With 1 in 8 cars seized by police because of tax or insurance evasion recorded as having outstanding finance against it, HPI’s CrushWatch is helping finance companies protect their assets by reclaiming vehicles before they get crushed. HPI CrushWatch recently recovered three vehicles worth over £100,000 to motor finance companies, including a high performance Audi R8 valued at £64,000. Working in partnership with the Finance & Leasing Association (FLA), HPI created HPI CrushWatch in direct response to the Home Office initiative to tackling illegal driving and is designed to comply with the protocol agreed between the Association of Chief Police Officers and the Finance and Leasing Association.
“Since its launch earlier this year, HPI CrushWatch has been highly successful in reclaiming uninsured vehicles with strong support from finance companies and the police,” explains Alastair Crossley, F&I Director for HPI. “Without HPI CrushWatch, an Audi R8 worth £64,000, alongside a Bentley valued at £32,000 and an Aston Martin DB7 worth £21,000 could have all been sent to the crusher.”
The benefit of HPI CrushWatch has been acknowledged by Kevin Elkins, Head of Fraud, for Lombard: “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. The wider the Police coverage is extended the greater the benefit and value of the scheme will be for all.”
Uninsured motorists are now said to top 2million on UK roads and 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.
Finance companies signing up to HPI CrushWatch will be warned when any vehicle they have an interest in is seized and destined to be sold 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.
Alastair Crossley concludes, “£6.8million worth of cars recorded on finance were checked and at risk of being crushed last year with two Aston Martins and a Bentley among those seized. HPI CrushWatch is designed to protect the interests of finance companies, across all value of vehicles, helping to reduce their risks, while allowing police to return the vehicle to the lender, rather than disposing of it or returning it to the persistent evader.
“Available to all finance companies, not just HPI clients, HPI CrushWatch uses HPI Check data to help the motor finance industry reclaim illegal cars. With no annual fees, subscribers only pay for the alerts they receive, offering finance companies a powerful weapon against the growth in uninsured motorists.”
