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Checks reveal outstanding finance

Checks reveal outstanding finance Image

The latest industry statistics show that 26.1% of history checks carried out by dealers on used cars in the second quarter of 2012 revealed outstanding finance.

The figures, which come from the global information services firm Experian, clearly indicate that outstanding finance is the principal risk for car dealers, but 3% of checks also showed the car had been written off and three in every 1,000 had been stolen.

The number of checks conducted by Experian's AutoCheck tool between April and June shot up by 13% year-on-year and Andrew Ballard, Experian Automotive UK and Ireland's principle consultant, says it shows the value of the information on offer.

"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," he said.

"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."

published: 23/10/2012 17:00:01

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