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Author Topic: logbook loans, how do you know ?  (Read 3042 times)

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Ken T

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logbook loans, how do you know ?
« on: 16 July 2011, 22:16:09 »
I have heard about these on various programs, people buying cars, and the car being repossesed, and they loose  everything.

How can you guard against this ?.

Ken
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the alarming man

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Re: logbook loans, how do you know ?
« Reply #1 on: 16 July 2011, 22:19:40 »
you cannot as it does not even show up if you do a HPI check....although it is changing :y
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Ken T

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Re: logbook loans, how do you know ?
« Reply #2 on: 16 July 2011, 22:36:32 »
Thanks for that. If you buy a car with a logbook, is that OK ?.

Ken
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Vamps

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Re: logbook loans, how do you know ?
« Reply #3 on: 16 July 2011, 22:42:03 »
Sorry, going to show my ignorance, but what do you mean by Logbook loans?   :-[ :-[

Is this about underhand loans and you hand over your logbook, a bit like money lenders who take the benefit book???
« Last Edit: 16 July 2011, 22:43:03 by floodm »
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Entwood

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Re: logbook loans, how do you know ?
« Reply #4 on: 16 July 2011, 22:46:13 »
Quote
Sorry, going to show my ignorance, but what do you mean by Logbook loans?   :-[ :-[

The vehicle is "put up" as security on a loan. If the car is worth £2000 you can borow £1000 .. if you fail to make the repayments the car is claimed by the lender. Usually the "log book"  (V5) is held by the lender as surety.

Unlike an additional loan on a house (remortgage) there is no "central register" of such loans ... if you buy a car with such a "lien" on it ... it was not the persons to sell .... and the lender can take it off you ... you lose all monies paid. The seller has broken the law ..... but that is little help to you.

All sorts of things can be taken as surety .... think pawn shops ...  :)  No reason a car cannot be used, quite legally .. :)
« Last Edit: 16 July 2011, 22:47:35 by entwood »
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Ken T

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Re: logbook loans, how do you know ?
« Reply #5 on: 16 July 2011, 22:49:21 »
Thanks for that  :-X :-X :-X .

So basically its not safe to buy a car at all.  :'(

Ken
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SIR Philbutt

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Re: logbook loans, how do you know ?
« Reply #6 on: 17 July 2011, 00:16:23 »
The twist is even though the lenders have the V5 you can then get a copy from DVLA if you fill in a form saying you lost it.

They can then sell the car to the unsuspecting

Dont know if a copy V5 looks different from the original ??? does anyone else??
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Vamps

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Re: logbook loans, how do you know ?
« Reply #7 on: 17 July 2011, 00:26:51 »
Quote
Sorry, going to show my ignorance, but what do you mean by Logbook loans?   :-[ :-[

Is this about underhand loans and you hand over your logbook, a bit like money lenders who take the benefit book???
[/highlight]

So this is a loan shark type loan then, not sure about the legalities then.... :-/ :-/ buy from a dealer and you should be ok.... :y
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russ0205

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Re: logbook loans, how do you know ?
« Reply #8 on: 17 July 2011, 09:53:06 »
Its scary as there is no database for this, There was a watchdog programe the other month that a guy bought an omega and he had the log book but it was still taken during the night and it legal to do so,

  :'( :'(
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Martin_1962

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Re: logbook loans, how do you know ?
« Reply #9 on: 17 July 2011, 12:08:10 »
Just take it back again?

Anyway how can they take the car if you are the registered owner?
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aaronjb

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Re: logbook loans, how do you know ?
« Reply #10 on: 17 July 2011, 12:18:38 »
Quote
Just take it back again?

Anyway how can they take the car if you are the registered owner?

There's no such thing as 'registered owner' - in fact the V5 is at great pains to point out that "This document is not proof of ownership" in giant letters, and only ever uses the phrase "registered keeper"

And because it was not the persons car to sell, if another party has a lein on the car (be that an HP company, hence an HPI check, or a 'logbook loan' company). Perfectly legal and perfectly correct that the company with the lein on the car recovers it (albeit a bit of a shit for the new 'keeper'!)

Essentially the person who sold the car has stolen it from the loan company..
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bertie1.8vectra

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Re: logbook loans, how do you know ?
« Reply #11 on: 17 July 2011, 13:05:54 »
don`t touch logbook loans with a barge pole guys.... i know some of us get to a point where we hae nowhere to turn too money wise,but these companies are no better than loan sharks... i have personal experiance of this type of loans as i was asked to do some money collecting a while back it broke my heart to see how and who they lend money too and what the consequences are if they dont repay.... this type of money lending and the tv versions need to be outlawed very soon its wrong and we are never gonna get out of this reccession if we dont stop it.... >:(
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Vamps

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Re: logbook loans, how do you know ?
« Reply #12 on: 18 July 2011, 00:07:36 »
As I suspected..... :( :( :(
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Psychoca

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Re: logbook loans, how do you know ?
« Reply #13 on: 18 July 2011, 22:37:44 »
The only "safe" way to buy a used car is through dealer...  At least if  the car has a loan on it and gets repossessed, you have comebacks with the garage...
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Ken T

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Re: logbook loans, how do you know ?
« Reply #14 on: 18 July 2011, 22:55:21 »
I wonder if you say fitted your own wheels and tyres, (because the originals were damaged ?) you could insist on removing them before the car was taken. They are your property after all. They would then need to get a recovery wagon to lift it.

Ken
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