Hi all a question for the folks on here who know about cars?

My other half has found a Nissan she likes ,it’s a quashquai

Hpi reports stocking finance from Lombard which I am told is how most companies finance their forecourts This worries me she wants to pay the 10k for the car on Thursday ,After phoning the dealership Evans Halshaw it turns out they are saying the finance will dissappear the minute the car transfers ownership

My problem is if the dealership dont pay Lombard ,Lombard still own the car if the dealership goes pop we are out of pocket and still don’t own the car. Explaining the car doesn’t belong to the dealership seems to be beyond the comprehension of the salesman who im getting slightly narked with now as he tried to sell a 99 quid HPI check that insured us against this,

My argument (almost) is that we have no guarantee the finance will be paid and are going on the word of the car stealership, further, even though its not worth the paper its wrtten on he wont give us a letter to that effect and became slightly defensive when challenged on this point.

I’m of the opinion to walk away, except she has already paid 500 quid deposit on her Credit Card to secure it.

What to do ? What to do?

Speak to Lombard and ask them if they will continue to have an interest in the car once you’ve paid the dealer for it.
Get it in writing

jota180 – Member
Speak to Lombard and ask them if they will continue to have an interest in the car once you’ve paid the dealer for it.
Get it in writing

This, and if it seems at all iffy walk away

Also – give yourself some added protection by paying the deposit [or at least £100] by credit card

I do this with most large purchases now

This is how most dealers fund their stock and all this stock will show on HPI. Although you are concerned, I really think you have nothing to worry about. Evans Halshaw are one of the biggest dealer groups in the UK and probably have 1000’s of cars on stocking plans. They will also sell 1000’s of car everyday. So everyday they will be added and taking vehicles off their stocking plans. If you were buying from Bob’s Backstreet Garage, you’d have more reasons to be concerned.

If you go ahead, the best thing to do it to check with HPI in say a week, as the records should hopefully be all updated by then.

However if you are really concerned, I have a very simple solution.

1) Finance the vehicle with the dealership.
2) This way the your finance agreement won’t be opened until the stocking loan is cleared.
3) Once your finance agreement is opened and live, contact the finance company and tell them that you wish to exercise your “Right of Withdrawl”.

You will then have to repay the finance company within 28 days (I think). There will be a slight charge for this but it will be minimal. The finance company can only charge you daily interest up until the day you request the ROW. Ie if you phone them after 5 days, they will charge you 5 days interest. They can also charge you a penalty of up to 28 days interest (So in theory if you ring after 5 days the most you should pay is 33 days interest.)

This will be a small price to pay if you are overly concerned.

After phoning the dealership Evans Halshaw it turns out they are saying the finance will dissappear the minute the car transfers ownership

Although Lombard may update their database immediately, I don’t believe they update the HPI databases immediately. I’m guessing that Lombard will provide a daily data feed to HPI, which will update their records.

It will get sorted, i wouldn’t worry

After phoning the dealership Evans Halshaw

This may be your first mistake, run as far from this lot as you possibly can, they only want your money, they couldn’t give a wet crap about you or any potential issues you run into, only the 10K that they’ll get paid and they’ll tell you anything they think you want to hear just so they get the sale.

I can’t be arsed typing out the whole sorry tale, but I used them once and will never EVER use them again.

If it smells funny, it’s probably because it is

This is how most dealers fund their stock and all this stock will show on HPI. Although you are concerned, I really think you have nothing to worry about.

+1, All cars on forecourts are normally under HPI – dealers don’t have millions in cash to tie up on stock….