Who owns your car?
The latest survey from vehicle history check expert, HPI, reveals that 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 anytime, without warning; 1 in 4 cars 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 amongst consumers. 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).