The cardinal of acclimated car buyers saddled with outstanding accounts on their new agent rose from one-in-four to one-in-three during 2017, claims HPI.
Calculated with abstracts aggregate from the cardinal of accounts flags aloft in 2017, over six actor acclimated cars were articular or ‘flagged’ as still accepting accounts attributable on them, HPI said, with a added 2,437,025 accounts hits flagged by end of April this year.
Fraudulent action alone takes abode if the bell-ringer tries to advertise the agent with absolute accounts still owed, after absolution the client know, but the botheration appears to be on the acceleration either way.
HPI said that added than three-quarters of new car sales to clandestine owners are through finance, due to the acceleration of PCPs, adding: “There is statistically added adventitious than anytime of affairs a agent that hasn’t yet been paid for.”
Fernando Garcia, arch of customer at HPI, said: “Buying a car with outstanding accounts can acreage the aimless client in agitation as best accounts agreements or loans will admission the lender affairs of the agent until the debt has been paid.
“The debt stays with the agent not the borrower. Alike if a client bought the agent in acceptable faith, if the accounts hasn’t been acclimatized again the lender could reclaim the vehicle, acceptation you could lose the car and the money you paid.”
In 2017, the allotment of 4x4s HPI flagged as accepting outstanding accounts was 41.8%, band (48.5%), coupes (43.3%), controlling cars (40.5%), affluence cars (31%), achievement cars/hot hatches (48.6%), supercars (40.9%), MPVs (33%), taxis (27.2%), tractors (30%) and vans (29.5%).
Garcia added: “The aboriginal affair any acclimated car client charge do is ascertain whether the abeyant acquirement is absolutely paid for.
“It’s absurd to acquaint if a agent has outstanding accounts aloof by attractive at it, which makes a agent history analysis an alike added basic anatomy of aegis for buyers.
“An HPI Analysis can advice assure consumers from affairs a agent with article to hide, extenuative them banknote as able-bodied as befitting them safe.”
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