Re: Check - before you buy

Pats you don't have to accept any offer from the other person, you can insist they pay the full amount, that is the law.

Re: Check - before you buy

Was led to believe that via small claims court, they would order the person in debt to repay, having taken financial circumstances into account, an amount per week-month, that they can 'afford' to pay ....

Re: Check - before you buy

As I understand it, so called log book loans do not show up when a car is HPI'd. They are classified as a different type of loan - they come under the Bill of Sales Act. There is a place in London - Royal Courts of Justice- who deal with this, they can check...for a fee.
I found all this out when my daughter was buying a new car, which fortunately was all above board, but forewarned is forearmed..... very fortunate as an irate Yorkshirewoman is not a pretty sight!! Especially this Yorkshirewoman!!!! Haha

Re: Check - before you buy

In Oz there is a NVR ( national vehicle registry) ,when you buy a car privately you ring the NVR and they can immediately tell you if there are any encumbrances on the vehicle or any payments owing, this is a free service. I'm a bit surprised there's no similar set up in UK.

Re: Check - before you buy

We have that here called HPI check - cost £15 ..

Re: Check - before you buy

Pats, I was told that although HPI is a must to check when buying a used car, the log book type loan will not show up on HPI as these are a different class/type of loan and unfortunately, a lot more people are using this type of quick fix, then getting rid of the car to unsuspecting buyers.

It would be great if we had a phone line to check this as in Oz.

Re: Check - before you buy

Hi there Gelly - just going by the programme, we were told there to get the HPI - that way all of the cars would not have been repossessed ...the new owners would have been made aware ...

Re: Check - before you buy

I know!! That's exactly what I thought, then after seeing cars being repossessed even after being HPI'd on a show, I spent ages finding out more. I spoke to a chap at great length from the Consumer Credit Trade Association who was really helpful and explained about the Bill of Sales act which is what these logbook loans come under. He gave me the number for the Royal Courts of Justice who can check for you. Logbook loans are supposed to be registered on the Asset Finance Register.

Who knew all this went on???? Its a bit scary when you think you are doing everything by the book and there's STILL a chance you could have your property snaffled!

Re: Check - before you buy

Well I never !!!! I've a good mind to complain - fancy leading Pats up the garden path ... and a few others ! Not good .....

Re: Check - before you buy

I presume this is all relevant to 'private sales'

If you buy a second hand car from a dealer you should be OK or will you