Again and again double loans for high-quality classic cars and sports cars can be found. This is possible because the vehicle owner can easily procure duplicate vehicle documents and present them as part of the lending transaction. This usually has very unpleasant financial and legal consequences for the lending parties. However, most of these cases go undetected as the borrowers service the loans. The number of unreported cases of such attempted fraud is therefore very high and an enormous risk for those involved.
DUPLICUS LoanReg helps to avoid double financing and lending and prevents the unclear ownership structure and subsequent legal disputes that arise for the parties involved.
A database fed by all users gives them a quick and clear online option to check the current status of a vehicle with regard to an existing loan.
The allocation takes place exclusively via the VIN (vehicle identification number / chassis number), which is the only date that is clearly assigned to the respective vehicle and, in contrast to vehicle documents, cannot be duplicated or can only be duplicated with great deal of effort.