F&I Management & Training

Worrying new research has revealed that outstanding finance is the biggest risk facing used car buyers today, with an alarming 30 out of every 100 cars checked by HPI still subject to an outstanding finance agreement. Leading vehicle information organisation HPI is warning car buyers that if they unwittingly buy a car on outstanding finance, there is a very real chance that they will lose both the car and the money they paid for it. Nick Lindsay, Director of HPI explains: "A vehicle on hire purchase or a lease agreement still technically belongs to the lender, and if that loan remains unpaid when an unwary consumer buys the car from the person who took out the loan, the lender has every right to take ownership of it. This obviously leaves the buyer substantially out of pocket. "At a time when the credit-crunch is biting down on consumers across the UK, we are urging car buyers to be more cautious when purchasing a used vehicle. Checking with us first will help buyers avoid this all too common problem, which is sadly on the increase." The findings from HPI further reveal that important information against 43 in every 100 cars it checks* could threaten a car's title, value or safety.

DATED: 21.05.08

FEED: AW