HPI check?

[tlovatt]

"The Sheriffs Are Coming" type programmes do HPI checks. If a vehicle is found to be on finance they can't take it "because it belongs to the finance company". Sometimes the Sheriffs repossess cars on the behalf of finance companies. I did hear of a case where a guy bought a car in good faith which was under finance and he was allowed to keep it. I can't remember any other details though.

But that is a different situation, they can not repossess property belonging to someone else, but when you buy a car in good faith, the seller is representing that they are the owner of the car and the law seeks to provide some protection to the innocent buyer hence the sale would need to for a valid disposition under HPA '64

 

[Robotstar5]

Many years ago I bought a Range Rover from a 4x4 sales company, had an RAC inspection and all was OK until I first taxed it 6 months later. Shortly after I get a visit from WMP stolen vehicle squad telling me the vehicle was stolen and belonged to the insurance company that had paid out on it . On the advice of my insurance company I had it valued (£6k) and they sent the report to the other company who responded that as it was now worth 6 times what they had paid out there obviously wasn't much of their vehicle left, but for £1k I could buy the original registration number off them . My insurance company said they were trying it on and advised me to turn down their kind offer which I did. Never heard anything more, ran the RR for a few years and sold it without any problems

 

[Kent]

If you bought it "in good faith" it can't be repossessed.

Not correct it's about the fractional amount paid. After a certain percentage of the loan is payed it cannot just be repossessed without a court order. Other than that even if it's been sold on to an unsespecting fool it can be. This BTW is professional personal Knowledge from a good few years ago ( I doubt it's changed as it's about legal ownership)

 

[B20]

Thank you for all your comments.
Have gone with "Hpicheck" at £15.99 (£4 discount)
Car report say all clear So fingers Crossed!!!

 

[brightspark]

ive just been reading up on a few stories and one that interested me was log book loans, be very careful that there are no loans against any car you buy, apparently these loan sharks use an old law to do business in that when you get the loan and sign for it you are actually signing a bill of sale for the car, so the loan company own the car and if the owner defaults on payment they simply go round and collect the car that they already own and nothing can be done about it.

nothing like an entrepreneur with business sense

 

[Mee]

Not correct it's about the fractional amount paid. After a certain percentage of the loan is payed it cannot just be repossessed without a court order. Other than that even if it's been sold on to an unsespecting fool it can be. This BTW is professional personal Knowledge from a good few years ago ( I doubt it's changed as it's about legal ownership)

Currently 75% or more, but you will never get credit again if you do it.

 

[Pete.]

The first car I ever bought on finance was a 3 yr old Fiesta, bought from a large multi-branch dealer. Went on holiday soon after buying it and got a call from home saying that is was owned by a finance company who wanted it back because the previous owner had part-exchanged it without paying up the balance. I told them it was dealer bought and they said fine, keep the car and we'll go chasing the previous owner for the money. Whether that meant the dealer or the woman who chopped it in I don't know. This was in 1991 IIRC.

 

[Mee]

More chance of getting the money out of the dealer and they always like the cheapest and easiest option.

 

[Kent]

Currently 75% or more, but you will never get credit again if you do it.

It's not a recommendation but even an ex bankrupt can get credit again after a time has passed and they are Solvent again

 

[colnerov]

The first car I ever bought on finance was a 3 yr old Fiesta, bought from a large multi-branch dealer. Went on holiday soon after buying it and got a call from home saying that is was owned by a finance company who wanted it back because the previous owner had part-exchanged it without paying up the balance. I told them it was dealer bought and they said fine, keep the car and we'll go chasing the previous owner for the money. Whether that meant the dealer or the woman who chopped it in I don't know. This was in 1991 IIRC.

Hi, Yes any traders or dealers in the line will be jointly responsible for the arrears, Because they had access to better HPI checks which the general public didn't have (at that time).

Colin