Approved used Mercedes purchased : outstanding finance

[A.J.]

This update is late to original poster but could be helpful if viewed by others.

I purchased an E Coupe from the main dealership which when I checked had outstanding finance which when I queried with the sales guy confused him so he said he would look into it.

Apparently it’s quite normal for dealerships to have some sort of blanket bank loan which they use when purchasing vehicles and this coupe had been shown on this loan.

The loan was cleared on purchase so it could be possible the original posters car had been put on this type of loan but it was not cleared from loan in a timely manner.

Robin

For many years I was Fleet Disposals Manager in the Vehicle Contact Hire industry every Car, Van or Truck we sold was on the HPi register and remained so until funds were cleared. So what that meant was that a vehicle standing on a used car/van/truck forecourt could quite easily be still registered. The process was, through the Auction for example, was that the car was hammered down as sold. The car was then removed from the Auction and placed on a used car forecourt for sale. We still haven’t received payment from the auction for maybe a week so remains on the HPi register. Car now sold to a retail buyer, car still on HPi register. The car can be re-financed because we have an agreement with the Finance houses. So the retail buyer has a car with a finance agreement attached but it technically is still on finance agreement to him. Auction house pays up, we clear the finance, job done.

Hope that explains how those sort of events happen where you can have a car legitimately but it still shows as being on the HPi register

 

[A.J.]

Yes - almost every dealership has a stocking plan - a loan which each piece of stock is added to when bought and paid off when sold... That's very common

So there you are, add that to my above post the car may be on the register twice, complicated isn’t it

 

[MBDevotee]

But the stocking plan and original finance should be taken off before handover.

As I said - pm me the reg and I can HPI for you Wednesday

 

[Timeandleisure]

This update is late to original poster but could be helpful if viewed by others.

I purchased an E Coupe from the main dealership which when I checked had outstanding finance which when I queried with the sales guy confused him so he said he would look into it.

Apparently it’s quite normal for dealerships to have some sort of blanket bank loan which they use when purchasing vehicles and this coupe had been shown on this loan.

The loan was cleared on purchase so it could be possible the original posters car had been put on this type of loan but it was not cleared from loan in a timely manner.

Robin

Thank you and I also had a similar experience. I just called up the company to ask for settlement status and they were happy to oblige on that front. I think if a dealership has outstanding finance it is less risky than a private owner perhaps but always good to get Proof and confirmation in writing that any outstanding finance has been settled.