Poms commit car loan fraud in crisis

Wednesday 19 November 2008

Article by Mozo

As the turgid economic tide of restricted credit has washed over our antipodean neighbours, there has been a sharp rise in the number of fraudulent car loan applications, it has been revealed.

Figures from Experian have shown that in the UK, there has been a 30 per cent rise in the number of car loan applications submitted containing fibs about the applicant’s financial standing.

During the first nine months of this year, car loan fraud costs totalled £39.3 million ($89.3 million), the group claimed.

Kirk Fletcher, managing director of Experian’s automotive division, said that part of the problem was that home loan and credit card providers have become a lot more suspicious of who they give credit too.

“As a result, fraudsters have been turning their attentions to the automotive market and this is reflected by the huge increase in fraudulent car loan applications this year,” he explained.

Meanwhile, Australians may be finding it increasingly difficult to get hold of a car loan after GMAC and GE finance promptly left the market last month.ADNFCR-1761-ID-18884948-ADNFCR

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