HPI warns car-buyers of growth in 'outstanding finance' fraud

While latest Home Office statistics show that vehicle-related theft has declined 12 per cent in the year to June 2008, vehicle history checking company HPI is warning that the problem of 'outstanding finance' is set to grow.

Car crime covers more than just theft says HPI and the company warns used car buyers are turning to ever more sophisticated ways to con individuals out of their money.

Nick Lindsay, director of HPI warns: “Although it’s encouraging to see that vehicle related thefts are down by 12%, HPI Checks still reveal around 30 stolen vehicles a day and many of those may be sold on to unsuspecting buyers looking for a bargain.

"In the current climate, whilst theft might not be as big a problem as in the past, fraud is still a major issue. Outstanding finance is the biggest threat facing used car buyers, with 24 out of every 100 cars checked by HPI still subject to a finance agreement, and this figure is likely to increase as we head towards recession and people find they need to get hold of cash quickly. Many people may not realise that if they buy a car still on finance, they stand to lose both their money and the vehicle, which still belongs to the finance house.”

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