New data analysis from automotive technology solutions provider, HPI, reveals that Scotland has the greatest number of used cars for sale hitting the HPI outstanding finance register. The North West of England and Wales follow close behind.
Although, the analysis is aimed at buyers, it is a good indication to private buyers as to where they should be careful. A vehicle that has outstanding finance registered against it legally belongs to the finance house, which means unwary buyers could lose the car and the money they paid for it. With as many as 1 in 4 used cars hitting the HPI finance register, buyers need to protect themselves from the finance fraudsters.
The chances of buying a car that still has finance owing against it is much more likely in some regions across the UK than others. Buyers in the regions London, East Anglia and the South West are the least likely to find themselves with a car that is legally owned by someone else. High volumes of HPI Checks conducted by buyers in the City of London, Isle of Lewis, Isle of Man, South Glamorgan and Ayrshire are hitting the HPI finance register the most, meaning these cars are likely to be owned by the finance house.
Private buyers stand to lose the car and the money they paid for it if it later turns out to have finance against it. The only safeguard buyers have against putting their reputation and their business at risk, is to conduct a vehicle provenance check.
Most provenance checks are backed by a Guarantee* and the provider will negotiate with the finance house on behalf of the dealer. HPI holds details of over 7 million live finance interests, which represents in excess of 98% of the UK’s motor finance market, making the HPI Check one of strongest defences against finance fraud.
* – subject to terms and conditions