Moto Novo Finance

[ASP 1]

Afternoon Chaps,

Hopefully you’ll be able to offer some advice. Bought a Peugeot 107 at Aston Barclay on Wednesday-came via Moto Novo Finance. Paid for and took the car with me there and then, 12 months ticket, service, bit of paint and valeted. Ready to be advertised on Thursday evening. Going through the paperwork, HPI’d it and it’s coming up as having outstanding finance with Moto Novo. Rang them up, they still have “a financial interest in the vehicle”. I asked why they would send a car to auction before this issue was resolved and they wouldn’t divulge because of “confidentiality issues”-can’t see how that’s confidential at all. I’ve spoken to AB and they say it shouldn’t have got to auction without the finance being sorted, that Moto Novo do this often, but there’s nothing they can do. Now, the main issue I have is that I haven’t been able to advertise the vehicle and can’t until this has been resolved and it shows as clear on HPI report. Got back onto Moto Novo on Friday afternoon and as far as I’m concerned, the vehicle isn’t on finance. They’ve received the car back, the finance issue is purely an agreement between them and their customer, nothing to do with the vehicle, so they should clear it as being on finance on their system. Not sure where to go with this one (usually purchase vehicles through main dealer PX sales so have no experience with finance companies). Any advice you can offer would be great. Cheers  

[justina3 518]

Surely part of the indemnity you pays ensures the cars history is checked this hasn't happened so the auctions should be your main point to complain

[ASP 1]

Exactly what I thought, but they were washing their hands of it on Thursday. I’ll check their T’s and C’s and give a manager a call tomorrow I think 

[Rory RSC 596]

It happens from time to time.

Put the car up for sale anyway.

You just need to obtain clearance from them. When you start buying newer lease cars and stuff it happens more and more often. 

It is a bit of a pain but it is just one of those things. A hell of a lot of cars in auctions from main dealers are on stocking finance when taken in as PX. 

[trade vet 703]

Hi ASP

You are getting good advice.You have ' good title ' to the car.

 

[ASP 1]

Thanks for your advice Chaps. Think the best thing to do would be to advertise the car and continue too chase Moto for the car to be removed from the finance register...

like I said, this is the first time I’ve bought a newer finance company owned vehicle so it’s a new one for me!

[Arfur Dealy 823]

11 minutes ago, ASP said:

Thanks for your advice Chaps. Think the best thing to do would be to advertise the car and continue too chase Moto for the car to be removed from the finance register...

like I said, this is the first time I’ve bought a newer finance company owned vehicle so it’s a new one for me!

Hi, ring HPI tomorrow with stating the facts, they will get the "all clear" from Moto Novo for you  

[metcars 397]

I had the same problem with BCA a few years back. The finance company would not relinquish there interest in the car as the debt was not covered by the sale of the vehicle alone. I argued that I effectively have bought a car without 'clear title'. Huge hassle, BCA were useless and eventually took it back. I fell out with them for about 10yrs.

[ASP 1]

I’ve only been trading since March this year and I’ve already fallen out with BCA met! Manheim and Aston Barclay for me

Edited October 29, 2017 by ASP

[metcars 397]

11 minutes ago, ASP said:

I’ve only been trading since March this year and I’ve already fallen out with BCA met! Manheim and Aston Barclay for me

This is not meant to be a burn on BCA as such, but it was interesting to have the same issue with both auction houses and experience how differently they handled it.

[Arfur Dealy 823]

Aston Barclay, BCA & Manheim are instructed by the Finance House's to sell the car. It is up to the auction house to make sure they are selling goods which don't have a financial interest, ultimately they are responsible to sell goods with no 3rd party financial interest. However, the auctioneer assumes they are selling legally owned goods  by the vendor. Its the admin that causes problems..... Both BCA & Manheim have HPI Experian departments, however if you have HPI'd the car you have already paid for them to clear it for you. Ring HPI saying it should be clear and they will do all the leg work for you..........

[trade vet 703]

BCA traders complaints- their policy is don't help,because most of them will disappear....We had a punter return with his FSH Autolease Peugeot we got from BCA which he had for several months.He could prove it had covered another 20k.We just unwound the deal swapped him far a better car,filled it up and he was happy.BCA did not want to know,we had tried the branch,then head office etc.We then wrote to the head guy at Lloyds Autolease the reply we got was awful.

We threatened BCA with court action,sent them a reminder,as per the rules,then took them to the small claims court having embellished the claim with the help of our punter.This all took months.BCA sent their trouble shooter to attend the hearing.He had flown up north,stayed in a hotel etc and he was a nice guy.This was his job.The judge looked at the evidence ticked off the BCA guy and awarded us everything we asked for.We made a few grand.Now when we have the very occasional issue,we have to remind them not to mess about !

 

 

 

 

[sparky 274]

17 hours ago, justina3 said:

Surely part of the indemnity you pays ensures the cars history is checked this hasn't happened so the auctions should be your main point to complain

Apparently not. 

I had a similar situation a few weeks ago. Car purchased from BCA sold to a customer who went with Motonova. Finance got accepted subject to previous finance being cleared. The vendor had not cleared it and according to BCA it's up to the buyer to make sure it was all clear on HPI and this has nothing to do with your indemnity. It all got sorted with no real harm done but it could have been costly if the customer was not local and had less patience.

[Rory RSC 596]

7 minutes ago, sparky said:

Apparently not. 

I had a similar situation a few weeks ago. Car purchased from BCA sold to a customer who went with Motonova. Finance got accepted subject to previous finance being cleared. The vendor had not cleared it and according to BCA it's up to the buyer to make sure it was all clear on HPI and this has nothing to do with your indemnity. It all got sorted with no real harm done but it could have been costly if the customer was not local and had less patience.

Now that is when it becomes an absolute PITA.

 

[Trident 24]

This happens with us fairly regularly, i either ring the finance company and get clearance, or, if they still hold an interest i contact manheim, never had a problem with getting clearance, but if i did, i would definately be banging on the door of the auction house, i always assumed it their responsibility and touch wood, haven't been let down by them yet, also when you do your advert, put an end note something like ' finance clearance pending' potential buyers may do their own check and see it has finance, at least you have acknowledged it in the ad...

[lastyboy 23]

Are you sure that the car wasnt just on finance as a stocking loan?

[trade vet 703]

1 hour ago, sparky said:

Apparently not. 

I had a similar situation a few weeks ago. Car purchased from BCA sold to a customer who went with Motonova. Finance got accepted subject to previous finance being cleared. The vendor had not cleared it and according to BCA it's up to the buyer to make sure it was all clear on HPI and this has nothing to do with your indemnity. It all got sorted with no real harm done but it could have been costly if the customer was not local and had less patience.

Typical BCA response,which is their policy.Dont help, let the trader sort it out themselves.Of course you are indemnified against outstanding debt or the vehicle being stolen

[ASP 1]

Some great advice and interesting tales of woe...update, having spoken to Moto Novo again this morning they have stated that their “financial interest in the vehicle” relates to the fact that they haven’t yet been paid by AB. Once they are paid from the proceeds of the auction, the car will be removed from the HPI register as finance outstanding. AB will be paying Moto Novo today, so within 48 hours the car will removed from the register. 

I’m still confused as to why Moto Novo have passed their cash flow issues onto me, the little man, but there you have it!

[GreenGiant 287]

3 hours ago, ASP said:

I’m still confused as to why Moto Novo have passed their cash flow issues onto me, the little man, but there you have it!

Because they can and there's no-one fighting your corner to prevent them from using bully-boy tactics.... yet.

It's good that it is being sorted, but it does highlight something that MotoNovo, with their claims of working on behalf of the dealer with findandfundmycar, ought to look at if they want to be believed and trusted at their word.

 

[ASP 1]

A smaller auction house I sometimes use state that undeclared total losses are covered by their indemnity. I haven’t had this issue with them, but as it’s a family business, I can imagine that they’d be far more helpful than a national auction house. 

Aston Barclays T’s and C’s seem to suggest that they check the vehicles to ensure they haven’t been total losses so perhaps it would get caught before even going into auction?

[metcars 397]

2 hours ago, tradex said:

One wonders if BCA are relying on the vendor to hpi a vehicle?

A while back (2016?) a friend of ours bought a Bristol Street (?) Focus that went thru Bedford as an undeclared total loss.

He had struggle to get them to retrieve and refund.

Maybe a one off...?

It's funny you say that, because I've heard the odd story of undeclared total losses being bought and returned. Makes you wonder if they are adopting the 'sell it and see' approach with these cars

2 hours ago, ASP said:

A smaller auction house I sometimes use state that undeclared total losses are covered by their indemnity. I haven’t had this issue with them, but as it’s a family business, I can imagine that they’d be far more helpful than a national auction house. 

Aston Barclays T’s and C’s seem to suggest that they check the vehicles to ensure they haven’t been total losses so perhaps it would get caught before even going into auction?

Maybe it's just me but there seems to be an awful lot more total losses in the system than ever before. I shudder to think what horrors you'd find buying stock from private sellers?