Member Since: 01 Feb 2015
Location: London
Posts: 72
Dodgy Finance!
Well I went to sell my car today in preparation of getting my new Disco next week (woohoo) and found out to my surprise that it somehow has an outstanding finance agreement out on it! Since i have owned the car from new and i purchased it outright i was somewhat shocked and i didn't believe the other person but after a quick HPI check that confirmed it!
It seems that someone has taken out finance deal out on my car last Weds for three months.
Obviously the loan company is open on the weekend so i have to sit and stew in anger till monday before venting my anger and some poor unsuspecting loan company.
Just wondering if this had happened to anyone else or if this is some sort of scam?
Cheers
Nick
21st Mar 2015 9:37 pm
Taztastic
Member Since: 29 Dec 2011
Location: Officers mess
Posts: 100
Keep us updated on this - and if the finance company confirm that a loans been taken out against your reg AND your VIN, get the police involved ASAP. I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
22nd Mar 2015 12:21 pm
Dave
Member Since: 08 Mar 2006
Location: North Yorkshire
Posts: 2462
Perhaps your car has been cloned?Captain Nick Medhurst would ask:
"What is the first rule when overlanding?"
I would Reply:
"Duratrac"
22nd Mar 2015 12:52 pm
MiniNick
Member Since: 01 Feb 2015
Location: London
Posts: 72
From carrying out an HPI check it seems the loan was taken out on my VIN (but i cannot tell on the reg until i phone them tomorrow). The type of loan is a Unit Stocking, which it tells me is common in the motor trade (financing cars sat on a forecourt). The HPI check gave me the company name and agreement number so hopefully I can track this down quickly.
The main pain in the was that i was using this money to buy the Disco! While I can still afford to buy the Disco without selling my car, it means taking out a new insurance policy to cover the Disco rather than transferring it.
22nd Mar 2015 1:18 pm
anjo14
Member Since: 27 Apr 2012
Location: Lanarkshire
Posts: 562
The problem with modern cars is the VIN is shown on the front screen for all to see including crooks. It just a matter of a few quick photos on a smart phone of the vehicle that is going to be cloned then a fake V5.
I assume if the police get involved they will be able to run your plate and see if your vehicle has shown up else where in the UK under the registration recognition system you just never know.D3 TDV6 S MY2005
Nick, you may not get very far with the finance company as they will quote Data Protection at you. Their agreement isn't with you, so they cannot legally disclose info to you regardless of the circumstances.
That's not to say it's a waste of time, far from it. What they can do, and I would expect them to do, is take all your details, then call or have their rep visit the dealer to perform an urgent physical stock check on their stock finance. If you have documentation (V5 and perhaps your original invoice) to indicate likely* clear title in your name have this handy to email over to the finance company.
Remember the potential fraud is not likely to have been perpetrated by the finance company but by a dealer or third party. They will be every bit as keen as you to resolve this, but are very constrained on what they can say to you so keep cool - you want them on your side. Best scenario will be to agree a short but reasonable timetable for them to report back if they propose to clear the HPI entry, and if not, why not.
Many moons ago I used to perform these audits on dealers and hire fleets and about 1 in 10 unearthed some extremely dubious stock levels / documentation vs. the loans.
Fingers crossed you can get this turned around within 2-3 days.
(*I say "likely" as I have invoices and a V5 here for my three cars - but could have financed them AFTER buying them - see link posted by Taz for an example of how this happens)I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
22nd Mar 2015 7:56 pm
MiniNick
Member Since: 01 Feb 2015
Location: London
Posts: 72
NoDo$h thanks for all the advice.
Will see what they say tomorrow. Do you think it's worth letting the DVLA know too as they could re-issue a new V5 with a new serial number?
22nd Mar 2015 9:54 pm
Alan B
Member Since: 12 Feb 2013
Location: Fife
Posts: 6528
Apr 300.30%
Why would anyone use a company that charges that?
Good luck getting sorted out D3 57 xs Stornaway grey
D2 02 commercial silver gone but a great servant and won't be forgotten
Iid Bluetooth
22nd Mar 2015 10:09 pm
Mogwyth
Member Since: 03 Oct 2014
Location: Pwllheli
Posts: 3976
People with poor credit history, who probably shouldn't be getting loans!==================================
05 D3 HSE V8 4.4
04 MG TF 135
03 MG TF 115 Cool Blue Edition
02 MG TF 160
00 Hymer B564 Lionheart
1971 Series III 109
22nd Mar 2015 11:04 pm
countrywide
Member Since: 16 Sep 2007
Location: UK
Posts: 6019
Might be a incorrect entry on HPI, it happens quite a lot.
23rd Mar 2015 7:22 am
MiniNick
Member Since: 01 Feb 2015
Location: London
Posts: 72
Well phoned the finance company today and explained the situation. As NoDo$h said they would not tell me who made the agreement but they did say it was a dealership that was looking to part exchange my car.
Essentially they said sometimes if a dealership plans to part exchange a car they will setup a finance on it. Hence it was only for three months.
Now the only dealership who have looked at my car to part exchange it is LR.
But unfortunately I have no way on knowing if it is LR for definite. I was tempted to go back to the loan company and ask what proof of ownership did the dealer provide and surely they check this on every loan..... But now that it's sorted I am feeling less angered about the situation.
23rd Mar 2015 5:57 pm
DSL Keeper of the wheelie bin
Member Since: 11 May 2006
Location: Off again! :-)
Posts: 73081
What has the LR dealer said? I'd have thought an "OI, what you lot playing at?" conversation is in order.
23rd Mar 2015 5:59 pm
Mr Kington
Member Since: 12 Dec 2011
Location: Scottish Borders
Posts: 1552
How can they set up finance on it if it isn't theirs. Doesnt this stop you now selling it privately should you wish too ?
I would phone the dealer and make it out that the finance company told you it was them, call their bluff.
wouldn't be good publicity I am sureJames favourite hobby is writing in the third person.
23rd Mar 2015 6:13 pm
Tiger
Member Since: 13 Mar 2006
Location: Wales
Posts: 490
Dealerships run stocking plans, this is how the pay for the used cars they have in stock. Usually up to an agreed amount £2m say.
Usually for 90 days per car.
Dead easy you go onto a online portal, put the value of the car in, VIN and then the bank gives the dealer 60-70% of the stand in value back into their account.
They pay interest over the 90 days / remove it when it's sold.
Kinda like a rolling credit line.
If they are low on stock and cash flow is tight (end of month wages) they may 'cheekily' pop cars that they expect to see in PX in the next few days onto the plan early to ease cashflow.
Shouldn't be on a stocking plan until it's 'physical' though. They will be in breach of their agreement. If they are audited by the bank they would have to explain where it is and why there is no purchase invoice.
It's not been cloned but they have wrongly securred credit against your car. If this is the dealer you are buying from ask very nicely for a few things as compensation for your lost sale...
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