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I have just bought a used BMW car from BMW dealer today :) last week went to view and liked what I saw, asked the salesman all the relevant questions regarding the car history i.e. who owned the car before (answer = owned by BMW), any accidents or written off, outstanding finance - answer to all was ‘no’.
Today went to pick up and pay the money - asked him again and all OK. Arrived home in shiny new car, the wife did a bit of reading through the nice folder of paperwork he handed over and found Autocheck certificate which said the car still has outstanding finance - mad because of my stupidity - I thought buying from the dealer would avoid this.

Turned on the computer and paid the vehicle check report detail which says :-
Finance company was : BMW FINANCIAL SERVICES (GB) LTD
Contact number : xxxxxxxxxxxx
Agreement number: 12345 (this is the BMW dealer code – where I bought the car) 747756
Agreement type: Unit Stocking
Finance vehicle description: BMW 525D25

Should I remain worried? I am going to speak to the salesman asap to clarify the situation but would value any advice.
 

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i wouldnt worry if you have bought it from a main dealer, its against the law anyway to sell a vehicle with outstanding finance..

ya might find it with iffy private sales but not main dealers..

as it has outstanding finance with BMW technically the car belongs to them anyway until final payment so technically they are free to sell it again, its not like it belongs to another independant finance company and BMW are trying to sell it on from under them..

prolly a BMW snatchback..
 

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Also if it just standard finance even if the owner does not pay it you can not get ur car taken away as you have purchased it legitimally and any outstanding monies owed must be taken up with the person who owes it
 

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Platinum BFuk Member
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Yea as mark says,

Finance company was : BMW FINANCIAL SERVICES (GB) LTD
Contact number : xxxxxxxxxxxx
Agreement number: 12345 (this is the BMW dealer code – where I bought the car) 747756
Agreement type: Unit Stocking
Finance vehicle description: BMW 525D25

Unit stocking - is how dealers purchase cars, obviously not having the up front capital to be able to buy all of the cars on their forecort

Nothing to be worried about, however when you asked the question does it have any outstanding finanace on it, he should have told you, Because if you had HPI'd it before purchase it would have shown up. Ideally you would like to have a letter from the dealer stating that this would be cleared up before hand over of keys, or verbally depending on how much trust you have
 

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Platinum BFuk Member
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Also if it just standard finance even if the owner does not pay it you can not get ur car taken away as you have purchased it legitimally and any outstanding monies owed must be taken up with the person who owes it
And that would be you,

If you purchase a car with any type of finance on, (high purchase, personal contract, lease etc.) the car is technically owned by the lender and can be reclaimed from any registered keeper, even if you have purchased and paid full price,

On the other hand, a personal loan, taken out for the purchase of the vehicle the lender will not own and can not claim back, and will have to chase the orignally purchaser for the outstanding debt
 

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I am speaking from experience it has happened to me they can only legally take it off you if it is a hire purchase agreement or a long term hire. If it is just taken out on a basic finance package and you bought the car in good faith and not knowing there is nothing they can do
 
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