adamnreeves Posted February 20, 2009 Posted February 20, 2009 Found a car last weekend that I wish to buy. (seen my other thread? not having much luck with this) Placed a deposit to hold for three days and then started sorting out the finance. Dealer wanted 10% to hold for longer and this coincided with the required for the finance so I paid this also. Aim was to pick the car up tomorrow. Finance company called me to say that the car is showing existing finance on the car! Questioned the dealer about this and he told me that the car is ex-lease and they are selling from them and therefore clear off all the finance once my finance company have paid them. Is this normal? My understanding is that if the first finance company arent paid they still legally own the car and therefore can come and collect it and I and my finance company lose out. I was told the best time to buy a car is know whilst in a recession but to me it seems like dealers are cutting corners, trying to reduce cash flow requirements, etc. Quote
Mark Stanton Posted February 20, 2009 Posted February 20, 2009 didn't think a finance company would provide funds on a car with outstanding finance by a.n. other regardless of private or company deal Surely original finance deal by previous owners needs to be settled in full, before they have legal ownership in order to sell onto you. whilst under a financial agreement the car is owned by the finance company until the debt is settled in full which must be done before selling on. The vendors in this case currently do not have full legal ownership in order to sell on - they could possibly bank your cheque and not settle original finance agreement leaving you in deep brown stuff You don't seem to be having much luck of late Perhaps Jeff C has Audi's available Quote
adamnreeves Posted February 20, 2009 Author Posted February 20, 2009 That's my understanding also but I am not wise to the internal workings of dealers and finance etc. Luck, phew. Something else I have paid for and not getting.. I had a header tank fabricated to that I can finish off my coolant system. Was supposed to turn up on Wednesday. Called up and told that the tank was sent off to the powder coaters. Power coaters not far from the fabricators. He went round there and they appeared to be closed, erm, noooo. I am half expecting that the powder coaters have gone bust! So in summary I do not need to collect a car tomorrow and therefore have some time on my hands to work on my coolant system but missing the bits to complete it! Edited: If this deal falls through then I might contact him. Silly thing is I started out looking for a BMW 330i because I had one before and I really miss it but saw this Audi Quattro 2.0TFSI SLine and thought performance not as good as the BMW330i but never owned an Audi, fancied a change and years ago owner a 4x4 and loved the traction it had. Could not find a similiar specd Audi had a little look at the 2005- BMW330i and saw that it is actually up from 231BHP to 258BHP and better fuel consumption and re-convinced myself that's what I wanted. Must get the Westfield on road then I wont car what the daily driver is! Quote
Mark Stanton Posted February 20, 2009 Posted February 20, 2009 If your finance company have called to say the car is still subject to a finance agreement then looks like they have "reservations" regardless of whether company or private agreement No car collection + no bits for Westfield = an afternoon down the pub putting world to rights Quote
cliveboy8 Posted February 20, 2009 Posted February 20, 2009 Adam, Mark has summed it up well in his first reply. Its all about title to the goods. At the moment it looks like another finance company have title to the car although it is in the possession of the motor dealer. Your finance company (if it is a hire purchase or leasing agreement) will need to take title to the car to make your agreement legally binding. They (your finance company) will take title by way of an invoice raised by the dealer. As the dealer has not got clear title to the car he cannot pass title to your finance company. Any reputable dealer would and should settle any outstanding finance when they buy a car in. If they are unable to do it I would be questioning there cash flow and financial stability. Quote
Asterix Posted February 20, 2009 Posted February 20, 2009 When I bought my motorhome I got a hpi check done. It showed o/s finance. I was told by someone independant that it was the dealers finance showing and that would clear at the point of sale. It did. YMMV. Good luck. Quote
adamnreeves Posted February 21, 2009 Author Posted February 21, 2009 Thanks for clarification on this chaps. This is what I thought, just when I spoke to the dealer yesterday, he came across as if the finance company were making a big deal about it, my response to him, "looks like my finance company made a good call I trust you will clear the existing finance off the vehicle now." He said yes but he said clearing it off after is normal practice for them. Quote
samcooke Posted February 21, 2009 Posted February 21, 2009 QUOTE I was told by someone independant that it was the dealers finance showing and that would clear at the point of sale. When I were a car salesman all our stock was financed (on 'funding' they used to call it) but that didn't show on HPI. QUOTE He said yes but he said clearing it off after is normal practice for them. So the lease company give the car to the dealer before they've paid for it? Odd. Quote
JeffC Posted February 21, 2009 Posted February 21, 2009 Adam I wouldnt worry it happens a lot, can take up to 3 weeks to show as clear on the finance register once the cheque has been paid ,can be a pain in the when you are selling cars, I have this problem quite a bit when im trying to finance a car for a customer Im not so sure on the bit that they are selling the car on behalf of the company as allready mentioned if the car has finance outstanding the finance co actually owns the car and it aint the dealers car to sell you may be in catch 22 as you cant finance a car that has finance allready outstanding so the outstanding will need to be cleared first iyswim Quote
adamnreeves Posted February 21, 2009 Author Posted February 21, 2009 Cheers Jeff. The dealer called me today, makes a change. Anyway, he is telling me that they are clearing the finance on Monday and obtaining a settlement letter via fax and they are faxing this over to my finance company. Still I find it strange that they said I can pick it up on Saturday knowing the that HPI was not clear. They also state that every car they sell has been HPI, 120 point inspection check, etc. Quote
JeffC Posted February 21, 2009 Posted February 21, 2009 Cheers Jeff. The dealer called me today, makes a change. Anyway, he is telling me that they are clearing the finance on Monday and obtaining a settlement letter via fax and they are faxing this over to my finance company. Still I find it strange that they said I can pick it up on Saturday knowing the that HPI was not clear. They also state that every car they sell has been HPI, 120 point inspection check, etc. used car salesmen, I wouldnt believe a word they say Quote
Guest Posted February 21, 2009 Posted February 21, 2009 while we are on the subject of cars Jeff , that Range rover sport we were delving into a month ago was a wrongun , they currently have a man in custody suspecting him of a massive theft and fraud setup , apparently being able to print exact copies of V5's its an ongoing investigation , and when we checked everything on the RR it all checked out , HPI said it was completely legit but theyhad one small issue over the V5 issue date and theefore woldn't give their 30k gaurantee.... on another not , what do you think of this .. http://www.pistonheads.com/sales/899697.htm slightly high price for the car but the work would be expensive to have done ,so its maybe not that bad .... what are high mile quattro 3.0ltr dismals like ? Quote
adamnreeves Posted March 1, 2009 Author Posted March 1, 2009 I have my car at last. But.. see my next new post. Quote
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