Outstanding HP

Honest John Back Room » Motoring discussion
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Wed 31 May 2006 20:15
Outstanding HP - omegalen
The private seller of a car I wish to purchase says that there is money owed to his hire purchase company, and that he will pay the settlement figure from the money I buy the car with. This sounds dodgy to me. What is the correct procedure please?
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Wed 31 May 2006 20:20
Outstanding HP - blue_haddock
The best method would be to phone the finance company in the presence of the seller and pay the remaining HP balance to them directly over the phone with a credit/debit card. The car is then the sellers to legal sell and you can pay him the remainder of the purchase price direct to him.

Do not pay him the full amount on the promise of he will pay the HP firm himself.
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Wed 31 May 2006 22:00
Outstanding HP - bell boy
Just to clear up blue_haddock"S post yes pay the finance company but first you must do a finance check on this vehicle yourself as there may be more than one interested party in it.
Please do not assume anything with cars I once bought a car on the monday from a private man everything clear on hpi 3 months later got a letter from finance company and the jist was he took a finance deal out the day before he stuffed me with the dammed thing,it took nearly a year to sort.
I dont know what you get with a private hpi but a trade one gives you the finance house the telephone number and the ref number do not pay a penny till you ring and confirm what you intend to do and ask them should you proceed,get the full name of the person you are dealing with and explain the situation regarding taking car over THEY will advise how you proceed do not pay until this is in order as you will still not be the owner of the car and at this point he may welsh on you.
If you do proceed tell finance co that you want a written invoice for funds paid,some of them are reluctant to do this and they also forget to get the finance marker taken off hpi not good for when you come to sell and the person you had dealt with has now left the company (this caused me no end of grief on an orion 10 years ago)

sorry about the long post but cars and finance can be very tricky to deal with
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Wed 31 May 2006 22:35
Outstanding HP - madf
Why bother? Lots of cars for sale without os finance.
madf
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Wed 31 May 2006 23:05
Outstanding HP - bell boy
Why bother? Lots of cars for sale without os finance.
madf

>>

why bother? because the rags are full of financed up cars on 39% apr at least this vendor has told prospective buyer it has chucky on it..........
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