Buyers unaware of risks.
THE latest survey from vehicle history check expert HPI reveals a staggering 42% of used car buyers don't know who legally owns a car that has finance owing on it.
The truth is that a vehicle with outstanding finance belongs to the finance house, which has the legal right to repossess that vehicle at any time, without warning, says HPI.
One in four cars checked by HPI are subject to outstanding finance.
Nearly a quarter of those surveyed (23%) assumed the car belongs to the person named on the vehicle's Log Book, highlighting the extent of misconception.
The good news for consumers buying from a dealer is, that if they later discover the vehicle is on finance and repossessed, they will be protected by Innocent Purchaser Protection (IPP) and will be able to get back their money and buy another car.
If a consumer buys a car privately, the story is sadly very different the buyer stands to lose both the car and the money they paid for it. The best form of protection is to conduct a vehicle history check.
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|Publication:||Huddersfield Daily Examiner (Huddersfield, England)|
|Date:||May 15, 2015|
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