Buyers beware! is the message from vehicle data expert Cartell.ie which reports that the proportion of vehicles offered for sale with finance outstanding is at record levels. It represents a growing concern for buyers who run the risk of the car they bought in good faith being seized because of money owing on it.
According to cartell.ie‘s figures 16.61% of the 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2018 were found to have finance outstanding on them, up from 14.3% in December 2017 and 12.5% in July 2017. Overall levels of finance have increased 16.15% in 12 months since December 2017 and 75% since June 2016 when the rate recorded was 9.5%.
Jeff Aherne, Director, Cartell.ie, advises buyers to check for outstanding finance before buying. “The finance company owns the vehicle until the last payment has been made – the bottom line is that you can lose the vehicle. We have now returned to the highest levels ever recorded by Cartell.ie for vehicles offered for sale with outstanding finance. In December 2014 we saw levels of finance outstanding at 7%: so in 4 years the rate has more than doubled.”