32 per cent of checks conducted in February 2015 flagged up potentially major issues

April 01, 2015

Vehicle data provider, MyCarCheck has reported that 32% of the finance checks conducted in February 2015 flagged up potentially major issues, usually with outstanding debt on the vehicle.
To further underline the increasing importance of finance checks, MyCarCheck has compiled a list of current used car scams in what is one of the busiest times of the year in the used car market as the new number plate launch on 1st March boosts sales activity.
Roger Powell, Head of CDL Vehicle Information Services, which owns MyCarCheck, said: 32% of all finance checks conducted by our Glasgow call centre during February flagged up potentially major issues.
Of the 30 million cars on our roads, around a quarter are on finance, so this apparently shocking figure is no great surprise.
Top Six Used Car Scams 1 Asset fraud: The vehicle offered carries outstanding finance taken on by someone else.
2 Sub hiring: The seller admits there is outstanding finance on the vehicle but promises to keep up the payments. 3 Deposit fraud: A fraudster will use pressure sales tactics to con buyers into paying a large deposit to secure the vehicle.
4 Hire car scam: The fraudster will offer the same deal to as many consumers as possible within a short time period, pocket all the deposits, return the car to the hire firm and disappear.
5 Escrow fraud: Promise of vehicle being shipped from abroad once funds are paid into a holding account.
6 Swap scam: Fraudsters will express an interest in a vehicle offered for sale and suggest a tempting vehicle in return, but it will often be on finance (asset fraud) or sometimes stolen.
Vehicle data provider, MyCarCheck has reported that 32% of the finance checks conducted in February 2015 flagged up potentially major issues, usually with outstanding debt on the vehicle.


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