Car finance fraud is on the rise.Buying a second hand car soon? Well, hold on, because you could be entering into a mine field of unhappiness for both yourself and your wallet.
Buying a second hand car soon? Well, hold on, because you could be entering into a mine field of unhappiness for both yourself and your wallet. You need to check to see if the car has any outstanding car finance or car loan against it, if it does and you purchase the car, you could end up losing both your money and the car itself.
The Finance and Leasing Association (FLA) has reported an increase in the number of vehicles that are being sold with outstanding car finance and is urging people to check before they buy.
During the third quarter of last year, almost four in 10 of all car fraud cases were “conversion fraud” meaning those people were selling their car with outstanding car finance against them. The FLA head of motor finance Paul Harrison states “We have seen conversion fraud increase, as people look for an easy way out of financial difficulties by selling a car that does not belong to them.”
We advise to check and double check whenever you buy a car and from whomever you buy the car from. This way you will be left with your perfect car, with no nasty surprises at the beginning of your relationship.
Posted by Edwin Miles on