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Existing finance owed

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  • 21-05-2019 8:38pm
    #1
    E46Dream
    Registered Users Posts: 178 ✭✭


    Hey guys, so I'm interested in purchasing an Audi A6 from Northern Ireland and have been talking to the dealer for the past few days. Long story short he said to me today he finances his cars with a finance company that allows him to have more cars to sell, so basically when I purchase the car he clears the finance with the money.

    I done my HPI check on the car and everything I'd clear except for the finance owed showed up to Next Gear Capital Limited UK which is exactly what he said would happen. Does this ring any alarms for you or is this something dealers do?

    Judging by his Google reviews he's got pretty good ratings.


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    #2
    ciarsd
    Registered Users Posts: 2,326 ✭✭✭ciarsd


    Quite normal for the vast majority of dealerships to do this - including the heavyweights shifting high value cars. It's often referred to as forecourt finance and is used to fund the cars to have them present and for sale onsite - not many dealerships could self fund stock. Good to be aware and conscious of as you go through with your purchase.

    Existing finance on a private sale on the otherhand..!


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    #3
    E46Dream
    Registered Users Posts: 178 ✭✭E46Dream


    ciarsd wrote: »
    Quite normal for the vast majority of dealerships to do this - including the heavyweights shifting high value cars. It's often referred to as forecourt finance and is used to fund the cars to have them present and for sale onsite - not many dealerships could self fund stock. Good to be aware and conscious of as you go through with your purchase.

    Existing finance on a private sale on the otherhand..!

    Yeah well it wasn't a shock because he told me beforehand and all the details about it. So it is safe to purchase this vehicle? He said he will remove the mark on the vehicle on date of purchase and hpi will update within 2 weeks to show no finance owed on the car. Hopefully all goes well!


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    #4
    Lombardo123
    Registered Users Posts: 150 ✭✭Lombardo123


    E46Dream wrote: »
    Yeah well it wasn't a shock because he told me beforehand and all the details about it. So it is safe to purchase this vehicle? He said he will remove the mark on the vehicle on date of purchase and hpi will update within 2 weeks to show no finance owed on the car. Hopefully all goes well!

    Good luck with it. I've started my pursuit of an Audi. Can I ask you to PM me the dealership if they were good to deal with please


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    #5
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    ciarsd wrote: »
    Quite normal for the vast majority of dealerships to do this - including the heavyweights shifting high value cars. It's often referred to as forecourt finance and is used to fund the cars to have them present and for sale onsite - not many dealerships could self fund stock. Good to be aware and conscious of as you go through with your purchase.

    Existing finance on a private sale on the otherhand..!

    I thought forecourt finance was when the customer arranged their finance at the dealer premises?

    Stock funding is usual for cash flow etc., I genuinely don't know if that would show on a HPI check on a specific vehicle though?

    I'd be googling the finance company named just in case tbh.....


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    #6
    E46Dream
    Registered Users Posts: 178 ✭✭E46Dream


    sunnysoutheast wrote: »
    I thought forecourt finance was when the customer arranged their finance at the dealer premises?

    Stock funding is usual for cash flow etc., I genuinely don't know if that would show on a HPI check on a specific vehicle though?

    I'd be googling the finance company named just in case tbh.....

    I googled them and they said exactly what it is. They supply finance on cars for dealers to display in their forecourt until sold. I also sent them an email with the reg of the car and asked them about so we'll see tomorrow.


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    #7
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    E46Dream wrote: »
    I googled them and they said exactly what it is. They supply finance on cars for dealers to display in their forecourt until sold. I also sent them an email with the reg of the car and asked them about so we'll see tomorrow.

    Yeah I did too, I was curious!

    Good luck with the car if you go for it!


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    #8
    E46Dream
    Registered Users Posts: 178 ✭✭E46Dream


    sunnysoutheast wrote: »
    Yeah I did too, I was curious!

    Good luck with the car if you go for it!

    Definitely interested in he sent me a video walk around of it today and I was very impressed. Higher spec than ones down south and with very low mileage. Hopefully It will be mine next week and then all I've to worry about is VRT and NCT lol


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