brought a car with outstanding finance

[arslan2468 1]

Hi guys hope you can help, 

basically February I brought a vehicle off a private seller put it on trade and got it up for sale, I’ve done the basic HPI check which was all cleared, however now a customer come to purchase it and they flagged up it’s got outstanding finance on the car, not sure exactly what to do, please any help will be appreciated 

[andymc1973 199]

brought/bought? speak to the finance house, why on Earth have you cut costs on a HPI check, utter madness

[arslan2468 1]

Brought a car* sorry, I know I’ve messed up, I’m only a part time trader from home, I just checked if the car was cat c or D that’s about it, that came up clear so I purchased it, any idea how I find out which finance company to contact? 

[justina3 518]

Do a full Hpi that will give you an idea of whats going on like you should have to start with, your not the first and wont be the last. 

Expensive mistake to make. 

[Mark101 536]

8 minutes ago, arslan2468 said:

Brought a car* sorry, I know I’ve messed up, I’m only a part time trader from home, I just checked if the car was cat c or D that’s about it, that came up clear so I purchased it, any idea how I find out which finance company to contact? 

If you brought it, you're ok - if you bought it, you've got a problem

[justina3 518]

Funny how people think, it worries them if it is on the register for what ever reason major or minor but the car owning a stack of money and belonging to someone else doesnt bother them.

[arslan2468 1]

Wow my English is really bad today lol, I’m just stressing about this issue, 

[justina3 518]

no point stressing it is what it is, i presume you have tried to contact the person you purchased the car from ? if no luck there you need to trace the finance company and speak to them, your not going to be able to sell the car without clean title.

I dont even know if the finance company will speak to you with all the data protection rubbish these days, but i bet my last rolo they will want to know all about you and where the car is they own.

[Mark101 536]

arslan2468 - I am presuming you have not been trading very long.  Do you have any experience in the motor trade in any capacity?

Before anything, a full HPI all category check is the first (any category flag I 100% walk away from) thing I filter out.

I hope you work this out and it doesn't become an expensive lesson but in any case, I think you'll have learned one - we had the exact same issue on here last week from a Newbie - read through that because that will provide all the answers you need but not necessarily what you want.

I do hope it works out and good luck.

 

[whitestone679231 113]

Do a full HPI check, yes its more expensive but not as expensive as paying for the car twice, then ring the finance company to see if they still have an interest in the car, its normal for a car to show on HPI even if it has been settled, if it has been settled its a hard lesson learnt easy, if it hasn't been settled its a hard lesson and a welcome to this lovely trade that people think is a licence to print money without any overheads.....

[MattR 177]

Do your own check to make sure. A potential customer may have told you its got outstanding finance when it may have an expired agreement on it. That will tell you who the finance house is and when the agreement expired. If it does have any money outstanding, then you have a problem. Because part time trader or not, recovering the balance from the previous owner will be tough.

[EPV 631]

Wasn’t there a thread about this a week or so ago? I guess the same advice that applied then, applies now. 

[Stalker 180]

Now i could be wrong, but on my HPI i can only either do a full HPI check or a HPI data search.

 

Which one have you done Arslan?

As the HPI data search doesnt include finance and insurance checks.

You may have done a full check?

[Mark101 536]

4 minutes ago, Stalker said:

Now i could be wrong, but on my HPI i can only either do a full HPI check or a HPI data search.

 

Which one have you done Arslan?

As the HPI data search doesnt include finance and insurance checks.

You may have done a full check?

Or was it the free version on Auto Trader Website beneath each click advert?

[MattR 177]

7 minutes ago, whitestone679231 said:

 a welcome to this lovely trade that people think is a licence to print money without any overheads.....

Like advertising for free on gumtree as a private seller or facebook, no trade plates, cheapest 'drive only' trade insurance (if any), parking in pub car parks or mates drives, and selling with the MOT its got instead of checking its safe for the next owner, and naturally, no hpi checks! 

[whitestone679231 113]

2 minutes ago, Matt Reid said:

Like advertising for free on gumtree as a private seller or facebook, no trade plates, cheapest 'drive only' trade insurance (if any), parking in pub car parks or mates drives, and selling with the MOT its got instead of checking its safe for the next owner, and naturally, no hpi checks! 

I read that brain surgeons earn good money, I have some knives (and forks) a white coat and I have been on brain surgeons r us forums, my mum says I can use her spare room so happy days,,,,, anyone need any cheap brain surgery???

[EPV 631]

Just now, whitestone679231 said:

I read that brain surgeons earn good money, I have some knives (and forks) a white coat and I have been on brain surgeons r us forums, my mum says I can use her spare room so happy days,,,,, anyone need any cheap brain surgery???

You’d have to find it first 

[whitestone679231 113]

1 minute ago, EPV said:

You’d have to find it first 

pay up front and I will guarantee results.... onest bruv we is the best surgeons around

[MattR 177]

3 minutes ago, whitestone679231 said:

I read that brain surgeons earn good money, I have some knives (and forks) a white coat and I have been on brain surgeons r us forums, my mum says I can use her spare room so happy days,,,,, anyone need any cheap brain surgery???

Not as much as lawyers. Ive watched a couple of dramas on telly and got a wig, already got an office for the pitch, going to put an ad on facebook offering my legal services now

[EPV 631]

4 minutes ago, Matt Reid said:

Not as much as lawyers. Ive watched a couple of dramas on telly and got a wig, already got an office for the pitch, going to put an ad on facebook offering my legal services now

Forget you lot i’ve got the doozie I saw Armeggedon once. They pay millions for people who can drill. I’ll take me Makita and smash it. Might buy an island with me winnings. 

[arslan2468 1]

Yeah, just spoke to the finance company there is outstanding finance on the vehicle, they taken my details and have let the recovery  team to have a look into it, does this mean they will just take the car from me and I’ll be out of pocket? 

[Stalker 180]

28 minutes ago, EPV said:

Forget you lot i’ve got the doozie I saw Armeggedon once. They pay millions for people who can drill. I’ll take me Makita and smash it. Might buy an island with me winnings. 

You guys must be really quiet.....

[whitestone679231 113]

7 minutes ago, arslan2468 said:

Yeah, just spoke to the finance company there is outstanding finance on the vehicle, they taken my details and have let the recovery  team to have a look into it, does this mean they will just take the car from me and I’ll be out of pocket? 

more than likely,........... see you should have been a brain surgeon on the side,,,, they couldn't have taken your brain,,,,,,,,,

[MattR 177]

9 minutes ago, Stalker said:

You guys must be really quiet.....

very. how long can it take someone to drive from marlborough to nottingham??

[Stalker 180]

5 minutes ago, Matt Reid said:

very. how long can it take someone to drive from marlborough to nottingham??

They wont arrive until Jalember.....