Car Finance Fraud How to avoid being caught.

Following a recent case of Gwent Fleet Management where it appears that the Finance companies have been defrauded of millions along with many of purchasers who are now having their cars re-possessed it seems timely to issue a warning and some steps to could prevent you being caught in a similar nightmare.

One of the interesting statements made by a solicitor was that whilst with certain types of vehicle finance the statutory "innocent private purchaser" rules apply whereby the driver is allowed to keep the car, in cases where the cost to the customer was extremely low, was the customer acting in good faith? If not the statutory rule would not apply as this test was not met.

So a warning if you are simply dredging around for the cheapest rate you could end up out of pocket without a car.

In the current circumstances you should find a broker that you feel you can trust then get the very best deal you can out of him.

Avoid at all cost making advanced rental cheques out to the broker or dealer. Make them out direct to the finance house or whenever you can pay by credit card.

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