Tesco launches online used car checker
25 June 2007
Tesco Personal Finance is offering motorists the opportunity to check the status of a used car online before buying, for half the price compared to other providers. The on-line checker, powered by Experian, the global information solutions company, helps motorists to check to see if a car:
- still has finance outstanding on it
- is registered as an insurance write-off
- is recorded as stolen on the Police National Computer
- has been clocked.
One car status checker costs only £19.99 compared with competitors who'll charge £40. For multiple checks, Tesco offer up to five car checks within a 60 day period for £24.99. Both Tesco Clubcard customers and motorists insured by Tesco will be eligible for an additional 20% discount.
Between three and four million new finance agreements are taken out on vehicles each year and there are currently around 8.3 million live finance agreements, so outstanding finance is the biggest risk for used car buyers.
Around 500,000 cars are registered as write-offs each year. Some of these are deemed too dangerous by the insurance companies to return to the roads. For the rest, the cost of repair is far greater than the value of the car. Still they find their way back onto the roads as fraudsters fix them up and try to sell them as legitimate vehicles. While they look presentable, anyone unfortunate enough to have bought one without having checked out its status will have paid more than it was worth.
Around 160,000 cars are recorded as stolen by the police every year. Overall statistics show that 1 in 3 cars have a hidden history and this product is designed to help the motorists avoid any pitfalls prior to purchase.
Head of Tesco insurance, Allan Burns commenting said: “For too long motorists have been ripped off to check to see if the car they are buying is a rip off! We want to make this service simple, quick and affordable for the majority of motorists who should be able to establish exactly what they are buying.”
Tesco Personal Finance, the finance arm of Tesco, is a joint venture between Tesco and The Royal Bank of Scotland. Tesco entered the market almost ten years ago to inject real competition into financial services. Tesco Personal Finance now has 5 million customer accounts, is a top 5 car insurer and consistently features at the top of the best buy tables.
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