Car Leasing Scam Targets Vulnerable Motorists

Drivers hoping to get a good deal on new vehicles have been warned about a ‘deplorable’ scam which targets vulnerable motorists. Criminals are offering bogus leasing deals requiring no credit checks and sometimes no deposit in order to dupe drivers who have poor credit ratings.

How the Scam Works

According to the British Vehicle Rental and Leasing Association (BVRLA), the fraudsters employ adverts on social media – notably Instagram – while pretending to be legitimate in order to steal money. Usually, car lease deals ask customers to provide a deposit and be subject to credit check.

The bogus deals state that they provide a solution for drivers who have poor credit ratings by cutting out such checks. However, the BVRLA cautions that in these situations there is probably no deal and no vehicle, and people being taken in by the scam will be left short of money.

The Chief Executive of BVRLA, Gerry Keaney, said that the criminals are deliberately targeting vulnerable drivers, leeching money from those who are in a poor position financially. He commented on the convincing nature of the adverts, with some even claiming to be from BVRLA members and stating membership numbers of bona fide members.

Finding a Genuine Deal

All genuine leasing brokers follow Financial Conduct Authority (FCA) standards and will conduct affordability and credit checks. Otherwise, the trader will not be legitimate and could be set to hoodwink you.

Generally, firms ask for your name, date of birth, email, telephone number, your address, work history, bank details and an income and expenditure breakdown.

Before contacting a firm, you can get a credit report if you have concerns about your credit rating – free report providers are online. This will explain the elements of your credit profile that a leasing firm will employ to assess whether you are suitable.

If you are interested in Car Leasing Leicester, you can lease cars in Leicester through Total Motion.

For information on the correct procedures for car rental, see https://www.moneyadviceservice.org.uk/en/articles/leasing-a-car.

The BVRLA advises drivers to think carefully before replying to adverts that sell vehicle leasing deals requiring no deposit or credit checks. Similarly, be careful of those asking you to send a text message to get a deal.

To find out whether a leasing firm is genuine, you can contact Adam Holt of the BVRLA on adam@bvrla.co.uk.