for newer car, im trying agree price to buy, will know on Monday, but did the history check and didn't come back as clear as I wanted, finance wise.

dubrov

All pretty normal. Dealers take out loans all the time. Highlight it to them.

Just make sure it is paid off before you close the sale. You can ring the finance house to confirm

buzzing147

dubrov wrote: »

All pretty normal. Dealers take out loans all the time. Highlight it to them.

Just make sure it is paid off before you close the sale. You can ring the finance house to confirm

Normal!? Didn't realise if I spent cash on a car, the same car is still under finance to a dealer:(

dubrov

buzzing147 wrote:

Normal!? Didn't realise if I spent cash on a car, the same car is still under finance to a dealer

Reread my post. Make sure it is cleared before you close the deal.

buzzing147

dubrov wrote: »

Reread my post. Make sure it is cleared before you close the deal.

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