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Some advice on finance needed please.

Discussion in 'General Chat' started by matt_white88, Sep 29, 2013.

  1. matt_white88
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    matt_white88 Member

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    Hi All,

    I purchased a second hand car from an independent dealer a few years ago. When buying the car the dealer showed me a HPI report and it was all clear. I sorted out some finance with a online company and they too HPI checked the car and said it was clear.

    Last week I went to Audi to look at part exchanging my car and they HPI checked it and the HPI report was showing two lots of finance on it. One was mine and the other one was taken out on the car about a year before I purchased it. I told him I was shocked as it was all HPI checked when I purchased it. The guy at Audi rang the first finance company and he said they still have an interest in the car. They guy told me its down to the 2 finance companies to fight it out but legally the car is the first finance companies and the blame is on my financing company for not doing their checks properly. He told me there is 2 solutions:

    Solution 1 - We don't how at this stage how much the first finance company are owed but my finance company could pay them off and tell me to carry on with the rest of my finance agreement.

    Solution 2 - The first finance company come and take my car and then I can stop my finance agreement and try to recover all monies I have paid to them over the last two years.

    Know I want to know which is the most likely solution? Solution 2 is the best for me as Audi were offering me less then my settlement figure, could I insist on solution 2?

    Any help much appreciated!
    #1
  2. voorhees
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    voorhees Moderator Staff Member Moderator

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  3. matt_white88
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    matt_white88 Member

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    Thanks for the reply voorhees, having read it, it does not say when two finance companies own the car. I could take the dealer to court if i paid cash but as it was on finance I take it that means I take the finance company to court instead?
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  4. voorhees
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    voorhees Moderator Staff Member Moderator

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    Have you still got the HPI check in your possession ? That would be the key.
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  5. matt_white88
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    matt_white88 Member

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    I don't have the dealer one just the invoice when I brought the car. The finance company said they also HPI checked the car but they never sent me a copy.
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  6. voorhees
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    voorhees Moderator Staff Member Moderator

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    TBH I never did see the HPI report on my Audi but it was from an Audi dealership so I guessed it'd be above water.

    I think its best to ring citzens advice to get the current law rather than second hand advice,I have a 24 hour legal helpline with my union which is helpful if your in one are you ?
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  7. NHN
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    NHN Modmetractor Site Sponsor

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    They would never have allowed finance if HPI was still outstanding on the vehicle, so your finance company has made the mistake in its checks & thus caused you to go ahead with the purchase, they are liable IMHO & they need to address this at 1st point, I don't think you have much to worry about as logic & common sense should prevail who made the mistakes.
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  8. matt_white88
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    matt_white88 Member

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    Voorhees I am in a union but will give the finance company a call in the morning and see what they have to say as when I rang on Saturday the department I wanted to speak to was closed.

    NHN thanks for the advice and hopefully common sense does prevail.
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  9. jojo
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    jojo S3 Drift King! Staff Member Moderator

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    Sounds messed up! Hope it's a quick fix, and doesn't drag on... Good luck!
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  10. matt_white88
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    matt_white88 Member

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    Update - I spoke to the dealer earlier who sold me the car. He has spoken to the previous owner who apparently did not know the was finance attached to the car, he thought it was a personal loan. Anyway he has agreed to pay that off later.

    In the meantime I will speak to citizens advice or the financial ombudsmen to see if I can push for some sort of compensation from my finance company.
    #10
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  11. tom2
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    tom2 Member

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    If I were you I would put all the paperwork you have together and send a copy of the lot to the financial ombudsmen with a covering letter and sort it through them. I'd stop paying the finance too as the car will never belong to you as it wasn't the dealers car to sell to you in the first place
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  12. matt_white88
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    matt_white88 Member

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    Good news the previous owner has paid off the finance they had on the car.

    Tom2 I did speak to the financial ombudsmen about getting some sufficient compensation out of my finance company. They said that I have to write to my finance company first. Then if I am not happy with their answer I can ask the ombudsmen to step in.
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  13. chrismurray
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    chrismurray New Member

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    Probably a bit late, but for future reference it is actually the supplying dealers responsibility to make sure that any car they sell is clear from finance before they release the vehicle so it would actually be them you would need to speak to and they would be liable for all costs including out of pocket costs to yourself. I have over 20 years main dealer experience especially in selling finance and making sure cars are clear of this before sale.
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