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The NFDA is extremely concerned that new research published by the Citizens Advice Bureau (CAB) has found the majority of used car buyers do not check if the car they are purchasing has outstanding finance.
The CAB found that 63% of used car buyers were found not to check if there was outstanding finance on a vehicle. Even more concerning, 2 in 5 drivers were unaware of the use of log book loans, which if unpaid allow lenders to seize a vehicle even if they were not the original borrower and the vehicle has been sold to a new owner.
Log book loans have become increasingly popular in recent years as hard pressed consumers have to look for ways to borrow money. This has left used car buyers at increased risk of buying a vehicle which could be repossessed if the borrower of the loan has not fully repaid the debt when they sell the car.
Consumers should always check the provenance of a vehicle and ensure there is no outstanding finance before buying. A viable way to do this is by buying a vehicle from an NFDA member garage. All our members are part of the ‘NFDA Standards’ which includes a requirement to ensure a vehicle is free of finance.