Media centre Tesco Finance & Insurance

One comprehensive car status checker costs only £19.99—half the £40 fee charged by many competitors. For multiple checks, Tesco offers up to five car checks within a 60-day period for £24.99. Both Tesco Clubcard customers and motorists insured by Tesco will be eligible for an additional 20% discount. The online checker is powered by Experian, the global information solutions company.

 

Between three and four million new finance agreements are taken out on vehicles each year and there are currently around 8.3 million live finance agreements, so buying a vehicle with outstanding finance is a big risk for used-car buyers. 

 

Around 500,000 cars are registered as write-offs each year.  Some are deemed too dangerous by the insurance companies to return to the roads.  For the rest, the cost of repair is far greater than the value of the car.  Still they find their way back on to the roads as fraudsters fix them up and try to sell them as legitimate vehicles.  While they look presentable, anyone unfortunate enough to have bought one without having checked out its status will have paid more than it was worth. 

 

Around 160,000 cars are recorded as stolen by the police every year. Overall statistics show that 1 in 3 cars have a hidden history and this product is designed to help the motorists avoid pitfalls prior to purchase.

 

Allan Burns, head of Insurance at Tesco Personal Finance, comments: “We would encourage motorists to shop around for their car checks in the same way they would for their vehicle as there are considerable savings to be made. We are entering the market to offer our customers a quick and simple comprehensive service that gives them peace of mind at a great price.”

 

Tesco Personal Finance, the finance arm of Tesco, is a joint venture between Tesco and The Royal Bank of Scotland. Tesco entered the market almost ten years ago to inject real competition into financial services. Tesco Personal Finance, a top 5 car insurer consistently featuring at the top of the best buy tables, now has 5 million customer accounts.

 

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Matthew Dransfield: 0791 707 0614

Monica Mcormack – 0780 231 9266.

 

Tesco Personal Finance, the financial services arm of the UK's number one supermarket chain, was launched in July 1997 and offers a combination of Internet, supermarket and telephone banking. Tesco Personal Finance now has over 5 million customer accounts. It provides a range of 23 low cost, value for money financial services covering general insurance, lending and savings & investments.  It is a joint venture between The Royal Bank of Scotland Group plc and Tesco PLC. Tesco Personal Finance Limited. Registered in Scotland No 173199. Registered Office 24 St Andrew Square.

 

Experian^® is a global leader in providing analytical and information services to organisations and consumers to help manage the risk and reward of commercial and financial decisions.  Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage.

 

For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence.  Clients include organisations from financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.  Experian Group Limited is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index.  It has corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, California and Nottingham, UK.  Experian employs more than 13,500 people in 36 countries worldwide, supporting clients in more than 60 countries.  Annual sales are $3.5 billion (£1.8 billion/€2.7 billion).