Private used car, outstanding finance...

[DaveCWK]

Hi All,

I was planning on collecting a car tomorrow, just run a HPI check & it's showing as outstanding finance.
The seller has shown me a settlements letter from the finance company, dated over 1 week ago, that states they no longer have a financial interest in the car.

I just wanted to double check as I've never purchased a car with outstanding finance before - Is this normal practice for the HPI to not update that quickly, & is there anything I need to be aware of/any additional checks I should do?

[kiethton]

For your peace of mind I’d be calling the finance company noted on HPI to get confirmation that they have no financial interest in the car before transferring any £ to the vendor.

[Wheel_Turned_Out]

DaveCWK said:

Hi All,

I was planning on collecting a car tomorrow, just run a HPI check & it's showing as outstanding finance.
The seller has shown me a settlements letter from the finance company, dated over 1 week ago, that states they no longer have a financial interest in the car.

I just wanted to double check as I've never purchased a car with outstanding finance before - Is this normal practice for the HPI to not update that quickly, & is there anything I need to be aware of/any additional checks I should do?

I think it taking up to a couple of weeks is fairly normal. If you want peace of mind, a phonecall to the finance company themselves just to clarify wouldn't go amiss. Even better if you can get it in writing via an email/letter, one addressed to you rather than the seller's one. For the "just in case" security.

Edit- beaten to it above.

[Fady]

Wheel_Turned_Out said:

DaveCWK said:

Hi All,

I was planning on collecting a car tomorrow, just run a HPI check & it's showing as outstanding finance.
The seller has shown me a settlements letter from the finance company, dated over 1 week ago, that states they no longer have a financial interest in the car.

I just wanted to double check as I've never purchased a car with outstanding finance before - Is this normal practice for the HPI to not update that quickly, & is there anything I need to be aware of/any additional checks I should do?

I think it taking up to a couple of weeks is fairly normal. If you want peace of mind, a phonecall to the finance company themselves just to clarify wouldn't go amiss. Even better if you can get it in writing via an email/letter, one addressed to you rather than the seller's one. For the "just in case" security.

Edit- beaten to it above.

Out of curiosity - would they be contactible on a Saturday?

[Wheel_Turned_Out]

Fady said:

Out of curiosity - would they be contactible on a Saturday?

Depends on the company in question. I would have thought most finance companies are contactable seven days a week now.

[esuuv]

I bought a car in the summer with outstanding finance.

Seller settled, i collected car - took about 10 days before the HPI showed it as clear even though VWFS confirmed they had no financial interest anymore.

[robsco]

It does take some time to come off HPI or Experian, usually around 10-14 days in my experience. As others have advised, a quick phone call to confirm the clearance is genuine would be the best thing.