The fraud with leasing cars
The scheme is the following: the company imports from abroad several cars for which are paid only 30-40 % of the value of each car. The payment for the cars runs from 12 to 48 months as at the same time, they are for sale on leasing. For each of them the owner receives as first installment 20-30% of the value. All the vehicles are insured. Then, the target car is stolen and the insurance company pays compensation to the lessor company because it is still the owner. The term for this is not more than 3 months. The insurers suggest that the lessors themselves organize such fraud because the car buyers are their people. According to policemen, in order to protect themselves the lessors should include in their contracts clauses that prohibit giving the car to third parties or taking the car abroad. But when the fraud is already a fact, however, almost nothing can be done.
In order to avoid such fraud, each insurance company makes risk assessment-it carefully ‘expects' if the lessee is a potential cheater. If the lessee is a company, it should submit personal data of about 3 persons who will drive the cars with power of attorney. The companies already have their own database which they say it is filled with information from the police but most often it is from unofficial sources. The great companies have lists with the names of credit millionaires, tax debtors, etc. But most of the companies transfer the power of attorney to another name in order to be no apparent connection with the real owner. The more difficult thing for the cheaters is to conceal the traces of the cars that are risky to insure. If a car is stolen 3 times or has suffered any other casualties, companies do not want to agree to insure it again.
Of course, there are similar cases of frauds in many countries all over the world. Austrians, for example, have another problem-theft of cars in neighboring countries where their owners go for short trips-Hungary, Slovakia, Czech Republic, Poland, Italy. Moreover, there are a number of cheated people for the existence of companies for cars for rent through stolen credit cards and forged identification documents.
The attention of people who buy leasing cars should be very high because as you can see there are many frauds. However, buying leasing cars is not bad but you should well choose the companies because most of them are connected to insurance companies and in this way they can easily cheat you. If you are going to buy a leasing car, ask many people who well know which is the most appropriate company and pay attention to the prices.
Questions and Answers
Residual values are often determined in-house by the largest manufacturers Others will turn to outside parties, such as Automotive Lease Guide (on the Internet) for help.
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