London (PRWEB UK) 20 November 2013 -- Throughout the UK, the extent of issues surrounding the used car market is on the rise with little or no consumer protection.
Varooma state that organised fraudsters are becoming increasingly adept at taking multiple loans out on vehicles and then selling them to unsuspecting consumers at bargain prices.
The problem has become widespread and the only true way to prevent this issue is to conduct a full HPI check prior to any purchase. However, at a fee of £20 per vehicle most consumers fail to see any value not realising the importance of such a check.
Varooma have provided some useful tips to buying:
1) Check if the vehicle was recently acquired as the majority of fraudsters sell within a few months of the logbook changing hands 2) Ask to see a bill of sale from the previous owner or completed finance agreement 3) Request a copy of the HPI from the original purchase 4) Try to find vehicles with a full service history 5) Avoid purchasing vehicles that have several previous owners.
Varooma Director Damon Hirschl comments:
"Unless legislation is changed surrounding this issue, consumers must take the initiative when purchasing cars otherwise they may ultimately lose out.
"In my personal view the law should be changed so that selling vehicles which are knowingly on finance becomes criminal offence open to prosecution with custodial sentences. This would act as a major deterrent to the existing networks of fraudsters who get away with this abuse knowing it can often be viewed by the police as a 'civil matter'. An alternative to this is to make it illegal to purchase a car without running a full HPI check leaving the onus on the consumer. Either way the government should act and fast as many people lose their entire savings when this abuse of the system occurs."
Varooma are the UK's leading logbook loan company. They provide short to mid term loans on almost any vehicle regardless of the customers credit history provided regular income can be demonstrated. Applications are usually completed within just 10 minutes with money in the customers account the same day.
Damon Hirschl, Varooma.com, http://www.varooma.com, +44 1418970041, [email protected]