Buying a Car with a HP Agreement

S

susie1

Registered User
Messages
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i paid a deposit on a car (250e) and the seller told me there was no outstanding finance on it. i checked it out and motorcheck.ie says there is a hp agreement on the car. it doesn't say which bank it is with, so could it be that the database hasn't been updated and the finance is clear? seller says he did not have finance so it could be from a previous owner.

i will contact him tomorrow, any info welcome
 
mathepac said:
If there is finance outstanding, the car isn't his to sell. It belongs to a finance company.
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i understand that, but the fact the check doesn't list the finance co. would it be possible there is no finance and the system hasn't been updated.
 
i understand that, but the fact the check doesn't list the finance co.
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Maybe they dont list the finance co in all cases. If I were you, I'd verify the information rather than taking the sellers word for it.

You could also try asking the seller why motorcheck are listing it as having finance outstanding and ask him which financial institution he got his car loan from - you could then check directly with the financial institution.
 
Motorcheck phoned the bank in question who state there is still finance from the previous owner.
Seller maintains he has a letter from the bank saying there is nothing outstanding on the car - he will fax this to me. He seems to believe the car was repossesed and then sold to him.
If the bank confirm this is the situation, could i proceed with the purchase.

also, if a bank reposess a car, does it transfer ownership into their name before they can sell it on, therefore increasing the number of owners on the logbook.
 
There's thousands of used cars for sale. Why bother with this one? Remember you'll be having the same discussion with the prospective buyer if you try to sell it. Let the seller do all the running round to sort it out with Motorcheck first.

SSE
 
ok, after talking with the bank, they confirmed the asset is cleared but he advised me not to buy the car as it was very badly crashed before. he couldn't say anymore but said to look elsewhere, he will get the hpi cleared.

after that chat, i'll leave it.
 
Shouldn't Motorcheck have alerted you to the crash damage? A half decent mechanic should have spotted it too.
 
RS2K said:
Shouldn't Motorcheck have alerted you to the crash damage? A half decent mechanic should have spotted it too.
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i think it would only be recorded with them if it was a write off, which it wasn't.

the bank guy said to get the likes of AA to suss it out if i was going to take it.
 

who told you the car was badly crashed? bank or seller?
 
Just walk away and find another car with no outstanding finance on it. The market is flooded with good used cars.
 
It'd be disconcerting if a data check could not identify a damaged car that a bank could.
 
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