Motorists are being warned about a new finance scam that sees con artists targeting unsuspecting motorists with too good to be true deals.
Deals advertised on the social media Instagram are targetting the most vulnerable motorists on the road.
Typically they offer motorists a policy without the need for a credit check or a deposit.
Usually, the deposit is a large lump sum up front as well as commit to regular monthly payments.
Leases are a type of credit, which means that only motorists with a good credit history will be likely to pass any affordability and suitability checks.
This means that motorists with poor credit history could be left unable to take out a lease.
Con artists are capitalising on these vulnerable motorists by essentially bypassing the process which is preventing them from getting a deal.
Fraudulent accounts have been spotted on Instagram, who are asking motorists to direct message the firms to be able to take out a policy.
These policies do not exist and it is just a ruse for these scammers to get hold of your details and convince you to hand over your cash.
The British Vehicle Rental and Leasing Association (BVRLA) and Action Fraud are akin drivers to remain vigilant and question if a deal seems too good to be true.
BVRLA boss Gerry Keaney said: “These criminals are purposely targeting the vulnerable, scamming money from people who can least afford to lose it.
“It’s deplorable. Their adverts can appear very convincing with some even posing as BVRLA members and citing membership numbers of legitimate members.
“We want to get the message out there that all legitimate leasing brokers adhere to Financial Conduct Authority rules and will carry out credit and affordability checks.
“Those who don’t, will not be legitimate traders and could be out to scam you.”
