Asset finance: UK motor vehicle monitor saves financed vehicles from crusher

One has to wonder: why would someone buy such exotic machinery and not tax or insure them. But obviously it happens and those three cars alone have returned assets worth more than GBP100,000 to the companies that financed their purchase.

Kevin Elkins, Head of Fraud, for Lombard says “HPI CrushWatch is taking uninsured vehicles off the road, an initiative we are proud to support. Our involvement has not only delivered benefit to our business but also to our customers by reducing our risks and driving their costs down."

In 2008, the Association of Chief Police Officers said that the number of uninsured motorists on the road was estimated to be two million, illustrating the size of the threat facing finance providers. HPI says that if a driver is uninsured, the car financing contract is rendered null and void, putting motor finance companies under pressure to raise their premiums to cover their risks. As part of the HPI CrushWatch service, all vehicles a finance company registers with HPI will be automatically checked by participating enforcement agencies if they are seized.

Alastair Crossley, F&I Director for HPI, says "HPI CrushWatch is available to all finance companies, not just HPI clients. We use HPI Check data to help the motor finance industry reclaim illegal cars. With no annual fees, subscribers only pay for the alerts they receive." Finance companies signing up to HPI CrushWatch will be warned when any vehicle they have an interest in is seized and destined to be sole or crushed. This allows them to decide whether to recover the vehicle or allow it to be destroyed, helping to reduce the cost of bad debt and recover debt more quickly and efficiently.