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Friday, 21 October Picture this. You buy a used car and pay cash to the seller. What happens? So what can you do about it?
You may have not realised it, but the second-hand car you recently purchased could have been sold to you with outstanding finance on it. The process to claim back your losses after being sold a car with outstanding finance is relatively straightforward, but could take between one to six months, depending on the particulars of your case. Your solicitor will do most of the work for you and only require for you to physically present on one occasion at the court hearing, if it ever gets that far. This way your solicitor can ensure that the process causes you as little disruption as possible.
If you aim to manage the process yourself without the legal support from experienced solicitors you may find the process taking significantly longer and more of your time will be required. Many people buy cars on finance to spread the cost of the purchase. Until the final payment on the purchase agreement is made, the finance company are still the registered owners of that vehicle. That means that if you buy a car with outstanding finance still on it, the finance company can reclaim the car from you without any obligation to give you a refund.
Buying a car that has finance owing is very unfortunate. Luckily though, you do have rights. Even if you failed to use an HPI check to see if the vehicle had outstanding finance, you can still make a claim. Making a claim will make sure you get to either keep the vehicle with official ownership, or claim full compensation of the payment you made if the vehicle has been repossessed.
Our expert solicitors have never lost a hire purchase case and can help you win yours too. We understand the frustration these types of cases can cause and are here to support you through every stage. What does HPI stand for? The abbreviation HPI is most often used by people who are thinking of purchasing, or have recently purchased a second-hand car. The driver has a hire purchase agreement in place that has not yet ended.
What is a Hire Purchase Agreement? A Hire Purchase Agreement allows the driver to pay either nothing or a relatively low deposit to start driving the vehicle. They will then continue to pay the finance company a fixed fee on a monthly basis until the hire purchase agreement ends. You can then speak to the finance company and confirm this figure with them.
The leftover finance should then be paid off directly to the company responsible, either by card or post, and any remainder of the original purchase price paid off to the owner.
If the settlement figure is greater than the asking price, then both you and the seller should pay the finance company together.
Alternatively the owner can settle the finance in full, which you still need to confirm with the company, then you can buy the car. Once everything has been processed then the company should automatically remove the record of finance against the vehicle.
Do not, in any circumstances, pay the full amount for the car with the 'understanding' that the seller will later pay off the finance because there's every chance that they could take all the money and not pay the finance, leaving you in a difficult situation. Lastly, if you're not happy with any arrangement or feel uneasy about buying the car, don't be afraid to walk away. Used car buyers should carry out a car registration check before buying any car in order to make sure it hasn't been involved in an accident, stolen, or is subject to outstanding finance.
Even if no finance record is shown a car can still have money owned against it and a car check will offer insurance and protection against this.
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