USED VEHICLES
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LOOK OUT FOR HP A word of warning to readers contemplating the purchase of a used vehicle. Ensure that there are no outstanding hire purchase debts on the vehicle and beware of dealers who ask for payment to be made to the truck's previous owner (this may save paperwork but it also affects the purchaser's rights).
A CM reader recently bought a used Volvo F7 for £21,350 and was asked to make a banker's order payable to the previous owner. He agreed, but insisted that the dealer wrote a statement on the invoice accepting responsibility for the truck's financial clearance.
He later discovered that £4,800 of hire purchase was still outstanding on the Volvo; the previous owner's hire purchase company had accepted post-dated cheques as full payment for the truck and these had bounced.
Our reader contacted the dealer who told him that everything would be sorted out by the end of the month. However, he could not afford to wait that long because he had already had a crane fitted to the truck and was finding that he could not obtain finance for it because of the problem over the outstanding debt on the Volvo. The crane company was threatening to bankrupt him unless he, paid for the crane — quickly.
Eventually, he managed to persuade the first hire purchase company to pressurise the Volvo's origin; owner to make the final payments and for the hire purchase company to finance the crane too.