The Finance & Leasing Association (FLA) has announced a new
partnership with regional police authorities to launch a Vehicle
Recovery Scheme, to enable motor finance companies to reclaim
illegal vehicles seized by the police.
Police officers seizing a vehicle will run a background check to
see whether an FLA member has an outstanding interest as the legal
owner of the vehicle.
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The finance company will be contacted to take possession of the
vehicle if the finance customer (registered keeper) does not
collect it, repay all charges owed and ensure it is road legal.
“Our partnership with the police will make the roads safer for
driver by removing cars that have been obtained or are being driven
unlawfully, as well as recovering finance companies’ valuable
assets at a time when the motor industry is facing many
challenges,” said Paul Harrison, head of motor finance at the
FLA.
The Vehicle Recovery Scheme will be available from May 1.
It will compliment the existing partnership that the FLA enjoys
with the Association of Chief Police Officers Vehicle Crime
Intelligence Service, which in its first twelve months had
recovered 289 cars, worth £3.9 million, on behalf of FLA
members.
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By GlobalData
