Any - Log Book Loans How to check?

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Wed 6 Jul 2011 15:55
Any - Log Book Loans How to check? - HKPI

Im looking at a Boxter amongst other similar,

Ive done HPi checks on a few and they all come clean.

However one thing does concern me is that, these Vile Log Book loan Sharks data does not show on any checks for cars as they are not classed as HP.

So basically the previous keeper can take a loan out and then flog it without anything being spotted yet the shark still has a hold on it.

Is there anyother database or body that can inform a purchaser about this.

Im might be trading my car in and dont want to be stung!!

Edited by HKPI on 06/07/2011 at 15:56

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Thu 7 Jul 2011 11:07
Any - Log Book Loans How to check? - Dwight Van Driver

Do they not retain the V5 until the loan is re- paid as security?

There has been much advice on here and elsewhere that one should be very, very wary of the purchase of vehicle that has no V5.

dvd

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Thu 7 Jul 2011 11:14
Any - Log Book Loans How to check? - martint123

If the seller supplies the original V5 log book tnen they can't have handed it in for a loan???

I notice most also show the industry "code of practice" which includes....

3.13 Ensure that the member?s interest in the assigned vehicle is registered, within 24
hours of the making of the agreement, with a recognised Asset Finance Register such
as HPI Ltd.

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Thu 7 Jul 2011 11:23
Any - Log Book Loans How to check? - martint123

Although this seems quite daming

www.bbc.co.uk/pressoffice/pressreleases/stories/20...l

The investigation for 5 Live Investigates on Sunday 27 February from 9-10pm, found that drivers raising finance with so-called "logbook loans", which are secured on their vehicles, are selling on their cars before settling their accounts. These loans, unlike other forms of credit, leave innocent third-party buyers liable for the previous owner's debts.

As the logbook loans are secured using a Victorian law called the Bill of Sales Act, they offer much less protection to consumers. A borrower taking out a logbook loan actually hands ownership of the vehicle over to the lender, meaning that not only does the borrower have no legal rights to sell on the vehicle, but that any innocent party buying it also has no rights of ownership.

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Thu 7 Jul 2011 18:37
Any - Log Book Loans How to check? - tmjs

Does an HPI check offer a guarentee against this?

HPI Offers Guarantee Against Logbook Loan Snatchbacks

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