Who owns your car?

Rutherglen Reformer - - Motors -

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).

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