Warning over used-car finance fraud!
on March 4th, 2011 at 11:20 amUsed-car buyers are being urged to conduct history checks of prospective purchases to ensure that the vehicle is not subject to outstanding finance. The advice from vehicle data check firm HPI follows a report by BBC 5 Live Investigates, which found that some car owners raising finance with logbook loans secured on their vehicles are selling the cars before paying back the borrowed money. The report said that unwitting used-car buyers are therefore being left with debts owed by the previous owner of their vehicle. HPI warned that this represents a huge risk to the car-buying public, who could lose large sums of money and the on-finance vehicle to repossession. Nicola Johnson, consumer services manager for HPI, said: “We are increasingly aware of this type of activity, and would advise buyers to always conduct an HPI Check to discover if a vehicle is still on finance. More



