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Looking at buying a car from a dealer. The V5 says the previous owner is a vehicle finance company (HVF ltd - formerly HSBC vehicle finance). Given the dealer has the V5 from the finance company, that presumably means that the finance company has sold the car to the dealer legitimately? I am looking at doing an HPI check, and I know it's only an extra £10 which isn't much compared to the price of the car, but can't help wondering if I'm throwing away good money doing an outstanding finance check, as surely given the finance company was registered as the owner that's not possible (unless they took out finance on it with another company!) as if there was outstanding finance owing they wouldn't have sold it on, and the actual keeper of the car wouldn't have ever had that V5.
Any thoughts?
I would doubt very much that a dealer (although you don't say "main dealer?") would be flogging a car on with outstanding finance...but then it's cars and you never know what the hell they're up to sometimes.
For an extra £10 for peace of mind? Doesn't the HPI also indicate other things in the history of the car though? Might help to have it in the documents when you come to sell it on yourself...
I've never HPI'd a car though, having only bought from main dealers for the last few cars.
For £10 and your own piece of mind I would. As DD says it will be a nice addition to the docs when/if you come to sell on too.
The £10 check only gives you basic info, i.e. has it got finance on it. The one we use at work gives every piece of info available on a car, i.e. has it been stolen, written off, any registration transfers etc.....
PM me and i'll try and help.
For an extra £10 for peace of mind? Doesn't the HPI also indicate other things in the history of the car though?
The HPI does indicate other things, but I can get such a check for ~£6 - checking out the finance history costs another £10. It is a dealer, but he's a bit back street, hence my wariness. I have never bought from such a dealer before - previous cars I've been involved with purchasing have been from a car supermarket, a main dealer, and before that private sales.
The one we use at work gives every piece of info available on a car, i.e. has it been stolen, written off, any registration transfers etc.....
That appears to be the cheap bit, and what I'll definitely be getting anyway - it's actually checking out the outstanding finance which costs rather more. I may be being silly, but I just thought "why would a car which a car finance company has sold have outstanding finance on it?"
It may not be the finance company that's sold it though - I think that's why there's an outstanding finance check in the HPI procedure...in case someone has passed on the car to a dealer who's then flogging it on while a finance company is wondering why the payments have stopped.
I'm just guessing really and probably not being very helpful. It sounds like andydicko up there ? might be more help.
It may not be the finance company that's sold it though - I think that's why there's an outstanding finance check in the HPI procedure...in case someone has passed on the car to a dealer who's then flogging it on while a finance company is wondering why the payments have stopped.
Maybe - but in the normal case where somebody has finance on a car, they'd have it registered in their own name, not the name of the finance company. Also how would the person have got hold of the V5 to sell it when the finance company would surely have held that if it was registered to them? I'm assuming that this car was leased and it has been sold off by the leasing company itself at the end of the lease period - which was at which point I realised a finance check was worthless.
Though clearly I don't actually know enough, and maybe I should just pay the extra £10.
I'd be emailing andydicko 🙂
already done before I wrote my last reply!