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Anti-fraud campaign on buying cars
Thursday March 1st 2012
A campaign to get used car buyers to protect themselves from buying a vehicle on outstanding finance is being supported by the UK's top vehicle history check company.
HPI is supporting the campaign by BBC's Inside Out, which flagged up a rise in unscrupulous sellers passing on credit to unsuspecting buyers through a Bill of Sale agreement, or a "logbook loan".
The programme warned buyers to obtain an HPI Check due to the threat of fraud.
A quarter of cars checked by HPI are still on a finance agreement, making outstanding finance the main threat to used car buyers.
"Logbook loans", often chosen by people finding it hard to get finance through normal means, are usually secured against a vehicle. Their popularity has risen during the last two years with the lending available limited in the economic downturn.
HPI Consumer Director Kristian Welch said the HPI Check still offers one of the best forms of protection. She said: "People are simply finding it too difficult to get traditional finance deals from the bank, and in turn a logbook loan has become increasingly popular."
Copyright Press Association 2012
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