USED CAR BUYERS UNAWARE OF THE RISKS OF OUTSTANDING FINANCE
USED CAR BUYERS UNAWARE OF THE RISKS OF OUTSTANDING FINANCE Our recent survey reveals 42% of used car buyers are unaware of the risks of outstanding finance. Our latest survey reveals that a staggering 42% of used car buyers don’t know who legally owns a car that has finance owing on it. The truth is that a vehicle with outstanding finance belongs to the finance house, which has the legal right to repossess that vehicle at anytime, without warning; 1 in 4 cars checked by HPI are subject to outstanding finance. Nearly a quarter of those surveyed (23%) assumed the car belongs to the person named on the vehicle’s Log Book, highlighting the extent of misconception amongst consumers. The good news for consumers buying from a dealer is, that if they later discover the vehicle is on finance and repossessed, they will be protected by Innocent Purchaser Protection (IPP) and will be able to get back their money and buy another car.