Porsche specialist in Court on fraud charge Dec 9th

[mike58]

A Porsche specialist is due up in court on fraud charges Dec 9th. Allegedly selling many cars with finance on.
Anyone know of a Porsche specialist in Skipton ??
Could it be connected ?? http://www.cravenherald.co.uk/news/8916173.Porsche...

[IMI A]

Speechless!

[marky911]

Well I never!!

Always had him up there with the better Porsche specialists. Just goes to show, you never know who you're dealing with.

[David Hype]

Not difficult to Google this one...

[Beaky59]

That’s why its always worth having a car independently HPI’d – it only cost something like £17!

[BertBert]

I don't think dealer finance turns up on HPI.

[marky911]

BertBert said:

I don't think dealer finance turns up on HPI.

Genuinely interested here Bert. Does that mean dealers actually have finance tied to a reg on their stock? I thought they'd just have a general loan/overdraft that wasn't tied to a reg like car finance.

If they do, I've just learned something very important!

[POORCARDEALER]

A stocking loan will usually show up on HPi....edited to add yes each car is individually financed.

Edited by POORCARDEALER on Friday 2nd December 21:43

[David Hype]

What about those that offer a `sale or return` service.

I know that Henry has been going on about the dangers of offering your P&J for sale on this basis many times

Henry!

[Pesty]

marky911 said:

Well I never!!

Always had him up there with the better Porsche specialists. Just goes to show, you never know who you're dealing with.

Always had some very nice cars in. often drooled over the stock on line.

[isleofthorns]

From my understanding, if you give your car SOR, you're effectively giving the dealer the implicit authority to sell your car. If they agree a deal and take payment, title can be deemed to have passed to the new owner, irrespective of whether the dealer then pays you for the car - you are a creditor to the dealer. You'd like to think dealers would operate a ring-fenced client account; I'm sure a few do, but I reckon more than a few see it as a attractive source of cashflow!

don't know or have never dealt with the dealer mentioned and have no clue if anything of any actual substance is behind the thread.

[Wozy68]

Gobsmacked.

That's basically the end of his business if true. Would anyone here buy a car from the guy now knowing the way he runs his business?

I was seriously considering to go and have a look at an SSE he's got for sale. However (maybe thankfully for me) he never answered his phone when I rang.

[marky911]

POORCARDEALER said:

A stocking loan will usually show up on HPi....edited to add yes each car is individually financed.

Edited by POORCARDEALER on Friday 2nd December 21:43

OK thanks, I never knew that. That's me teached.

To be fair to the people that bought from him, if a dealer comes recommended or has been around for a long time, or both, you could be forgiven for not getting an HPI done. I always would but, you go to a dealer for peace of mind so I can see why people may not.
You know a dealer would HPI the car on taking it in and you don't expect the dealer to be the one with the outstanding finance on it. At least I didn't until tonight.

There's two sides to every story though, although it doesn't look great for Mr.Lockyear. I hope the customer gets some form of refund. Nightmare scenario.

[Pesty]

Ive bought a car from a dealer where he has shown me a HPI from when he aquired it.

If I have understood this thread correctly he could have taken finance on the car so the HPI check meant not that much?

[Bill Stein]

Pesty said:

Ive bought a car from a dealer where he has shown me a HPI from when he bought it.

If I have understood this thread correctly he could have taken finance on the car so the HPI check meant not that much?

This is staggering. So am i correct in saying that a dealer can buy a car that's HPI clear, then get a bank loan against that car, and sell it on and the buyer takes the hit ?
Surely that can't be ?

[marky911]

So it would seem Pesty/Bill Stein and I'm genuinely supprised.

Like I say I thought it was only private punters that got tied to a reg number via finance, not dealers.

You live and learn eh...

ETA - I still didn't think it worked like that mind but..

Edited by marky911 on Friday 2nd December 23:56

[Pesty]

To be honest Im a little confused as to what has actually happend.

Too many big legalish words being used

Can anbody do a simple version of what has happened for the hard of thinking like me?

[mike58]

He is/was reputable, what went wrong??
I know not all cars had outstanding finance that he sold, mine did, less than 2% but many more had big money owed on them.

[Bill Stein]

marky911 said:

So it would seem Pesty/Bill Stein and I'm genuinely supprised.

Like I say I thought it was only private punters that got tied to a reg number via finance, not dealers.

You live and learn eh...

ETA - I still didn't think it worked like that mind but..

Edited by marky911 on Friday 2nd December 23:56

So the only way to be sure is to ask the dealer what outstanding loans he/his business has with the bank and to show proof of the assets he has used to obtain the loan/s against.
Scary st that!!

[cragswinter]

There was a local dealer up here that was pulling this scam, the worrying thing was he only got found out a good few years down the line.

Strangely I was talking with another forum member about this a couple of months ago, he got his all sorted out by the person in question but I mentioned it only the begining of this week to someone else on here that it might have been of interest to.

It's a small world