A fee charged by a finance provider to cover the cost of setting up a loan. These might be incurred as searches with a credit reference agency to check the borrower’s identity, and of registering that the lender has an interest in the vehicle with a company called HPI Ltd. This company tracks the history of all registered vehicles, including information such as whether they have been involved in any total loss insurance claims, and whether any MoT certificate issued for the vehicle is genuine.
