Discussion
Advice appreciated..........
About to go and see/buy a vehicle. Can check it over, get a dealer print out, HPI it and in general be wary of a £20K private sale. However, what if there is in place a "log book loan"? Any foolproof way to avoid getting "scammed" (other than do not buy it
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About to go and see/buy a vehicle. Can check it over, get a dealer print out, HPI it and in general be wary of a £20K private sale. However, what if there is in place a "log book loan"? Any foolproof way to avoid getting "scammed" (other than do not buy it
)All legit log book loan companies will show the finance against the vehicle on the HPI report, a friend works for one of the main lenders in this field and they register all loans on the HPI system within an hr of the loan being taken out, so this should help...unless it's from a dodgy backstreet lender
i think this is one of the very big problems with buying a used car privately
I think if i were to splash out more than a couple of unicorns on a car from a private seller, i would be looking at putting it on a private plate, even if it was just a cheap one, not a bad idea on a nice looking car that a few years old to hide it's age anyway, and i would expect this would make it much more difficult for one of the dodgy log book loan company to trace the vehicle and/or prove they have a claim to it, no idea how effective this would actually be
I think if i were to splash out more than a couple of unicorns on a car from a private seller, i would be looking at putting it on a private plate, even if it was just a cheap one, not a bad idea on a nice looking car that a few years old to hide it's age anyway, and i would expect this would make it much more difficult for one of the dodgy log book loan company to trace the vehicle and/or prove they have a claim to it, no idea how effective this would actually be
Log Book Loans record all their vehicle finance interests with both Experian and HPI. I really cannot understand any private buyer who does not use either Experian or HPI to carry out the correct level of vehicle due diligence to ensure that it doesn't have an outstanding finance agreement, stolen check and to see if it's write off (plus other checks).
Changing the registration makes no difference either as the record of finance agreement moves onto the private plate.
Changing the registration makes no difference either as the record of finance agreement moves onto the private plate.
moffat said:
Changing the registration makes no difference either as the record of finance agreement moves onto the private plate.
Does it though as I shifted one of my private plates off the last VXR, when the new buyer hpi'd it on the 'normal' reg which had been allocated to it there was no finance outstanding on the report even though I knew there was a little over £500 remaining which I rang and cleared with the buyer sat there ... Just another scam from the gutter end of the financial services industry which should, in my opinion, be banned.
If society wants loans to be secured against cars there should be an official register on DVLA computers - just like the official register of property mortgages at the Land Registry.
If society wants loans to be secured against cars there should be an official register on DVLA computers - just like the official register of property mortgages at the Land Registry.
X5TUU said:
Does it though as I shifted one of my private plates off the last VXR, when the new buyer hpi'd it on the 'normal' reg which had been allocated to it there was no finance outstanding on the report even though I knew there was a little over £500 remaining which I rang and cleared with the buyer sat there ...
It should. There are differences between Experian and HPI and how they record and move finance agreements with cherished plates. There does tend to be a 6-8 week delay (caused by the DVLA) when the car's plate is replaced.Best thing to do is to check both the current and cherished plate. An HPI and Experian check will show plates changes as well.
I worked at Experian for a long time so understand their process well, but not HPI - should be similar though. Both have good customer service for these products though.
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