HPI issue

[mpepe]

Hello all,
It’s my first post on the forum and I’m looking for an advice... I’m in a kind of a awkward and frustrating situation... as I bought a van from a private seller some time ago and converted it into a campervan. Unfortunately, I just found out there is an outstanding finance on it since 2017... that has been signed even before the person I bought it from. What can I do now? Please help...

 

[Robert Clark]

I’d speak to the finance company and explain exactly what’s happened

 

[Spriddler]

Hello all,
It’s my first post on the forum and I’m looking for an advice... I’m in a kind of a awkward and frustrating situation... as I bought a van from a private seller some time ago and converted it into a campervan. Unfortunately, I just found out there is an outstanding finance on it since 2017...that has been signed even before the person I bought it from. What can I do now? Please help...

'......Some time ago........'
How long ago?

 

[mpepe]

I did so, they said they will honour my Good Title but won’t confirm anything in written. They won’t give me any details of the person that signed up the agreement or won’t tell how much left on the balance. I can’t pay it off on my own even if I really wanted to as they won’t let me do it. I was trying to sell it but it looks like I’m stuck with it and don’t even know when the balance is going to be cleared... absolutely nothing I can do about it argh....

 

[mpepe]

'......Some time ago........'
How long ago?

September 2020. It looks like the finance has been signed in March 2017 for 46 months so it means it supposed to be settled by January 2021. It clearly hasn’t happened and I can’t even find out what my options are...

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[Robert Clark]

Surely anyone buying the vehicle could make the same enquiries of the finance company and draw their own conclusion

 

[Silver-Fox]

I think you’ll find your not the owner and you’ll have to pay the outstanding amount.

 

[SpeedyDux]

Either pay for advice from a good solicitor, because there are some possible scenarios in which the lender might have less right to the van than you; or, try to negotiate a one-off payment that the lender will accept to release your van and give you clear ownership.

 

[mpepe]

Thanks for all advices. I’ve decided to instruct a solicitor specialising in HPI Claims. I can’t image getting it repossessed now with all the money invested into conversion... what a nightmare! Anyway, thanks all!

 

[bobnick]

Did you have a HPi done when you bought it? If yes did it not show up?

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[mpepe]

No I didn’t and that’s the problem... I totally forgot about it. I did HPI checks for all other vans that I viewed but not for this particular one :/ such a stupid mistake

 

[Harrogate motorhomer]

As the finance co have accepted that you have good title l don’t understand why they won’t email to confirm they have no further interest.
As a private buyer you automatically have good title & only problem could be selling to a dealer who would be responsible for the debt as they are deemed experts. This maybe why they won’t confirm it in writing but legally they have to.
Do you know if by any chance if the person who took out the finance has been making the payments? which is not unheard of.
l do have some experience in these matters having spent 41 years in the motor trade 26 of them buying with my own money.