Was browsing through some ads on autotrader and found an "SE" that i would P/X my current d3 for. i did a HPI check on it and it came back with VRM currently recorded as having outstanding finance. Does that mean the registration, i.e private plate to original costs or is it in fact the actual vehicle itself? Car is at a dealers, couldnt be a clone could it?
Any ideas? Im having one of those mornings
Wil where theres a wil theres a way!
Series 3
V8 110 CSW
300tdi 110 csw
TD5 DCPU
26th Feb 2011 2:11 pm
MacLeod 313
Member Since: 18 Apr 2008
Location: away
Posts: 10723
Alot a vehicles have this against them, normal practice is that if you were seriously thinking of buying is to approach the seller and ask for an explanation.
In most cases its simply the owner selling on and will clear the outstanding debt with the finance company, however, never trust them to do this themselves, I would always ask for the Finance Companys details to enter discussion with them to pay them the outsatanding balance, and the seller the difference.
Hmm, well it's at a dealers and I was thinking of p/x ing, only problem is... They are otherside of the country! Would the dealer and finance company be able to sort it same day? As I would have to travel up and buy same day if it were possible and there were no issues with the car.where theres a wil theres a way!
Series 3
V8 110 CSW
300tdi 110 csw
TD5 DCPU
26th Feb 2011 3:17 pm
hgrimmett
Member Since: 11 Oct 2009
Location: Bledlow
Posts: 901
I don't think that the fact there is finance outstanding is necessarily a sign that the vehicle is cloned. What you must absolutely do is check everything you can to make sure that the vehicle you are looking at is actually the one you are doing the search on:
Check VIN and that there has been no tampering
Check for postcodes and dealer info on the registration plates, just a LR logo and nothing else is a big clue etc.
Check the V5 and ensure it looks like it has been dot-matrix printed and not done with a typewriter
Check the V5 document refernce has not been tampered with - the one on the top right of the front cover.
This isn't an exhaustive list but it's a list of the things I should have noticed!
It is possible, if the vehicle is cloned, that there is finance outstanding on the donor vehicle but not the one you are actualy buying and vice versa. Generally the HPi check is useless in telling you whether the car is cloned or not unless the mileage is so out as to be unbelieveable or the cloner has mabe some very basic errors.-------------------------------------------------------------------
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Also, be aware that HPI won't protect you against cloning if you pay more than 3K in cash.____
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26th Feb 2011 4:13 pm
DSL Keeper of the wheelie bin
Member Since: 11 May 2006
Location: Off again! :-)
Posts: 73075
If in doubt walk! Plenty (well a few) more fish in the sea.
26th Feb 2011 4:18 pm
hotrocks
Member Since: 05 Jan 2010
Location: England
Posts: 467
I often sell me vehicle with a bit of finance outstanding, the last D2 I sold to a forum member, there is nothing wrong with doing this as long as you set it up right. The key is to pay the finance company direct by debit card over the phone on the day of purchase. The finance companies treat this as cash and will confirm clear title over the phone on payment of the outstanding balance and send you a letter to confirm.
I have never had a problem doing this...
26th Feb 2011 10:25 pm
BCP
Member Since: 25 May 2005
Location: East Scotland
Posts: 1471
Im going to call the finance company up tomorrow and see what the score is. one thing i did see is on the advert pictures it has 7 seats and the HPI says that it has 5 seats, i know that some people retro fit things could this be possibly that?
Im also going to ask for vin details etc for the hpi to check too. It is at a dealers so i am a little confident but i am keeping my wits about me as i would rather keep current d3 than to loose both.
Going off subject here but if it does turn out to be dodgy, how difficult would it be to fit a gearbox off a salvage vehicle? and what would be involved? i would be looking at getting an MSV2 too to help of course.
Cheers wilwhere theres a wil theres a way!
Series 3
V8 110 CSW
300tdi 110 csw
TD5 DCPU
27th Feb 2011 6:12 pm
Gazellio
Member Since: 08 Jan 2011
Location: Chilterns
Posts: 4130
About 25% of all vehicles I buy have finance against them when HPI checking. It's really very normal as that's how some peeps are able to buy them.
Just ensure that the HPI finance record is clear before you complete. In most cases paying the finance Company direct will be the quickest. They will be happy to confirm finance clear once paid.
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