queens speech logbook loans

[have a word with the wife 299]

As outlined in the Queen’s Speech, the main elements of the Bill are:

•       Repealing the Victorian-era Bills of Sale Acts and replacing them with a Goods Mortgage Act which enables individuals to use their existing goods (such as a vehicle) as security for a loan, while retaining possession of the goods.

 

•       Increasing protection for borrowers who get into financial difficulty.

•       Helping borrowers in financial difficulty by giving them the right to voluntary termination by handing over their vehicle or other goods to the lender.

•       Providing protection for innocent third parties who buy a vehicle subject to a logbook loan that may be at risk of repossession.

“Logbook loans represent an issue for our industry as they do not have to be recorded on the vehicle data registers, meaning that vehicles can be easily sold without the clear title.

[trade vet 702]

12 hours ago, have a word with the wife said:

As outlined in the Queen’s Speech, the main elements of the Bill are:

•       Repealing the Victorian-era Bills of Sale Acts and replacing them with a Goods Mortgage Act which enables individuals to use their existing goods (such as a vehicle) as security for a loan, while retaining possession of the goods.

 

•       Increasing protection for borrowers who get into financial difficulty.

•       Helping borrowers in financial difficulty by giving them the right to voluntary termination by handing over their vehicle or other goods to the lender.

•       Providing protection for innocent third parties who buy a vehicle subject to a logbook loan that may be at risk of repossession.

“Logbook loans represent an issue for our industry as they do not have to be recorded on the vehicle data registers, meaning that vehicles can be easily sold without the clear title.

Good Post ! .......Our local BCA had the bright idea of starting a Log Book Loans section.Bought an X Trail in the first sale ( doc to follow) of course the doc did not follow.Went through the usual BCA " fob off procedure" and eventually got a full refund.The section was soon closed down.

[metcars 397]

37 minutes ago, trade vet said:

Good Post ! .......Our local BCA had the bright idea of starting a Log Book Loans section.Bought an X Trail in the first sale ( doc to follow) of course the doc did not follow.Went through the usual BCA " fob off procedure" and eventually got a full refund.The section was soon closed down.

I've mentioned this before but generally speaking most car auctions treat customers with contempt, a necessary evil there to be 'fleeced'. Considering he huge sums of money being exchanged at the cash office, if it were any other wholesaler in any other trade there would be riots. Like many of you guys I have friends working in other trades, plumbers/electricians/shops, and their wholesale suppliers treat them very well?

[justina3 518]

I am helping out a friend with a building company one of his reps comes around with Pizza for all the office staff his spend is less than mine in the auction and all i get is a discounted coffee well something that looks like a coffee ish 

 

 

[justina3 518]

Bet it wasnt from M&S

[andymc1973 199]

i pay and spend a lot less than some and lash about a grand a week on indemnities, no prawn sandwiches in sight

[metcars 397]

Dancing girls at the cash office!

Realistically, clean working toilets and safe/secure car parking (Manheim Colchester) would be a start. Also at Colchester, the offer of a lift up to the top field instead of a 1/2 mile walk in 27 degress only to find the battery is flat!

[metcars 397]

4 hours ago, andymc1973 said:

i pay and spend a lot less than some and lash about a grand a week on indemnities, no prawn sandwiches in sight

Maybe we'll have to do a critique of auction food around the country.

Does Manheim Northampton still do portions of chips with gravy and beans on, like school dinners?

[andymc1973 199]

i reached the heady heights of a free brekie on a monday until i realised everyone got one

[BHM 994]

The auction houses treat us like shit on their shoe. 

I accept they have large overheads but their fees in relation to their minimal customer service beggars belief.

It also boils my piss when, Manheim in particular, add their Surecheck fee. Personally I think the checklist is so minimal as to be a joke, the bronze & silver aren't worth the paper they're written on AND I've seen checklists with 32 out of 37 passed with the comment "engine noisy" - why the hell do we want to pay extra for stating the bloody obvious?

Last week I had the misfortune of wasting half a day of my life at the block & a few of us got into a conversation (after getting sick of the auctioneer bouncing bids off the wall - I think the fire extinguisher bought about 20) about what they've done for us all. Apart from a very occasional breakfast when they're desperate for buyers the answer was "sweet f.a.". That is unless you count the stench of piss from the toilets as a bonus.

[betginge 73]

I don't use BCA or Manheim and I hope I never have to.

I go to Aston barclay and I have to say they look after me and other traders in our circle, special rates, no cash fee, call us up with stock of interest and every year we get invited to the xmas shindig at the local balti towers  don't pay a penny either. 

 

Wilsons auctions has the best food IMO.

 BCA and Manhiem are just too big and take everyone for granted other than the major players who they will keep on side with money. 

I used to run a car auction so understand how a local touch, approachable and helpful attitude gets you and even years on I still have the respect from my old customers who a lot I still deal with and help move on their swappers. 

BCA just see you guys as cash cows or drug addicts who need their gear and they are the dealer. If I missed a couple of sales at aston barclay they will be on the phone making sure everything is ok, and bear in mind I don't buy too many vehicles these days is saying somthing about their customer service. 

[BHM 994]

I'll perhaps have to go to Leeds & give them a try. To be honest I don't buy a quarter of what I used to only four years ago via Manheim and from a couple of visits to BCA I thought it seemed like the same set-up, if not worse.

If a couple of other online auction sites make a go of it (rather than leaving it to Dealer Auction under the Cox/Manheim umbrella), resulting in them having to keep their fees low due to competition, then surely the days of the physical auction will be numbered. I certainly won't shed a single tear for them.

[MrC 142]

I have pulled back a lot from bca this year. Was spending between £7k and £10k per month.  Got sick of being fleeced. I now use a local independent auction house. They ring me every week to see of I'm coming and ring me a day or so after to thank me for coming. They let you get in the cars whilst they are running, prices seem reasonable. Fees are comparable to bca platinum. All in all a decent experience and i feel appreciated.

 

[metcars 397]

10 hours ago, betginge said:

I don't use BCA or Manheim and I hope I never have to.

I go to Aston barclay and I have to say they look after me and other traders in our circle, special rates, no cash fee, call us up with stock of interest and every year we get invited to the xmas shindig at the local balti towers  don't pay a penny either. 

 

Wilsons auctions has the best food IMO.

 BCA and Manhiem are just too big and take everyone for granted other than the major players who they will keep on side with money. 

I used to run a car auction so understand how a local touch, approachable and helpful attitude gets you and even years on I still have the respect from my old customers who a lot I still deal with and help move on their swappers. 

BCA just see you guys as cash cows or drug addicts who need their gear and they are the dealer. If I missed a couple of sales at aston barclay they will be on the phone making sure everything is ok, and bear in mind I don't buy too many vehicles these days is saying somthing about their customer service. 

My nearest Aston Barclay is in Chelmsford, great for selling odd bits I have problems with their saturday morning sale. Sadly Manheim Colchester is growing at a rate and seems to be sucking the life out of them? In fact, in the East of England we could do with another auction, you guys in the midlands seem to do very well.

[metcars 397]

12 minutes ago, tradex said:

Used to shop at Chelmsford back in the day (even before it moved across the road), bought some lovely stuff there, some nice staff, but as you mention the place is not what is was.

Colchester Manheim, if ever there was a place that needs an injection of customer relations training....

Agree. Lots of agency staff who treat the place like a playground and undermine the business in my opinion.

[Frankieola 22]

Aston Barclay have just had a management buyout including a couple of chaps who worked at other auction groups, lets hope they keep things nice and try to build the business up rather than just doing what BCA and Manheim do and trying to wring every penny out of us.