Buying a car privately-protecting against logbook loan etc
Discussion
Buying from a dealer would give protection as the liability for outstanding finance of this nature would lie with them. Obviously you'd be paying a premium over what you would pay privately but it would give you peace of mind. Additionally you mention about 2 keys; I'm being picky but make sure it's got 'all' the keys, some cars had 2 normal keys and a 'master' key so that would help too.
edc said:
Disco You said:
richardxjr said:
Log book loans are covered by the (proper) HPI check. Not the cheaper mobile/text history checks.
Are they? Source?edc said:
Disco You said:
richardxjr said:
Log book loans are covered by the (proper) HPI check. Not the cheaper mobile/text history checks.
Are they? Source?av185 said:
Buy from a reputable large auction group such as bca. All cars are indemnified against nasties you are concerned with. Stick with one owner fleet or lease cars with history.
And you get at trade price.......
Do you go to many auctions?? Every one I go to has lots of joe public's paying retail prices or more!!And you get at trade price.......
It does make buying from auction so much harder (although a bit more fun when you see how much some cars go for)
LuS1fer said:
I doubt any logbook loan is enforceable any more than letting someone hold your wife hostage.
Hard up bugger "sells" old car to a log book lender (who registers their interest in the same way as any other secured loan)Hard up bugger is still hard up so then sells same car privately without telling lender, and stops paying the lender.
Poor punter innocently buys the car.
Unpaid Log book lender eventually legitimately asks dvla for current registered keeper details and then perfectly legally engages a recovery agent to take the car which is then sold to repay all or part of the outstanding debt.
Poor punter has not got a leg to stand on. He could sue the Hard up bugger, but what's the point of that?
This type of loan is probably growing at the same rate as payday loans. Except they will be taken up by even less creditworthy poor buggers. Buy from trade, get an HPI check, or take your chances.
richardxjr said:
Hard up bugger "sells" old car to a log book lender (who registers their interest in the same way as any other secured loan)
Hard up bugger is still hard up so then sells same car privately without telling lender, and stops paying the lender.
Poor punter innocently buys the car.
Unpaid Log book lender eventually legitimately asks dvla for current registered keeper details and then perfectly legally engages a recovery agent to take the car which is then sold to repay all or part of the outstanding debt.
Poor punter has not got a leg to stand on. He could sue the Hard up bugger, but what's the point of that?
I'm sure I saw this exact scinareo on a watchdog type show recently aired by the beeb. A woman had bought a car and effectively had to pay twice and she was woken up in the middle of the night by billy badass who was instructed by the loan company to go and get their car.Hard up bugger is still hard up so then sells same car privately without telling lender, and stops paying the lender.
Poor punter innocently buys the car.
Unpaid Log book lender eventually legitimately asks dvla for current registered keeper details and then perfectly legally engages a recovery agent to take the car which is then sold to repay all or part of the outstanding debt.
Poor punter has not got a leg to stand on. He could sue the Hard up bugger, but what's the point of that?
No idea how on earth you protect yourself from this stuff - these companies seem to operate on the fringes of both law and decency.
Log Book Loans are registered at The High Court. It's a faff for this Court to deal with s
te like this. Originally Bills of Sales were for valuable stuff like cargo worth millions, not a couple of grand of metal. If anything the Courts should increase the fees charged to discourage bills of sales on low value cars.
The problem comes in the period between the Bill of Sale being registered and the HPI database being updated. Crooks will often sell a car in this honeymoon period with a copy/duplicate of the V5C. They will often apply for a new V5C and place adverts before the loan is applied for. The loser is the innocent purchaser.
te like this. Originally Bills of Sales were for valuable stuff like cargo worth millions, not a couple of grand of metal. If anything the Courts should increase the fees charged to discourage bills of sales on low value cars.The problem comes in the period between the Bill of Sale being registered and the HPI database being updated. Crooks will often sell a car in this honeymoon period with a copy/duplicate of the V5C. They will often apply for a new V5C and place adverts before the loan is applied for. The loser is the innocent purchaser.
[quote=vikingaero]Log Book Loans are registered at The High Court. It's a faff for this Court to deal with ste like this. Originally Bills of Sales were for valuable stuff like cargo worth millions, not a couple of grand of metal. If anything the Courts should increase the fees charged to discourage bills of sales on low value cars.
/quote]
Quite so. The 1882 Act provided that a bill of sale for less than £30 was void. That, when a working man might earn £1 a week, was a lot of money. If the value had been updated to reflect the decrease in the purchasing power of money, much of the difficulty would go away.
te like this. Originally Bills of Sales were for valuable stuff like cargo worth millions, not a couple of grand of metal. If anything the Courts should increase the fees charged to discourage bills of sales on low value cars./quote]
Quite so. The 1882 Act provided that a bill of sale for less than £30 was void. That, when a working man might earn £1 a week, was a lot of money. If the value had been updated to reflect the decrease in the purchasing power of money, much of the difficulty would go away.
long time lurker said:
av185 said:
Buy from a reputable large auction group such as bca. All cars are indemnified against nasties you are concerned with. Stick with one owner fleet or lease cars with history.
And you get at trade price.......
Do you go to many auctions?? Every one I go to has lots of joe public's paying retail prices or more!!And you get at trade price.......
It does make buying from auction so much harder (although a bit more fun when you see how much some cars go for)
Like most things in life, timing is all. Admittedly prices are relatively high considering its October but why pay some dealer £ x1000 over what they paid at auction just for the privilege of some worthless warranty.....
Realise its not for everyone though......
av185 said:
long time lurker said:
av185 said:
Buy from a reputable large auction group such as bca. All cars are indemnified against nasties you are concerned with. Stick with one owner fleet or lease cars with history.
And you get at trade price.......
Do you go to many auctions?? Every one I go to has lots of joe public's paying retail prices or more!!And you get at trade price.......
It does make buying from auction so much harder (although a bit more fun when you see how much some cars go for)
Like most things in life, timing is all. Admittedly prices are relatively high considering its October but why pay some dealer £ x1000 over what they paid at auction just for the privilege of some worthless warranty.....
Realise its not for everyone though......
richardxjr said:
LuS1fer said:
I doubt any logbook loan is enforceable any more than letting someone hold your wife hostage.
Hard up bugger "sells" old car to a log book lender (who registers their interest in the same way as any other secured loan)Hard up bugger is still hard up so then sells same car privately without telling lender, and stops paying the lender.
Poor punter innocently buys the car.
Unpaid Log book lender eventually legitimately asks dvla for current registered keeper details and then perfectly legally engages a recovery agent to take the car which is then sold to repay all or part of the outstanding debt.
Poor punter has not got a leg to stand on. He could sue the Hard up bugger, but what's the point of that?
This type of loan is probably growing at the same rate as payday loans. Except they will be taken up by even less creditworthy poor buggers. Buy from trade, get an HPI check, or take your chances.
Snowboy said:
I'm pretty sure they don't cover log book loans, as there's no requirement for the lender to record the loan - so hpi would never know.
This is what HPI told me around a year ago, reading their terms and conditions they have pretty much covered themselves against paying out in this situation.Gassing Station | General Gassing | Top of Page | What's New | My Stuff