GroupNGC8

iTrader: (1)

My fiancee bought a car about 18months ago and had 3 years finance. She now wants to trade it in.
She's been to 2 separate main dealerships (one Saab & one Volvo) and both have run Hpi checks on our car.
BOTH dealerships reports show the car to be clear of any finance even though we know that there is money outstanding on the car!!

We have been honest to both dealerships and explained the outstanding finance but has anyone else had a wrong HPi report?

Cheers
Rob

dynamix

iTrader: (3)

some finance companies dont record the finance on HPI as they are effectively personal loans and do not entitle them to "Good Title" of the vehicle.

Reffro

If she got the finance through a dealer I'm betting its a 'car' personal loan.

Easier to get approved on now, as the loan is to you personally and is not HP. Therefore you have to pay back all the money, and cannot use the 50% paid rule to simply hand a car back to the finance company.

Especially used to finance people who are carrying over existing borrowings, when the previous car isn't worth the outstanding loan amount.