Scotland top region for used cars on outstanding finance
HPI data reveals where consumers are most at risk from used car finance fraud in the UK www.hpicheck.com New data analysis from HPI, provider of the HPI Check®, reveals that Scotland has the greatest number of used cars for sale hitting the HPI outstanding finance register. The North West of England and Wales follow close behind. A vehicle that has outstanding finance registered against it legally belongs to the finance house, which means unwary buyers could lose the car and the money they paid for it, if the vehicle is repossessed. With as many as 1 in 4 used cars hitting the HPI finance register, private car buyers are being urged to protect themselves from the finance fraudsters. Neil Hodson, Managing Director for HPI explains: “It’s very clear from our data, that the chances of buying a car that still has finance owing against it is much more likely in some regions across the UK than others. Buyers in the regions London, East Anglia and the South West are the least likely to find themselves with a car that is legally owned by someone else.
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.
HPI Crushwatch & The MET Police
The Metropolitan Police have signed up to our HPI CrushWatch initiative to support their campaign to clamp down on illegal motoring. As a result, HPI CrushWatch is stopping the Capital’s untaxed and uninsured vehicles from being crushed and returning them to the finance companies that own them. In the first 3 months of it joining the Scheme, the Met Police helped us to alert lenders to over £10.5 million worth of ‘at risk’ vehicles.
Get the Price Right
To celebrate the launch of HPI Spec Check, we’re offering it free* to dealers for a limited period. Take advantage today! Valuing new stock can be challenging, especially if a vehicle has a number of factory fitted options on it that could influence the price. But the launch of HPI Spec Check, a unique valuation support service from vehicle information expert HPI, simplifies the process of valuing vehicles by drawing upon manufacturer build specification to identify the optional extras fitted on an individual vehicle.
Turning Back Time on Clocking
The end of October marks the end of British Summer Time and, as we turn the clocks back, we want to remind you used car buyers to watch out for unscrupulous sellers turning the clocks back on their mileage readings. Known as ‘clocking’, this not only adds significant value to a vehicle, but it could lead to higher maintenance costs, as the vehicle might have more wear and tear than the buyer realises.
Returning Untaxed Cars
HPI is extending HPI CrushWatch to alert motor finance lenders to vehicles impounded by the Driver and Vehicle Licensing Agency (DVLA) because the vehicle has no road tax. A car that is subject to a finance agreement which is driven without Vehicle Excise Duty (VED) is breaching the terms of the finance contract. Until now, confiscated cars would have been auctioned or sent to the scrap heap if they weren’t claimed by the registered keeper.
KEY STATS INFOGRAPHIC
Take a look at the info graphic we’ve pulled together for you… and next time you wonder whether or not to take that HPI Check, remember some of these key stats…