British credit agencies chase Irish motorists for €32m

Irish motorists are being chased by British finance agencies for debts of up to €32 million for imported cars.

Car financiers from across the water are tracking down heavily indebted motorists in Ireland and repossessing luxury cars bought in Britain.

It is now estimated the average Irish buyer tied to British car loans could be facing bills of up to €10,000

The new research carried out by Cartell.ie, a car history checking company, warns new car buyers to check when purchasing vehicles in Britain if there is still finance owed on them.

“A lot of these vehicles are of high value and many people are availing of higher specifications and attractive pricing due to the new Vehicle Registration Tax system and the low cost of sterling,” explained Cartell director Jeff Aherne.

Irish buyers have imported up to 40,000 vehicles from Britain and the north so far this year, according to Department of Transport figures released to Cartell.

Its survey of over 1,500 imported vehicles from the Britain into Ireland shows up to 8% or 3,200 are still on finance.

According to Cartell, some Irish motorists are unwittingly buying vehicles that still have loans on them and in some cases, cars are being repossessed.

“The most worrying aspect is that the new owners who imported the vehicles in good faith, are still liable for the debts,” warned Mr Aherne.

British lending institutions were prepared to “chase these outstanding debts which could ultimately result in repossessions,” he added.

BMW Finance and Leasing have agents working on their behalf locating vehicles in the Republic of Ireland for repossession, say Cartell.

Worried owners were yesterday advised if there were concerns over vehicles still having loans on them to contact the National Consumer Agency or Cartell.ie on 1890252331 for advice.

An investigation earlier this year showed that British-registered cars, written off as dangerous and not road-worthy following crashes, were being sold to motorists in Ireland ending up on Irish roads.

An inquiry team made up of representatives from the Road Safety Authority, gardaí and the Department of Transport and the Revenue Commissioners agreed to look into complaints.