Copart Virgin

Gazcw

Member
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7,696
I know some of you buy, or have bought from copart. Looking at a car that has hpi but, the additional info says it will be cleared by the owner after sale.

Rings alarms bells because what makes the seller clear the hpi? Is this guaranteed by copart?
 

2b1ask1

Special case
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20,220
Very good question, I believe though don’t quote me on it; the HP company have title of the vehicle and they will be selling it through Copart. They will get any proceeds after fees towards their finance. Any (if any) left will go to the individual. I think you would find they will release their HPI claim after the sale is concluded as no further funds could be recovered from the vehicle after that point.

sounds to me like it was a DUI or other uninsured loss.
 
Last edited:

Gazcw

Member
Messages
7,696
Very good question, I believe though don’t quote me on it; the HP company have title of the vehicle and they will be selling it through Copart. They will get any proceeds after fees towards their finance. Any (if any) left will go to the individual. I think you would find they will release their HPI claim after the sale is concluded as no further funds could be recovered from the vehicle after that point.

sounds to me like it was a DUI or other uninsured loss.
Hmmm could be a repossession as no damage other than a bit grubby
 
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1,687
My understanding is the same as Newton's explanation. Its a bit like buying a house. The creditor / lender has first charge. Though in this case, the creditor has possession also. The vehicle may be untidy, need a good valet and may have some superficial damage. When they repossess, a finance company assessor will do a fairly detailed examination of the car to estimate its value for the purpose of settling outstanding finance. But, it ought to conform to Copart's vehicle classifications, unless they say otherwise.