You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
I’ve been looking for a about for about 3 months, and finally found what I’ve been looking for, but the advert says
“the finance is coming to an end soon so part of the money will be used to clear the outstanding HPI on the car”
Is this a massive red flag, is there anyway I can protect myself I.e having it in writing that he will clear it, or should just move on and continue my search (the car is nothing special)
Folks buy cars private all the time with remaining hpi. It’s in sellers interest to clear it as it’s his name/address that gets f****d otherwise 🤷♂️
No, it's in the buyers interest ensure the seller clears the HPI first.
If you buy it and they decided to spend the cash on something else, the HPI company can repossess the car.
(If you didn't know the car had HPI, you may be successful in keeping ownership of the car, but you know it has outstanding HPI so that won't work)
The last van I bought came up with outstanding HPI after running one of those online pre-purchase history checks, I called the seller and he cleared the HPI within 24 hours and I was able to contact the HPI company directly and they sent me an email followed up by a letter confirming the loan was cleared and they had no further interest in the vehicle.
I bought a car with outstanding finance. Whilst with the seller, they rang the finance company and asked to settle the loan. They then passed the phone to me and I paid it. I then paid the seller the balance, sorted out a receipt, and job done.
Also sold a motorbike like this as well. Both were financed by Black Horse coincidentally.
As above, I bought a car with finance and just paid it off and then gave the seller the remainder. I figured by paying the finance off myself there was no chance of the seller doing a runner and keeping the extra and not paying the finance.
Yup. I’ve sold cars with finance and buyer cleared the balance then we settled up.
It’s all very instant and you can verify etc online.
In the scenario where you pay the finance, do you sign a contract first.
If not what recourse do you have if after clearing the finance the seller says actually the price has gone up now or sorry the wheels aren’t included.
Bombers, obviously.
I wouldn't personally but a car with finance outstanding, even by settling the balance as posters above. I'm too risk averse and prefer peace of mind.