Used Car with Outstanding Finance

[s-x-i]

I have been looking at a used car as a bit of a weekend toy and have come across one that pretty much fits the bill.

On the advert the owner has stated that there is outstanding finance on the car which I suppose is good that they are being honest.

I have done an HPI check on the car, and in the finance section there are two different finance companies showing.

One is 'Hire Purchase' dated from 09/2022, Term 61. The other is 'Conditional Sale' dated from 07/2021, Term 60.

Does this mean that there are x2 finance companies that have outstanding amounts on this car, or does it just list all previous finance regardless of if its been paid off or not?

[anyoldcardave]

I cannot see one finance company financing a car with an outstanding balance from another, but if there was only one outstanding balance it would not show two.

If there was no outstanding balance it would just show as clear of finance, not details of previous finance, so that seems strange.

Ask the seller, does not sound like he is trying to pull the wool, declaring outstanding finance upfront.

[Auto810graphy]

Do both entries list the VRM and VIN? It is very rare to have two finance interests registered against a car as most funders will not “pay out” for a car if there is an existing interest without at least a letter of clearance.

I have seen examples of stocking loans being incorrectly applied to HPI wheee the stocking expired at 90-120 days but the market has been set to 60 months etc. This would have potentially passed payout as a letter of clearance would have been issued.

The best thing to do is call both companies in the morning and ask if they hold an interest in the vehicle?

If it gets sorted I would also ensure you have a current valid settlement figure when you purchase the car and that you pay the finance company directly.

[s-x-i]

Called the finance companies listed on the HPI check and only one has an interest in the car.

Thanks for the replies.