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HPI Stands for "Hire Purchase Information" and relates to information to check whether a motor vehicle being put up for sale has any outstanding or unpaid finance associated with it. In simple terms, a previous owner may have taken out a loan to purchase the car but has since sold the car without paying off the loan. If this is the case, the car, legally, is the property of the finance company as the loan would have been secured against the vehicle. Securing a loan against the vehicle means that in the event that the person taking out the loan doesn't pay it back, the finance company can repossess the vehicle, and sell it, to recover their money. If you unwittingly purchase a vehicle with outstanding finance, the finance company can track the vehicle back to you and repossess the vehicle leaving you, well and truly, out of pocket. All of this sounds pretty scary right? Well, for as little as £9.99* you can check whether the car you want to buy has outstanding finance on it. Not only that, included in the price you get the following additional information:
All of the above information for just £9.99*. As if that wasn't enough, HPI actually guarantee the integrity of their information up to a value of £30,000 (£15,000) for Written Off Vehicles to cover any financial loss to you that occurs as a direct result of inaccurate or incomplete information supplied to you by HPI.** HPI is the original Car Data Check company and have been providing vehicle history checks since 1938. The formation of the company and checking service was set up to directly address the issue of vehicle re-financing that was prevalent at that time. The six companies that were the main lenders in the UK for car financing pooled their data on all of their Hire Purchase Agreements which stopped people using their vehicle as security to obtain cash from numerous loan agreements. In 1947 HPI start to receive stolen vehicle information from the Police and through the 1980's most of the major Insurance companies release accident history details. In 1992 HPI begin running the CRiS (Caravan Registration and Identification Scheme) the UK's official Caravan database. 1993 saw HPI's services made available to the general public. 1997 HPI in association with the IMVA launch the National Mileage Register which is a database of recorded vehicle mileage to begin monitoring any "anomalies" in the claimed mileages of cars being sold throughout the UK. In 1999 HPI services become available on the Internet.....and the rest, as they say.....is History!!!
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