Finance outstanding on car at dealer
Discussion
Hi all, quick legit check pls.
Looking to buy a £60k car that’s up with a dealer and HPI check shows outstanding finance, raised this with the sales person and was told it would be cleared once funds were transferred. However, I’m now thinking it’s a SOR type thing and they haven’t been up front about this nor the outstanding finance.
Just wanted to get the PH collective thoughts on this, am I being too suspicious or would it be prudent to pay the finance co directly at point of sale?
Cheers
Looking to buy a £60k car that’s up with a dealer and HPI check shows outstanding finance, raised this with the sales person and was told it would be cleared once funds were transferred. However, I’m now thinking it’s a SOR type thing and they haven’t been up front about this nor the outstanding finance.
Just wanted to get the PH collective thoughts on this, am I being too suspicious or would it be prudent to pay the finance co directly at point of sale?
Cheers
Ok fair enough, puts my mind at rest. Finance co said it was an “operating lease” so I guess stocking finance is what it is and everything’s legit. It’s just they put doubt in my head saying they owned the vehicle and if the payments weren’t made then they could repossess.
Not brought a car with stocking finance/operating lease before. It’s a small trader only recently in business, so just checking if I can protect myself.
Not brought a car with stocking finance/operating lease before. It’s a small trader only recently in business, so just checking if I can protect myself.
Edited by GaryG182 on Friday 13th September 12:41
GaryG182 said:
Ok fair enough, puts my mind at rest. Finance co said it was an “operating lease” so I guess stocking finance is what it is and everything’s legit. It’s just they put doubt in my head saying they owned the vehicle and if the payments weren’t made then they could repossess.
Not brought a car with stocking finance/operating lease before. It’s a small trader only recently in business, so just checking if I can protect myself.
Pay a chunk on a credit card. That is your best protection. Not brought a car with stocking finance/operating lease before. It’s a small trader only recently in business, so just checking if I can protect myself.
Edited by GaryG182 on Friday 13th September 12:41
GaryG182 said:
Hi all, quick legit check pls.
Looking to buy a £60k car that’s up with a dealer and HPI check shows outstanding finance, raised this with the sales person and was told it would be cleared once funds were transferred. However, I’m now thinking it’s a SOR type thing and they haven’t been up front about this nor the outstanding finance.
Just wanted to get the PH collective thoughts on this, am I being too suspicious or would it be prudent to pay the finance co directly at point of sale?
Cheers
Afaik some dealers will just leave the finance until next person buys the car. Bit piss poor if you ask me as if I traded in a car I'd expect them to clear the finance on that with the money I paid for the new one.Looking to buy a £60k car that’s up with a dealer and HPI check shows outstanding finance, raised this with the sales person and was told it would be cleared once funds were transferred. However, I’m now thinking it’s a SOR type thing and they haven’t been up front about this nor the outstanding finance.
Just wanted to get the PH collective thoughts on this, am I being too suspicious or would it be prudent to pay the finance co directly at point of sale?
Cheers
As for you buying their car I'd just make sure you are there when they clear the finance. Slightly tin foil hat though as a respectable dealer should be "trusted" to clear it imho.
TX.
Terminator X said:
Afaik some dealers will just leave the finance until next person buys the car. Bit piss poor if you ask me as if I traded in a car I'd expect them to clear the finance on that with the money I paid for the new one.
As for you buying their car I'd just make sure you are there when they clear the finance. Slightly tin foil hat though as a respectable dealer should be "trusted" to clear it imho.
TX.
Most dealers will clear all the finance, you can’t just clear part as the customer is still liable for payments.As for you buying their car I'd just make sure you are there when they clear the finance. Slightly tin foil hat though as a respectable dealer should be "trusted" to clear it imho.
TX.
OP, do an HPI check and see when the finance was added. It will normally show as a 90-180 day agreement if its stock funding. Operating lease makes it sound more like SOR.
2 sMoKiN bArReLs said:
vikingaero said:
It could also be dealer stocking finance.
This is a very likely scenario.
You won't be able to pay off stocking finance directly. That's not how it works.
If it is stocking finance I wouldn't worry too much about it as the liability is with the dealer. It's very, very common and the majority of dealers will have some cars on stocking finance including glass palace franchised ones.
If it is some sort of more "regular" finance that's different and would need further investigation.
If it is stocking finance I wouldn't worry too much about it as the liability is with the dealer. It's very, very common and the majority of dealers will have some cars on stocking finance including glass palace franchised ones.
If it is some sort of more "regular" finance that's different and would need further investigation.
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