One of the most significant challenges associated with buying a used car is avoiding buying one that has outstanding finance against it. According to The Repo Man himself – Sean James, outstanding finance is the most common reason for car repossession.
Make sure you don’t have to open the door to the ‘Repo Man’! If you buy a car with outstanding finance against it, it legally belongs to the finance company until all the payments have been paid. Even if you bought the car in good faith and your name is on the V5C/logbook, the finance company have the right to take it away from you.
It’s important to know if there is any finance owing on a vehicle before you part with your money. The best way to do this is to get a vehicle history check. 1 in 4 cars we check is subject to outstanding finance with the average amount totting up to £9,500. Don’t lose your car or your money.
If you’d like information on how to buy a car that is currently on finance click here . If you have any other questions about outstanding finance log onto www.hpicheck.com, call us on 0845 300 8905 or tweet us @hpicheck.
Happy driving,
Priya