Purpose of the Report:
The UV4 report is designed to identify all deals where the customer has negative equity or no equity in their part-exchange. These situations often lead to the manipulation of vehicle values to meet the minimum deposit requirements set by finance companies.
Associated Risks:
Potential Value Manipulation: Deals flagged by this report should be carefully scrutinised for potential manipulation of vehicle values.
Documentation Consistency: Compare the order forms and sales invoices against the finance proposals and agreements. This ensures that all values align correctly.
Sales on Hire Purchase (HP): For vehicles sold via hire purchase, the supply is to the finance company, and all transaction details must match those declared to HMRC. There are no exceptions to this rule, and any discrepancies could lead to compliance issues.
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