Outstanding finance owed on 1-in-6 used cars
A recent article by Eddie Cunningham of Independent.ie highlights the importance for car buyers to do a thorough background check when purchasing used cars as many as I in 6 were found to have outstanding finance due on them.
If they had purchased those cars they risked losing them – even though they would be in no way at fault.
If the previous owner defaults on repayments, a car can be repossessed without any recompense to the new ‘owner’.
Motorcheck.ie managing director Michael Rochford raised the alert this week as part of a general overview to coincide with statistics on new-car registrations.
Mr Rochford warns: “Buying a car with outstanding finance could be the most costly decision you ever make, so get any potential purchase checked first.
“If there’s money still owing on, walk away.”
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