Who knows about car finance?

[clk320x]

Was very interested in a car and just about to complete the sale when the following information came up on an Experian auto-check report:

Agreement type : 'UNIT STOCKING'
Finance company : MERCEDES BENZ FINANCIAL SERVICES

I will be calling Mercedes Benz Financial tomorrow morning, but I thought I would ask in the meantime.

Is this anything to worry about? The seller has owned the vehicle for 3+ years...

Cheers

 

[davidjpowell]

Usually this is a car dealer who uses financing to buy his stock. The finance company usually offer a certain amount of cash, and the dealer needs to provide security to an agreed amount. They should be able to move around on which Vehicle it is secured easily, although I don’t know how real time the systems are. From time to time they will do a random check to ensure that that the dealer does not play fast and loose.

To be risk free I suppose it needs to be removed from his inventory with MBFS. Speak to them to make sure that I am making sense.

How this plays with owned it for a period of time I do not know.


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[clk320x]

The seller is not a trader.

 

[davidjpowell]

Should not be on a stocking plan then...

Surely it can’t have been left on that long by mistake.


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[John]

The seller is not a trader.

Similarly - normally found with traders I thought.

I'd be suspicious of a trader posing as a private individual but having MB finance on it doesn't make sense.

Possibly a clerical error i.e. mistakenly not removed.

 

[clk320x]

I'd be suspicious of a trader posing as a private individual but having MB finance on it doesn't make sense.

I had my doubt too John, but the DSB shows the last 4 services as being carried out at the MB dealer 3 miles from the property I viewed the car. So that seems to add up with it being his personal car.

In terms of the finance could it be from the dealer he bought the car from? Perhaps it hasn't been deleted? I guess the only way to know for sure is to speak to Mercedes Benz Financial.

 

[John]

In terms of the finance could it be from the dealer he bought the car from? Perhaps it hasn't been deleted? I guess the only way to know for sure is to speak to Mercedes Benz Financial.

That's what I mean by clerical error. Honest car - just never cleared the marker.

When I bought my E55K, it showed as a unit stocking finance from Santander which they told me about before I did the check.

I'm sure your contact with MBF will resolve!

 

[John]

Surely it can’t have been left on that long by mistake.

I guess if the car has not changed hands since and it was never removed - it wouldn't crop up until it was next checked.

Not sure how possible that is though.

 

[clk320x]

That's what I mean by clerical error. Honest car - just never cleared the marker.

Sorry I missed that on your previous post!

 

[clk320x]

MBFS open at 9am so will contact them then.

 

[John]

They can advise you instantly of any cockpiggery!

 

[davidjpowell]

You’d have thought that they might have queried a car on a stocking plan for over 3 years.

Just imagine what that would have cost a dealer if sat in their yard...


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[clk320x]

The ‘unit stocking’ team is not available on Saturdays what a headache!

 

[clk320x]

Update:

Just done a full HPI check for £19.99 and it shows the car as being free of finance?

 

[clk320x]

That's what I mean by clerical error. Honest car - just never cleared the marker.

When I bought my E55K, it showed as a unit stocking finance from Santander which they told me about before I did the check.

I'm sure your contact with MBF will resolve!

A HPI check has just come back clear, seems Experian and HPI have differing information. Not sure who to believe!

 

[John]

I'd stick with your original plan to contact MBFS.

They are the organ-grinders in this situation.