Top car scams revealed
MyCarCheck, a consumer vehicle data provider, has reported that 32% of the finance checks it conducted in February 2015 flagged up potentially major issues.
To underline the increasing importance of finance checks, MyCarCheck has compiled a list of current used car scams, the most common scams including asset fraud, sub-hiring, deposit fraud, hire car scam, escrow fraud and swap scam.
Roger Powell, head of CDL vehicle information services, which owns MyCarCheck, said, ‘This is a busy time of year in the used car market as the new number plate launch on 1 March boosts sales activity. When buying a secondhand car it is important to be aware of the risks. Many vehicles offered for sale will have a far from perfect history. Others will be outright crooked.
‘As well as confirming if a car has been written-off or stolen, a major part of our business these days is checking whether a vehicle is clear of debt. Thirty two per cent of all finance checks conducted by our Glasgow call centre during February flagged up potentially major issues, usually outstanding finance secured against the vehicle. Of the 30 million cars on our roads, around a quarter are on finance, so this apparently shocking figure is no great surprise.’