This is a huge risk for used car buyers …
12.8 per cent of the used cars offered for sale in Australia in 2015 had money still owing on them according to CarHistory. That exposes the buyer to the risk that the previous owner's finance company could repossess the car.
Nine per cent of used cars offered for sale had previously been written off. Other problems included undisclosed flood damage, re-birthing and odometer wind-backs.
Source: Banking Day