Went to view a vauxhall vectra sri 1.9cdti bhp 120
It's cheap, wants alittle work but nowt I can't do.
Alittle paint repair required, ac not working, wants a valet, a few clips/ covers missing.
Arrived to look at it, he wasn't there, had to wait 20mins, rear tire flat so couldnt drive it.
Come away to think about it, he said I can take it for £2300.
Received a few text later and it's getting even cheaper.
So first thing this morning I've done a hpi check on it.

Lol financed up for 5 years, runs out end of 2013.
Errrr no thanks.
Cheers for wasting my time and money!!!

 

Did you tell him it had outstanding finance? Maybe he's cleared it but the database hasn't updated yet.

 

I've just text him.
No reply
Busted me thinks

 

How much is left to pay on the finance?

 

My car had outstanding finance when i hpi it but it had been cleared just not updated. I rang the bank to check and the guy also gave me the paperwork he had to say he had paid.

 

Seems a lot of people are trying to pull a fast one to make a quick buck in these hard times or to get rid of something that's a debt in their eyes. The owed debt never goes away but the seizable asset (car) does if they can shift it plus its a few quid in their pocket.

 

I sold my wr1 with some finance left to pay, but when they new owner came for the car I cleared the finance over the phone when he was there, I put him on the phone to the finance company and they confirmed the car had no outstanding finace and gave him a ref number.

If the remaining finance is less than what you were going to pay the. Why don't you offer to pay the outstanding balance and then give him the rest?

 

Does a HPI report show this?

I know my dad nearly got caught with this years ago on a XR3 which was a year old. Lucky for my dad he bought it off a dealer who took it in, the dealer tried to get the car back off my dad without paying him his money back. He spoke to a solicitor who confirmed it was the dealers problem, they would now need to clear the finance as they bought it with the finance owing on the car.

 

I've been in contact with the finance company, they say if it changes owners they will not come after the new owner if payments are not made.
The debt stays with the person who signed the contract.
They have no interest in the car.
When the v5 is re- registered in someone else's name, they will remove the marker on the car.

So it's now sat up my drive. Cheers

 

If you buy a car from someone thats got finance outstanding and you not told by previous owner finance company have to chase him for money and you can legally sue him/her

 

I had this a few months back when I was looking for a 2005/6 mr2, went and viewed one that had low miles but poor paintwork, got there and it was pretty poor all round but was cheap enough (up for £2.8k) that it didn't matter went round the car with the owner and pointed out the dents/damage etc as you do, agreed a deal of £1700 as it was going to need a full repaint blah blah,
did the hpi check and turns out it had almost 2k of debt owing,offered to pay off the debt she said no I need the cash and its fine I will just keep up the repayments,

Think we had a lucky escape I don't usually bother to do data checks on older/cheaper car but think I will in the future

 

Close shave there mate

 

did you buy it?

if so you still would technically be liable for the finance as you bought the car knowingly with outstanding finance.

The practicality of them pursueing you for 2k is highly unlikely if they are a mainstream finance company, however you never know with the dodgy logbook loan scammers.

 

Nah the seller wasn't interested in clearing the finance I we weren't interested in paying for the car twice, seller got well shitty lol when we said we were pulling out of the deal

 

I always hpi mate just to be safe. I even hpi my escort gti and that was only £900.
But an Scottish and tight.

 

If you have that in writing you should be ok then! But a vauxhall!