Logbook loan

[Wiperko]

Hello guys,

This is m first post ever on here.

So let me begin.

Well I have swapped my car for another with a person who had no idea there was a logbook loan on the car taken. ( the person does not have my car anymore and he was not the one who took the loan)
I have not done HPI check at the spot sadly.
25 days later, I received a list that the car is under logbook loan from Loans 2 Go.
So soon after I have done HPI check, yes too late....
The original person who took the Logbook loan done it at 13/08/2019 and the car was sold on to 3 more owners until it reached me. as i got the car on 8/10/2021

I have called with the company 2 weeks ago, and since that nobody came back to me or emailed me.
When I swapped the car, the car I took had few issues so I have sort them, honestly, the company want £1500 for the car, I told them I gave them £500 or I will return it into spares or repair state as it once was when I got it.

PS: I want to keep the car, any chance to bargain with them?

Originally the person took loan of £1000 and his repayments was 155x£36 ( who in a right mind would do this)?

also they have sent me the bill of sale ( registered within 2 days with high court, but the witness was an Agent?
Also all documents including address, name of the person who took the loan originally.

any help would be appreciated.

[d_a_n1979]

Did you buy it privately or via a dealer?

If privately; caveat emptor I'm afraid

But you can prove you've bought it privately, so hopefully the loan company take this on board and chase the knobber that took out the loan

[Wiperko]

Well swapped it privately.
I knew the car has some issues, and I have 2nd car I did not used so I through why not...

Yeh, tough situation, but wont pay £1500 for a car what I have already put money into.

[P-Jay]

Sorry to say, this isn't an uncommon thing.

More sorry to say, now the Loan company know where you live, they'll likely turn up and snatch the car away from you.

Worst still, they're completely entitled too.

There's no real way out of it, you're not liable for the loan, but they do have title over your car. Best to accept the situation and act accordingly, if you can, and want to sell it in parts, it's not a bad idea, trying to keep hold of the car without paying them will just be a massive pain in the arse.

[ConnectionError]

Wiperko said:

Well swapped it privately.
I knew the car has some issues, and I have 2nd car I did not used so I through why not...

Yeh, tough situation, but wont pay £1500 for a car what I have already put money into.

Return it to the "owner" then, in this case the logbook loan company.

[HaydenS2k]

I think I'd be keeping the car somewhere away from the registered address and try to come to some arrangement with them.

If you get nowhere then strip it and get them to pick up a rolling shell.

There was a thread about this in sp&l not too long ago which could be worth a look.

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[ConnectionError]

HaydenS2k said:

I think I'd be keeping the car somewhere away from the registered address and try to come to some arrangement with them.

If you get nowhere then strip it and get them to pick up a rolling shell.

There was a thread about this in sp&l not too long ago which could be worth a look.

https://www.pistonheads.com/gassing/topic.asp?h=0&...

And then run the risk of getting prosecuted for stripping the parts?

[HaydenS2k]

He could have bought it like that for all they know.

Probably bad advice but that's what I'd do. £1500 is hardly life changing money.

[Wiperko]

Thank you for all replies…

I would have to contact them and talk to them.
Car is insured and taxed.

And No I wont bother to strip the car in parts because I don’t want to have any trouble with law, I will simply take the parts I have added to the car as I got receips, and give it to them in the state I received it…

But I want the car, so I need to contact them, and see what I can work out with them…

Why they never go after the person who took the loan out… why the innocent people always….
HPI check is a good thing to do, but I’m not a trader etc… anyways thank you guys!

[randlemarcus]

Wiperko said:

HPI check is a good thing to do, but I’m not a trader etc… anyways thank you guys!

If you aren't a trader, thus having experience, and the fruits of previous successful trades, an HPI check seems an ESSENTIAL thing to do. But you know that now I dont suppose its in any way worth asking the person you swapped the car with to make you whole, and they do the same to the person they bought the car off, until the person who bought the car off the weasel gets to do some justice. If you all act together, it might work. Though I suspect the weasel will be brassic.

[HaydenS2k]

It does seem rather unfair.

Good luck op and let us know how you get on.

[Smurfsarepeopletoo]

You say the previous owner had no idea there was a log book loan against the vehicle, but I would assume that the Loan company have contact all of the previous owners that have purchased the vehicle since it was taken out, the same as they have you, and would also assume that is why it has been sold on 3 times in 2 years.

You may have some recourse against the previous owner if they have sold the vehicle without disclosing the loan to you, but it may be more along the lines of a money claim, rather than the police being involved.

[Wiperko]

Also forgot to mention.

I got both keys and full logbook?
Don't logbook companies take 2nd key and logbook with them?!
and also can Agent be a whiteness on logbook loan?

[Wiperko]

Smurfsarepeopletoo said:

You say the previous owner had no idea there was a log book loan against the vehicle, but I would assume that the Loan company have contact all of the previous owners that have purchased the vehicle since it was taken out, the same as they have you, and would also assume that is why it has been sold on 3 times in 2 years.

You may have some recourse against the previous owner if they have sold the vehicle without disclosing the loan to you, but it may be more along the lines of a money claim, rather than the police being involved.

I have a conversation with the person, but he had no idea, and his English was not very good....
But what could I do now... only way out is to pay them some, i know £1500 is not much, but for that I can get the same car... so I just wanted to see if bargaining with them is within a reason...

Thank you

[Davie]

You need to contact the loan provider, their number will be on the HPI report and then ask if they still have an interest in the car and if not, ask them to remove the marker. If they do still have an interest, I'm sure they'll advise on what they expect to happen next.

[Wiperko]

Davie said:

You need to contact the loan provider, their number will be on the HPI report and then ask if they still have an interest in the car and if not, ask them to remove the marker. If they do still have an interest, I'm sure they'll advise on what they expect to happen next.

thank you.

I have already spoke to them.
They want £1500, but I told them £500, and its now 2 weeks and no email or phone call from them.

Thank you

[normalbloke]

Wiperko said:

Davie said:

You need to contact the loan provider, their number will be on the HPI report and then ask if they still have an interest in the car and if not, ask them to remove the marker. If they do still have an interest, I'm sure they'll advise on what they expect to happen next.

thank you.

I have already spoke to them.
They want £1500, but I told them £500, and its now 2 weeks and no email or phone call from them.

Thank you

They’re busy casing your premises as we speak. Expect the men in balaclavas soon!

Edited by normalbloke on Wednesday 10th November 18:01

[TonyRPH]

Here is another thread on that same subject - this was posted back in October.

[Alex_225]

Someone in that linked thread also linked this : https://www.whatcar.com/advice/buying/what-happens...

Seems like a good article and talks about 'good title' which I'd never heard of but seems a good read.

I'd be taking it up with whoever I'd bought from. Private or otherwise.

[Gerradi]

Wiperko said:

Hello guys,

This is m first post ever on here.

So let me begin.

Well I have swapped my car for another with a person who had no idea there was a logbook loan on the car taken. ( the person does not have my car anymore and he was not the one who took the loan)
I have not done HPI check at the spot sadly.
25 days later, I received a list that the car is under logbook loan from Loans 2 Go.
So soon after I have done HPI check, yes too late....
The original person who took the Logbook loan done it at 13/08/2019 and the car was sold on to 3 more owners until it reached me. as i got the car on 8/10/2021

I have called with the company 2 weeks ago, and since that nobody came back to me or emailed me.
When I swapped the car, the car I took had few issues so I have sort them, honestly, the company want £1500 for the car, I told them I gave them £500 or I will return it into spares or repair state as it once was when I got it.

PS: I want to keep the car, any chance to bargain with them?

Originally the person took loan of £1000 and his repayments was 155x£36 ( who in a right mind would do this)?

also they have sent me the bill of sale ( registered within 2 days with high court, but the witness was an Agent?
Also all documents including address, name of the person who took the loan originally.

any help would be appreciated.

"Originally the person took loan of £1000 and his repayments was 155x£36 ( who in a right mind would do this)?"

How did you find this out? The linked thread was mine, when i spoke with the loan Company & asked them the amount of the loan against our car they said as i was not a registered customer of theirs or connected to the loan by law they could not disclose the amount of the original loan ? Did you know the person who took the loan ?

Edited by Gerradi on Wednesday 10th November 18:51