The Best Car Finance Blog In The World

As times become more difficult people turn to desperate measures. Fraud is therefore on the increase. I am hearing each week about many more scams being uncovered. Small used car dealers can no longer get what is known as stocking finance. In the past the dealer would buy say £500,000 worth of cars and a lender would provide the money, charging an interest of say half a percent per month secured against Read more »

Fraud and forgery crime increased by 16% in the 3^rd quarter of last year blamed on the credit crunch. Attention has been drawn towards brokers that arrange mortgages and finance as some of the main culprits helped along by the increasing acceptance of the Internet. As I recently reported things are getting tough for most of us involved in the finance industry and as happened in the last recession desperation Read more »

By way of an update and a warning I mentioned a few weeks ago about the likely increase in car finance fraud as the recession leads to desperation and potentially fraudulent actions by dealers and brokers simply to survive. I also mentioned the case of a lady who was hiding away an Audi in her garage, too frightened to drive it as bailiffs were trying to repossess it, following the collapse of Read more »

Manufacturers were going a bit crazy last week as they warned contract hire companies and brokers from selling on hugely discounted new cars. As though this was earth shatteringly new! It isn’t, how do you think the car supermarkets have been able to sell new cars more cheaply than main dealers can buy them for? The practice of daily rental companies selling on brand new cars to Read more »

Insurance fraud is growing to epidemic proportions. In the latest scam police arrested a company director who has been allegedly raking in millions of pounds in a ‘crash for cash’ scam involving luxury cars. Detectives arrested a 23 year old man following a raid on his flat in Paddington after an 8 month investigation. The police have confirmed that they are still on the look out for a second person in connection with the crime. In a raid on a warehouse in Tottenham police seized 13 cars supposedly Read more »

Now is the time to take great care with the funders, dealers and brokers, both online and offline, that you use to fund your next car. Things are getting tough and having lived through the last recession I know many of the tricks and scams that they all get up to in order to secure life saving orders. Cars are expensive items and great care should be taken over the selection of suppliers. I’ve been in this industry for over 25 years and I am Read more »

Fraud is on the increase as consumers and small businesses are driven to desperate lengths. Not only are applicants providing incorrect details and proofs, brokers are also falsifying documents in order to ensure that applications are accepted and they earn their commissions. There has also been an increase in premeditated motor finance crime with multiple applications being made in the expectation that Read more »

Whilst identity fraud continues to increase and cause concern to the leasing companies that often pay out tens of thousands of pounds for cars after receiving just a few signed documents and an advanced rental cheque, often for less than £1,000, motor finance fraud is relatively low compared to say credit card fraud or online purchase fraud. But there has been a steady increase in some more sophisticated organised fraud that results in professionals having their identities used in order to Read more »