Buying A Finance Repossessed Car - What To Look Out For?

[EViS]

A dealer has a car for sale which has been finance-repossessed. What should I be asking him for to prove that there is no longer any outstanding finance on the vehicle? Will a HPI check tell me EVERYTHING I need to know? Any other advice very much appreciated.

[tim2100]

Get a full HPI Check, (Not the £5 ones). It will declare on there if a finance house still has an interest in the vehicle.

Contact said Finance house, ask if they still have interest in the car, and if not remove their interest from the vehicle check.

Nothing to worry about IMO.

[rallycross]

also look out for only having one key, and maybe not having the original service book.

[DannyVTS]

Off topic, but how are they repossessed ?

Is it by run of the mill baylifts ?

[EViS]

rallycross said:

also look out for only having one key, and maybe not having the original service book.

The dealer said that they are waiting for the log-book to come back from the repossessor, but they will have it for me. Why would they not have it already? The car has been on sale by them for 3 weeks now.

If it only has one key, what would the reason(s) be for that?

[Rollcage]

Usual thing with finance repo's - if they cant afford to buy it, they certainly cannot afford to run it.

Certainly a generalisation, but You'd have to wonder about how the car has been looked after, driven etc.

I think car repo's are not usually handled by run of the mill certificated bailiffs. If more than a third of the agreement has been paid, then it is done through the County Court via County Court bailiffs.

[h0b0]

Also, as with a repo house, check that the previous "tenants" haven't stolen everything that wasn't nailed down. You may find the radio is not up to the standard expected and the spare wheel may have disappeared.

[markmullen]

EViS said:

rallycross said:

also look out for only having one key, and maybe not having the original service book.

The dealer said that they are waiting for the log-book to come back from the repossessor, but they will have it for me. Why would they not have it already? The car has been on sale by them for 3 weeks now.

If it only has one key, what would the reason(s) be for that?

Usually the V5 doesn't come with a repo so the dealer has to apply for one in his name with a V62, this can take some time.

One key as usually when having their car repo'd the previous owner is not 100% forthcoming and helpful with the bailiffs.

[Pork]

As above really, if they cant afford the repayments, could they afford to maintain it?

Then there's the headache of getting the spare keys (or paying for them to be replaced), getting the documents (V5 AND history) and then not being able to speak to the past owner for info on the cars history.

For me, it would need to be considerably cheaper than a car which would come with history, V5, spare keys, past MOT's etc, but thats only an opinion.

[EViS]

markmullen said:

EViS said:

rallycross said:

also look out for only having one key, and maybe not having the original service book.

The dealer said that they are waiting for the log-book to come back from the repossessor, but they will have it for me. Why would they not have it already? The car has been on sale by them for 3 weeks now.

If it only has one key, what would the reason(s) be for that?

Usually the V5 doesn't come with a repo so the dealer has to apply for one in his name with a V62, this can take some time.

One key as usually when having their car repo'd the previous owner is not 100% forthcoming and helpful with the bailiffs.

I take it that I should not purchase the car without the dealer first getting the V5 himself?

Should it only come with one key, is there any way to get a second key from a main dealer (Nissan) or would all the locks need to be changed? Any idea of costs involved with either option?

Edited by EViS on Monday 24th January 12:42

[Pork]

Not sure about Nissan, but spares I've enquired about for a BMW and a Mini were both silly money - £100 and £140 repsectively, I think.

Available though, so just use that to negotiate on the price. I'm sure the main agent will give you a quote.

[EViS]

EViS said:

markmullen said:

EViS said:

rallycross said:

also look out for only having one key, and maybe not having the original service book.

The dealer said that they are waiting for the log-book to come back from the repossessor, but they will have it for me. Why would they not have it already? The car has been on sale by them for 3 weeks now.

If it only has one key, what would the reason(s) be for that?

Usually the V5 doesn't come with a repo so the dealer has to apply for one in his name with a V62, this can take some time.

One key as usually when having their car repo'd the previous owner is not 100% forthcoming and helpful with the bailiffs.

I take it that I should not purchase the car without the dealer first getting the V5 himself?

Anyone able to add some advice about this please?

Edited by EViS on Monday 24th January 13:57

[davidjpowell]

The repo's will be varied between those which have been effectively snatched back, those that needed a court order and some simply been handed back (I suspect that the latter is the majority).

I would have concerns about the maintenance aspect. It may well be that if someone has simply handed the car back after paying 50% it would still be classed as a repo, even though it might be a better car.

[Du1point8]

check they have the master key and log books.

Long as it is HPI clear and the servicing looks full, it should be an issue.

Though you might want to get the dealer/garage to include a full service in the price if you have doubts.

[markmullen]

EViS said:

markmullen said:

EViS said:

rallycross said:

also look out for only having one key, and maybe not having the original service book.

The dealer said that they are waiting for the log-book to come back from the repossessor, but they will have it for me. Why would they not have it already? The car has been on sale by them for 3 weeks now.

If it only has one key, what would the reason(s) be for that?

Usually the V5 doesn't come with a repo so the dealer has to apply for one in his name with a V62, this can take some time.

One key as usually when having their car repo'd the previous owner is not 100% forthcoming and helpful with the bailiffs.

I take it that I should not purchase the car without the dealer first getting the V5 himself?

Should it only come with one key, is there any way to get a second key from a main dealer (Nissan) or would all the locks need to be changed? Any idea of costs involved with either option?

It depends on whether the car is taxed, the V5 means nothing to the ownership of the car, solely who is the registered keeper and hence responsible for taxing it etc. If you bought the car without logbook and it was taxed already then you could fill in a form V62 yourself and get the car put into your name, if it's not taxed then you've got to wait for the V5 to come through to retax the car.

Spare keys are available from dealers but the expense varies a lot depending on the car, some older Italian (mainly) stuff had a master key without which you couldn't get a key cut, lots of modern cars use laser cut key blanks which have to be ordered from the factory and are married to the VIN, most have immobilisers built in to the key which will need coding to the car by a dealer. Costs average £100 or so.

[EViS]

Am I right in understanding that as long as the car is taxed (which it is), I'm not taking any risks by buying it without a V5? Surely I would have handed over money and not had proof that I am the new registered keeper (by receiving the V5 new keeper slip)?

When completing a V62 (which I imagine can be downloaded from the DVLA website?), what details do I need from the previous owner (and would that be the repossessor or the current seller)?

Edited by EViS on Monday 24th January 14:13

[markmullen]

A V62 you don't need any details of the previous RK.

You have nothing to show that you are the registered keeper but that is a separate issue to being the legal owner.

[EViS]

markmullen said:

A V62 you don't need any details of the previous RK.

You have nothing to show that you are the registered keeper but that is a separate issue to being the legal owner.

But when I received the "new keeper slip", does that make me the registered keeper automatically? Or only once DVLA receive the logbook from the previous keeper?

[V8mate]

Bear in mind that DVLA charge £25 to provide a log book in these circumstances. They introduced this specifically to put people off buying cars without documents.

[Rollcage]

The new keeper slip wont trigger anything with DVLA, somebody needs to inform them you are now the RK - this will obviously be either the dealer you buy it from or yourself.

I doubt you can count on any assistance from the previous owner in this instance.

Also, are you saying that there is a new keeper slip, but not the rest of the V5? Thats a little odd, in the circumstances, but not unheard of.