‘innocent private purchasers’
The Finance
& Leasing Association (FLA) has announced that it is to
brief its motor finance members on the phenomenon of ‘innocent
private purchasers’ who are anything but genuine, at a half-day
event on October 1.
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Millions of pounds are lost by motor finance houses thanks to
claims to title of vehicles by third parties, who are entitled to
statutory protection under the terms of the Consumer Credit Act as
‘innocent private purchasers’.
The FLA said that, while the majority of such claims are
genuine, a significant minority are fraudulent: “Financiers are
targeted by dishonest third parties and organised criminals,
sometimes even acting in collusion with customers, who profit from
attempting to deceive the financier as owner of the goods.”
For more details, see www.flaevents.org.uk
