Vehicle information provider HPI has used recent examples highlighted by Channel 5’s Cowboy Traders programme to remind those buying used cars to check the finance on vehicles.
HPI said outstanding finance was the greatest risk for those purchasing a used car, as evidenced by two examples in the show whereby a car dealer had promised to pay off the remainder of a finance agreement before selling on a vehicle but not done so, leaving the original purchasers with thousands of pounds still owed to finance companies.
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As the law stands, consumers or traders who would then buy such vehicles could also be liable for the debt or to have the cars taken from them.
As well as HPI, which used the issue to recommend use of its HPI Check product, previous reports from Experian and the AA have warned of the dangers of buying a car without finances being settled.
richard.brown@timetric.com
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