Davyo Posted March 6, 2014 Report Share Posted March 6, 2014 Just watching this program,apparently if you buy a car and you take it for granted that it is HPI clear you could end up inhereting someone else's debt.So if someone takes out a log book loan they can sell it on and the debt stay with the car.The unfortunate purchaser then can have the car repossessed if the previous owner defaults or they have to pay the outstanding amount of someone elses loan to keep the car they bought in good faith . Wouldn't you think that these companies who offer these loans would keep the logbook to stop it being sold on. What the hell is this country comming too. Quote Link to comment Share on other sites More sharing options...
woodcock11 Posted March 6, 2014 Report Share Posted March 6, 2014 Just watching this program,apparently if you buy a car and you take it for granted that it is HPI clear you could end up inhereting someone else's debt.So if someone takes out a log book loan they can sell it on and the debt stay with the car.The unfortunate purchaser then can have the car repossessed if the previous owner defaults or they have to pay the outstanding amount of someone elses loan to keep the car they bought in good faith . Wouldn't you think that these companies who offer these loans would keep the logbook to stop it being sold on. What the hell is this country comming too. I think the car owner needs the log book to tax and insure - ~I believe there are websites and agencies where you can check if there is outstanding debt on a car that you may wish to buy - other members will know much more. Citizens Advice Bureau is a good place to start http://www.adviceguide.org.uk/wales/consumer_w/consumer_cars_and_other_vehicles_e/cars_buying_a_car_e/cars_buying_a_used_car_e/cars_what_to_watch_out_for_when_buying_a_used_car_e/how_to_check_if_a_car_is_stolen_or_still_on_hire_purchase.htm As always, it is a case of caveat emptor. With respect, it is not up to "the country" to work this out for you, unless you truly wish to live in a nanny state! You have to work it out for yourself. Quote Link to comment Share on other sites More sharing options...
chady Posted March 6, 2014 Report Share Posted March 6, 2014 Hip checks finance but dose it pick up log book loans??? That's an interesting one?? Quote Link to comment Share on other sites More sharing options...
Elby Posted March 6, 2014 Report Share Posted March 6, 2014 They don't keep the log book, they register ownership with the high court Quote Link to comment Share on other sites More sharing options...
chady Posted March 6, 2014 Report Share Posted March 6, 2014 But wood a hip check pick it up? Quote Link to comment Share on other sites More sharing options...
Elby Posted March 6, 2014 Report Share Posted March 6, 2014 Yes it should Quote Link to comment Share on other sites More sharing options...
fern01 Posted March 6, 2014 Report Share Posted March 6, 2014 A pal of mine wanted to sell the car and pay the outstanding balance of his LB loan off early. The company have demanded the full amount of interest as well to the original end of the loan. Quote Link to comment Share on other sites More sharing options...
Elby Posted March 6, 2014 Report Share Posted March 6, 2014 Ask him the % It's shocking Quote Link to comment Share on other sites More sharing options...
welsh1 Posted March 6, 2014 Report Share Posted March 6, 2014 A pal of mine wanted to sell the car and pay the outstanding balance of his LB loan off early. The company have demanded the full amount of interest as well to the original end of the loan. He should read very carefully his loan agreement, it will have laid out the conditions of early repayment.if they are pulling a fast one ask for their demand in writing and once you have it give it to the consumer credit licensing bods and the financial authority,both of them will take great delight in being the ones to take ther licence away and impose nice big fines. Or it may be that the conditions state full payment,in which case your mate is stuffed. Quote Link to comment Share on other sites More sharing options...
Keith RW Posted March 6, 2014 Report Share Posted March 6, 2014 Bought one private about eight years ago for the wife, guy wanted to sell it quick as was emigrating to Canada within the month, had it advertised on *bay wanting a cash deal, paid around 75% of book value and in pound notes but not before I had a signed receipt from him with all his and the vehicle details on it and including a statement that the seller was the legal owner and that there was no outstanding finance on it, came away with a very nice car along with log book,service history and both sets of key etc...... low and behold about six months later a finance company got in touch claiming to own the vehicle, fortunately I was able to provide a print out of the vehicle advertised for sale from original *ebay listing printed off at the time of sale along with the receipt showing it had been bought in "good faith", couple of weeks later received notification from finance company that they would not be pursuing any further claim to the vehicle. Moral of story is always get as much detail as possible within a receipt when parting with large sums of cash for private vehicles so as to be able to prove that such was bought in good faith and that you had covered as many angles as possible. Quote Link to comment Share on other sites More sharing options...
Elby Posted March 6, 2014 Report Share Posted March 6, 2014 You were Lucky Keith Quote Link to comment Share on other sites More sharing options...
welsh1 Posted March 6, 2014 Report Share Posted March 6, 2014 Bought one private about eight years ago for the wife, guy wanted to sell it quick as was emigrating to Canada within the month, had it advertised on *bay wanting a cash deal, paid around 75% of book value and in pound notes but not before I had a signed receipt from him with all his and the vehicle details on it and including a statement that the seller was the legal owner and that there was no outstanding finance on it, came away with a very nice car along with log book,service history and both sets of key etc...... low and behold about six months later a finance company got in touch claiming to own the vehicle, fortunately I was able to provide a print out of the vehicle advertised for sale from original *ebay listing printed off at the time of sale along with the receipt showing it had been bought in "good faith", couple of weeks later received notification from finance company that they would not be pursuing any further claim to the vehicle. Moral of story is always get as much detail as possible within a receipt when parting with large sums of cash for private vehicles so as to be able to prove that such was bought in good faith and that you had covered as many angles as possible. You are to be commended in your thoroughness ,but even doing all that does not prevent a finance company taking back their legally owned goods,granted there may be occasions like yours where they may for whatever reason choose not to persue their claim, but the large majority do chase and recover their vehicles,especially the newer or higher end vehicles that will still have a large amount of cash in them. Quote Link to comment Share on other sites More sharing options...
Keith RW Posted March 6, 2014 Report Share Posted March 6, 2014 You were Lucky Keith not really Elby.... just covered all the angles... when it comes to crunch time all you have to do is prove in a court of law that you bought the item in all good faith and leave it to the loan company to pick up the pieces on what they have probably been paid for two or three times over already You are to be commended in your thoroughness ,but even doing all that does not prevent a finance company taking back their legally owned goods,granted there may be occasions like yours where they may for whatever reason choose not to persue their claim, but the large majority do chase and recover their vehicles,especially the newer or higher end vehicles that will still have a large amount of cash in them. Yorkshire....what more can i say You are to be commended in your thoroughness ,but even doing all that does not prevent a finance company taking back their legally owned goods,granted there may be occasions like yours where they may for whatever reason choose not to persue their claim, but the large majority do chase and recover their vehicles,especially the newer or higher end vehicles that will still have a large amount of cash in them. finance company also need to prove that they legally own goods before "taking" them back Quote Link to comment Share on other sites More sharing options...
Elby Posted March 6, 2014 Report Share Posted March 6, 2014 not really Elby.... just covered all the angles... when it comes to crunch time all you have to do is prove in a court of law that you bought the item in all good faith and leave it to the loan company to pick up the pieces on what they have probably been paid for two or three times over already Yorkshire....what more can i say If only that was true. You did far from covering all the angles, a HPI would have done that. The finance owed on the car probably wasn't worth them pursuing. Quote Link to comment Share on other sites More sharing options...
welsh1 Posted March 6, 2014 Report Share Posted March 6, 2014 not really Elby.... just covered all the angles... when it comes to crunch time all you have to do is prove in a court of law that you bought the item in all good faith and leave it to the loan company to pick up the pieces on what they have probably been paid for two or three times over already Yorkshire....what more can i say finance company also need to prove that they legally own goods before "taking" them back It won't be difficult for the finance company to prove ownership as they will have a signed finance document,believe me I have "taken"back Rolls Royce's and minis and everything in between,it is very very rare for a finance company not to have all the relevant paperwork all squared away, As for the courts, I took a Porsche 911 one time that someone had bought from another who had skipped the country,he had masses of paperwork,the finance company produced their credit agreement in court showing them to be the legal owners until such time that x amount of money was paid etc,and were awarded the case,and the poor bloke who bought the car had nothing except a large solicitors bill. Bought in good faith means nothing if someone else is the legal owner. Quote Link to comment Share on other sites More sharing options...
carlosdesilva Posted March 7, 2014 Report Share Posted March 7, 2014 so what would happen if say once a finance company had approached you ,saying that they legally own the car you had bought in good faith.The said car was to be stolen,burnt out in a field?What i mean how does insurance work ?Elby and Welsh1,this seems to be your area of expertise i am just intrigued to what would happen in that situation. Quote Link to comment Share on other sites More sharing options...
welsh1 Posted March 7, 2014 Report Share Posted March 7, 2014 so what would happen if say once a finance company had approached you ,saying that they legally own the car you had bought in good faith.The said car was to be stolen,burnt out in a field?What i mean how does insurance work ?Elby and Welsh1,this seems to be your area of expertise i am just intrigued to what would happen in that situation. I think your insurance company might just contact the police as it would be the most suspicious claim ever,you might be answering a lot of questions under caution. Quote Link to comment Share on other sites More sharing options...
Davyo Posted March 7, 2014 Author Report Share Posted March 7, 2014 Insurance companies being the theiving scumbags they are will probably look for a reason to not pay out.If theg can find a reason,they will Quote Link to comment Share on other sites More sharing options...
chady Posted March 7, 2014 Report Share Posted March 7, 2014 Do theses log book loan companies have to register the finance so when people do hpi checks it shows up?? Jamie Quote Link to comment Share on other sites More sharing options...
Elby Posted March 7, 2014 Report Share Posted March 7, 2014 (edited) so what would happen if say once a finance company had approached you ,saying that they legally own the car you had bought in good faith.The said car was to be stolen,burnt out in a field?What i mean how does insurance work ?Elby and Welsh1,this seems to be your area of expertise i am just intrigued to what would happen in that situation. Not sure about that one. I would think you'd still get paid out and the finance company would walk away. Maybe having title to the car would mean the finance company could be paid directly from the insurance company. There used to be a scam a few years back called "Strappers" where you'd get a car on finance, sell it to a mate at a reduced price for cash, he would then keep it for a year before registering it in his name. As soon as it was registered it would flag up to the repo's, they would then turn up but you would have receipts for a new engine, gearbox ect and then negotiate a ridiculously low settlement with the finance company. Do theses log book loan companies have to register the finance so when people do hpi checks it shows up?? Jamie Yes It's a finance agreement What you have to remember is a log book shows the registered keeper, that doesn't mean you own the car Edited March 7, 2014 by Elby Quote Link to comment Share on other sites More sharing options...
mel b3 Posted March 7, 2014 Report Share Posted March 7, 2014 (edited) so what would happen if say once a finance company had approached you ,saying that they legally own the car you had bought in good faith.The said car was to be stolen,burnt out in a field?What i mean how does insurance work ?Elby and Welsh1,this seems to be your area of expertise i am just intrigued to what would happen in that situation.i would think it more likely that the insurance company would say that as the car isnt yours we wont be paying anything to anyone. Edited March 7, 2014 by mel b3 Quote Link to comment Share on other sites More sharing options...
splitstop63 Posted March 8, 2014 Report Share Posted March 8, 2014 Its Down to the Purchaser to HPI the vehicle A Fool and his Money and all that!!! for the cost of a hpi check many people cut corners try and save a few quid and end up losing a fortune Penny Pinchers Lose £££££ Logbook loans have been around for years they are not something new i've done quite a lot of repo work been stabbed baseball batted its part of the job you are HATED you are looked upon as the devel its just a job that Dude on TV has got a Good team ex forces when asked by the camera does it upset you when they get up set??? NO Does an Ambulance man get upset when he goes to Work?? NO Does a Funeral Director?? No I Compare boxing Shows and take some polite fit athletic 16/18 stoners with me i'm getting old The Dudes to Check out for Bravery Am the One who Repo Planes Jumbo jets Check them out if you ever get Chance Footballs of Cast iron its like holding a Gun Ticket you buy an unchecked doggy gun you lose your ticket the gun and get the silver bracelets on!!! Simples Dot.com Quote Link to comment Share on other sites More sharing options...
TaxiDriver Posted March 8, 2014 Report Share Posted March 8, 2014 its like holding a Gun Ticket you buy an unchecked doggy gun you lose your ticket the gun and get the silver bracelets on!!! Simples Dot.com thats made me paws for thought,......... is that whats used to administer wuff justice :unsure: Quote Link to comment Share on other sites More sharing options...
Elby Posted March 8, 2014 Report Share Posted March 8, 2014 Its Down to the Purchaser to HPI the vehicle A Fool and his Money and all that!!! for the cost of a hpi check many people cut corners try and save a few quid and end up losing a fortune Penny Pinchers Lose £££££ Logbook loans have been around for years they are not something new i've done quite a lot of repo work been stabbed baseball batted its part of the job you are HATED you are looked upon as the devel its just a job that Dude on TV has got a Good team ex forces when asked by the camera does it upset you when they get up set??? NO Does an Ambulance man get upset when he goes to Work?? NO Does a Funeral Director?? No I Compare boxing Shows and take some polite fit athletic 16/18 stoners with me i'm getting old The Dudes to Check out for Bravery Am the One who Repo Planes Jumbo jets Check them out if you ever get Chance Footballs of Cast iron its like holding a Gun Ticket you buy an unchecked doggy gun you lose your ticket the gun and get the silver bracelets on!!! Simples Dot.com I know paramedics and funeral directors that get upset regular (mainly when kids are involved). I don't think he has a great team, he gets involved in slanging matches after he has the goods on his truck. They say he is ex forces but I wonder how long he was in for. They also say he has done some bird and that he has now had to surrender his CC license so can't repo anymore Quote Link to comment Share on other sites More sharing options...
splitstop63 Posted March 9, 2014 Report Share Posted March 9, 2014 I know paramedics and funeral directors that get upset regular (mainly when kids are involved). I don't think he has a great team, he gets involved in slanging matches after he has the goods on his truck. They say he is ex forces but I wonder how long he was in for. They also say he has done some bird and that he has now had to surrender his CC license so can't repo anymore Thats Exactly Why i can Not do funeral work Sir No way could i do that with Children it would definitely crack me up my neighbour and a close friend are funeral directors one was born in to the business and the old guy next door just does it as a retirement part time job and he gets paid peanuts!!! Sadley on call christmas day young girl jumped off a multi story car park gospel truth the police was throwing up so was the guy who took him to do the collection who owns the firm How on earth he picked that young Girl up is beyond Me I Could never do it another forum i use for VWs there is a paramedic on there early retirement due to trauma stress syndrome its a minority in the service so he told me but it does happen it only shows the results of the actual successful repros on that program Not the Failures!!! Sadly its one of those business where there is quite a lot of slanging matches I Don't know what he went to jail for or care for that matter i see him as good at his job he don't live in a property like that in my opinion being a fool or rubbish at his job he is also a talented artist so he said doing wall murals for childrens bedrooms mainly for well heeled clients My Mrs Despises me shooting She hates the thought i go and Kill pigeons crows Ducks pheasants etc on a weekly basis i try and do it twice weekly because i am lucky and fortunate i can go twice a week She Sponsors the RSPB The Dogs Trust Save the Children and the RSPCA & Has done for 19 years the point is we all have and are entitled to our own opinion and Rightfully So I Am Not typing this to be a keyboard warrior at what you said to me i totally Agree with You!!! But if People Do Not PAY or are Stupid enough to part with their hard earned cash with out doing an HPI report and keeping the report along with their logbook expect a knock at the door or if its the repro Man Expect the repro Man to find Ya!!! That one Kid said to the camera man How did he find me Here?? Dogging the payment expecting something for nothing He soon woke up Christmas Week Da He Smelling the Coffee on his Toes Quote Link to comment Share on other sites More sharing options...
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