More than 1 in 4 cars checked by car dealers have outstanding finance

Experian has revealed that out of the total number of vehicles checked by automotive trade companies between April and June 2012, more than 26.1 per cent were identified as ‘having outstanding finance’.
 
Other risks identified by AutoCheck included ‘Written Offs’ and ‘Stolen Vehicles’. Three per cent of all vehicles checked between April and June 2012 were recorded as ‘Written Off’ whereas 3 in every 1000 vehicles checked, were identified as stolen.

The total number of vehicles being checked by motor retailers using the provenance tool Experian AutoCheck in Q2 2012 increased by 13 per cent compared to  the same period last year.

Andrew Ballard, principle consultant at Experian Automotive in the UK and Ireland said: “With more than a quarter of vehicles offered to them identified as having outstanding finance, car dealers cannot afford to take any chances with due diligence.  Knowing a vehicle has outstanding finance is a risk, but this data also empowers dealers with insight allowing them to factor that into their dealing with the vehicle owner.  By understanding the risks they are exposed to, ensures dealers are better equipped to make buying decisions.”