buying a car that has hp on the hpi

stewy123 · 23rd September 2007, 20:00

Just won a car on ebay done the hpi and its showing up as on a 48 month agreement with bank of scotland, the chap has confirmed he will settle when i buy it, its a black type r gt 07 plate,any advice please

FWH · 23rd September 2007, 20:03

Don´t know how it works in the UK but over here you can be left with having to pay the car and the old finance.

cylon2007 · 23rd September 2007, 20:39

Insist he settles it BEFORE you buy the car otherwise walk away.

Brodick · 23rd September 2007, 20:48

Never bought a second hand car
But I would say tread very very carefully I would say that the seller has to pay any outstanding finance off before you pay him ( although he probably needs most of the money you are going to give him to do this) so it is a tricky situation speak to the citizens advice people or someone like them
before you give this guy thousands of pounds

Luciddestiny · 23rd September 2007, 22:20

Quote:

Originally Posted by stewy123

Just won a car on ebay done the hpi and its showing up as on a 48 month agreement with bank of scotland, the chap has confirmed he will settle when i buy it, its a black type r gt 07 plate,any advice please

Are you paying more then the HPI? If so you can pay the seller the difference and send the cheque to the finance company yourself...

TTDegs · 24th September 2007, 13:17

make sure you get hold of a recent settlement quote, not just the outstanding balance.

settlements can have extra charges lumped in - particularily if settling this soon into the loan.

TYPE R NUTTER · 24th September 2007, 16:33

You must make sure he pays off the finance before you buy it.Insist that he gets it in writing that he has paid the finance off.IF NOT WALK AWAY FROM THE DEAL

civie · 24th September 2007, 19:14

To the best of my knowledge its illegal to sell or advertise a car that dont belong to you, in this case the car belongs to the bank of scotland and not the E-Bay seller, personally i would walk away now before any ££££ changes hands.
Secondly, Not knowing the winning bid , HAVE you bid enough to clear this finance, the car can only be 6 months old max, with interest charges and in some cases the settlement fees involved i would try to do your own maths and try to work iy out.

I think you may guess i personally would be leaving this deal alone my friend.

TTDegs · 24th September 2007, 22:08

ignore this post - ebay has woken up again

basegreen · 24th September 2007, 23:13

I would try and arrange to speak to the HP company and see what they say, with the sellers permission. Chances are it's all ok, but just check with them. If they are legit, they wont mind, and should even assist you in getting this sorted out.

davee7 · 26th September 2007, 09:53

I'm quite interested in what would happen here - I bought my car brand new on HP earlier this year, but my circumstances have changed (I can now comfortably own a faster and less economical car!) and would love to change my Civic. But I'm tied to a 3 year HP agreement.
Any idea on what my options would be with regards getting out of my HP agreement at no cost to myself?
(I do not have the cash available to settle outright!).

TTDegs · 26th September 2007, 10:33

At no cost - pretty unlikely

brand new cars depreciate the most at the instant you drive them off the forecourt (with some exceptions), and therefore, unfortunately right now your car is probably worth less than the oustanding balance, unless you put down a hefty deposit

The finance company will also probably have some fairly big redemption penalties built in for settling this soon too

Probably the best bet you have is:
Ask for a redemption statement from the finance co.
With this in hand, drive to the dealership(s) that you want to get your new car from.
Point out that you need a part-ex price which at least covers the redemption quote.

At this stage, they will either polietly laugh, or start to do the maths

It should be noted that selling a car which is on HP is not illegal* per se - and as long as the finance amount is cleared before or at the time of sale, there should be no problems

Dealers in particular are very used to doing this

* loads of boring detail, which the dealer will be happy to sort out

davee7 · 26th September 2007, 10:42

Okay - stuff to think about. Thanks for that!!!

alastair b · 26th September 2007, 12:40

A number of years ago I was selling a car with finance on it to someone local.
I got a settlement figure from the finance company,we then went to the bank together and transfered the money straight to the finance company.
Seems a safe and logical way to do it for peace of mind.
Hope this helps.

stewy123 · 26th September 2007, 16:51

do not understand your reply???? has a type r been sold as they do not seem to make reserve price ???

stewy123 · 26th September 2007, 16:52

thankyou and will do it that way, cheers

TTDegs · 26th September 2007, 18:14

Quote:

Originally Posted by stewy123

do not understand your reply???? has a type r been sold as they do not seem to make reserve price ???

one has (that I could find) HONDA CIVIC TYPE R - eBay Honda, Cars, Cars, Parts Vehicles (end time 14-Sep-07 16:17:01 BST)

was actually wonderring if it was you who bought it!

(beacuse you won yours on ebay, and this one was the only one I could find which had met reserve in the last few weeks

)

stewy123 · 26th September 2007, 21:08

hi i never won it officially on ebay just rang him after auction had finished and offered him 16250 and reluctantly he took it
cheers stew

stewy123 · 26th September 2007, 21:40

hi will let you know but should be paying off the finance myself then sorting v5

TTDegs · 26th September 2007, 22:31

stew.
Please please, be very careful.

As I hope you are aware, by sorting out the finance, that is all you are doing - paying off the finance.
This in itself does not give you any rights to the car itself.

Sorry if that is an egg sucking lesson!

23rd September 2007, 20:00	#1 (permalink)
stewy123 Valve Cap Join Date: 23rd September 2007 Location: norwich Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	buying a car that has hp on the hpi Just won a car on ebay done the hpi and its showing up as on a 48 month agreement with bank of scotland, the chap has confirmed he will settle when i buy it, its a black type r gt 07 plate,any advice please

24th September 2007, 22:08	#9 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post iTrader: (0)	ignore this post - ebay has woken up again Last edited by TTDegs; 24th September 2007 at 22:10.

26th September 2007, 12:40	#14 (permalink)
alastair b Supporter Magic Rear Seat Join Date: 3rd December 2006 Location: Renfrewshire Posts: 577 Thanks: 4 Thanked 4 Times in 4 Posts iTrader: (0)	HP A number of years ago I was selling a car with finance on it to someone local. I got a settlement figure from the finance company,we then went to the bank together and transfered the money straight to the finance company. Seems a safe and logical way to do it for peace of mind. Hope this helps.

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This thread is about: buying a car that has hp on the hpi, it's in Introduce yourself at the Honda Civic forum Civinfo; Just won a car on ebay done the hpi and its showing up as on a 48 month agreement with bank of scotland, the chap ...

23rd September 2007, 20:03	#2 (permalink)
FWH Super Moderator Civinfo master Join Date: 3rd June 2007 Location: Sweden Posts: 5,377 Thanks: 9 Thanked 48 Times in 43 Posts iTrader: (0)	Don´t know how it works in the UK but over here you can be left with having to pay the car and the old finance.

23rd September 2007, 20:39	#3 (permalink)
cylon2007 Triangular Exhaust Join Date: 14th April 2007 Location: South Manchester/North Cheshire Posts: 483 Thanks: 0 Thanked 2 Times in 2 Posts iTrader: (0)	Insist he settles it BEFORE you buy the car otherwise walk away.

23rd September 2007, 20:48	#4 (permalink)
Brodick Perfect Guy! Rocketship door handle Join Date: 2nd December 2006 Location: Central Scotland Posts: 1,720 Thanks: 0 Thanked 8 Times in 7 Posts iTrader: (0)	Never bought a second hand car But I would say tread very very carefully I would say that the seller has to pay any outstanding finance off before you pay him ( although he probably needs most of the money you are going to give him to do this) so it is a tricky situation speak to the citizens advice people or someone like them before you give this guy thousands of pounds

24th September 2007, 13:17	#6 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post iTrader: (0)	make sure you get hold of a recent settlement quote, not just the outstanding balance. settlements can have extra charges lumped in - particularily if settling this soon into the loan.

24th September 2007, 16:33	#7 (permalink)
TYPE R NUTTER Valve Cap Join Date: 11th September 2007 Location: Wiltshire Posts: 29 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	You must make sure he pays off the finance before you buy it.Insist that he gets it in writing that he has paid the finance off.IF NOT WALK AWAY FROM THE DEAL

24th September 2007, 19:14	#8 (permalink)
civie Supporter Triangular Exhaust Join Date: 5th March 2007 Location: north east Posts: 208 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	To the best of my knowledge its illegal to sell or advertise a car that dont belong to you, in this case the car belongs to the bank of scotland and not the E-Bay seller, personally i would walk away now before any ££££ changes hands. Secondly, Not knowing the winning bid , HAVE you bid enough to clear this finance, the car can only be 6 months old max, with interest charges and in some cases the settlement fees involved i would try to do your own maths and try to work iy out. I think you may guess i personally would be leaving this deal alone my friend.

24th September 2007, 23:13	#10 (permalink)
basegreen Super Moderator Civinfo guru Join Date: 15th April 2006 Location: noitacoL Posts: 2,870 Thanks: 0 Thanked 2 Times in 2 Posts iTrader: (0)	I would try and arrange to speak to the HP company and see what they say, with the sellers permission. Chances are it's all ok, but just check with them. If they are legit, they wont mind, and should even assist you in getting this sorted out.

26th September 2007, 09:53	#11 (permalink)
davee7 Wheelnut Join Date: 1st June 2007 Location: Hampshire Posts: 73 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	I'm quite interested in what would happen here - I bought my car brand new on HP earlier this year, but my circumstances have changed (I can now comfortably own a faster and less economical car!) and would love to change my Civic. But I'm tied to a 3 year HP agreement. Any idea on what my options would be with regards getting out of my HP agreement at no cost to myself? (I do not have the cash available to settle outright!).

26th September 2007, 10:33	#12 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post iTrader: (0)	At no cost - pretty unlikely brand new cars depreciate the most at the instant you drive them off the forecourt (with some exceptions), and therefore, unfortunately right now your car is probably worth less than the oustanding balance, unless you put down a hefty deposit The finance company will also probably have some fairly big redemption penalties built in for settling this soon too Probably the best bet you have is: Ask for a redemption statement from the finance co. With this in hand, drive to the dealership(s) that you want to get your new car from. Point out that you need a part-ex price which at least covers the redemption quote. At this stage, they will either polietly laugh, or start to do the maths It should be noted that selling a car which is on HP is not illegal* per se - and as long as the finance amount is cleared before or at the time of sale, there should be no problems Dealers in particular are very used to doing this * loads of boring detail, which the dealer will be happy to sort out

26th September 2007, 10:42	#13 (permalink)
davee7 Wheelnut Join Date: 1st June 2007 Location: Hampshire Posts: 73 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	Okay - stuff to think about. Thanks for that!!!

26th September 2007, 16:51	#15 (permalink)
stewy123 Valve Cap Join Date: 23rd September 2007 Location: norwich Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	do not understand your reply???? has a type r been sold as they do not seem to make reserve price ???

26th September 2007, 16:52	#16 (permalink)
stewy123 Valve Cap Join Date: 23rd September 2007 Location: norwich Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	thankyou and will do it that way, cheers

26th September 2007, 21:08	#18 (permalink)
stewy123 Valve Cap Join Date: 23rd September 2007 Location: norwich Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	hi i never won it officially on ebay just rang him after auction had finished and offered him 16250 and reluctantly he took it cheers stew

26th September 2007, 21:40	#19 (permalink)
stewy123 Valve Cap Join Date: 23rd September 2007 Location: norwich Posts: 18 Thanks: 0 Thanked 0 Times in 0 Posts iTrader: (0)	hi will let you know but should be paying off the finance myself then sorting v5

26th September 2007, 22:31	#20 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post iTrader: (0)	stew. Please please, be very careful. As I hope you are aware, by sorting out the finance, that is all you are doing - paying off the finance. This in itself does not give you any rights to the car itself. Sorry if that is an egg sucking lesson!