RobG82 0 Posted August 9, 2017 Hi I was wondering where I stood with regards to selling my car whilst i have a log book loan. I have never missed or been late with payments.. All I want to do is sell the car then pay back what is left on the loan and use the rest of the funds to purchase a different car. My plan is to advertise the fact that there is a logbook loan attactched to the car and if I find a willing buyer, arrange with them to be present when I phone to pay off the loan. My only concern is the V5, obviously the loan company has it. Would it be wrong to get a replacement from the DVLA to go with the car then destroy the original when I get it back? Without telling the loan company.. I have read many articles about people unwillingly buying a car which has an outstanding loan.. Basically being scammed! My intensions are genuine and it's going to break my heart having to part with my car!! LogBook loans are poisonous! I don't know what I was thinking when I signed to get £3000 and pay back £465 over 18 months.... Do the math on that..!!!! Any advice and opinions are hugely appreciated.. Thanks. Share this post Link to post Share on other sites
Arfur Dealy 823 Posted August 9, 2017 Its not your car to sell. Share this post Link to post Share on other sites
andymc1973 199 Posted August 9, 2017 and they think we're the crooks 1 Share this post Link to post Share on other sites
justina3 518 Posted August 9, 2017 clearly log book loans is where the money is Share this post Link to post Share on other sites
GLW 2 Posted August 9, 2017 Speechless....£465 over 18 months on a £3,000 car...... On another note you should not be selling the car as its not yours to sell. Your best bet is to talk to logbook loans, but whatever way you do it I expect that it will cost you money one way or another. Share this post Link to post Share on other sites
Arfur Dealy 823 Posted August 9, 2017 When you think about it.....I bet we've all turned 3k into 9k over 18months Share this post Link to post Share on other sites
RobG82 0 Posted August 10, 2017 I have to phone them once a month and pay my instalment on my card, then the cheeky feckers charge me 50p for a card transaction!!! It's an 09 plate S3, so worth around £10k in a private sale. I'd be selling it for a bit cheaper than that though and I'd pay off the loan on the day of purchase with the buyer present. That's why I'm thinking about getting a replacement V5, as soon as I have paid off the loan the car is rightfully mine again and it would give the buyer peice of mind having it in their hand. Share this post Link to post Share on other sites
justina3 518 Posted August 10, 2017 so by the time you get chipped hard on your 10k your just about going to clear the loan, thats insane Share this post Link to post Share on other sites
BHM 994 Posted August 10, 2017 There's one born every minute Share this post Link to post Share on other sites
Mojo121 229 Posted August 10, 2017 If you want out of the loan, give or take a grand, you might aswell just hand them the car. Which might be the easiest thing to do and clearly what they bank on. Hope you enjoyed the £3k Failing all else get someone to burn the car out Share this post Link to post Share on other sites
justina3 518 Posted August 10, 2017 If he hands the car back then no doubt they will have some local trader (mate) who will say he paid him 4K for it and the client will owe the balance of loss plus costs. I might be wrong and the loan company could do the decent thing, but judging by there apr i very much doubt i am. Share this post Link to post Share on other sites
Arfur Dealy 823 Posted August 10, 2017 Logbook loans lend money to people with bad credit, they are no different from the higher street banks who screw their customers on fees for going a £ over their OD. They are all robbers. If you don't have the money don't buy it...... Share this post Link to post Share on other sites
Dimster 0 Posted January 29, 2020 By the way, i don't know if you've heard of vehicle equity releases. These are logbook loans alternatives that work quicker and fairer. You (the borrower) are protected with a Hire Purchase agreement which is the legal way this day. They won't ask for your logbook or car keys either! Everything is done online, even the car inspection through a video call. Check this type of logbook loans before it's too late. See what other car owners say.. Share this post Link to post Share on other sites
Cornish Guy 45 Posted January 29, 2020 No such thing as easy money. Share this post Link to post Share on other sites
David Horgan 564 Posted January 29, 2020 1 hour ago, Dimster said: By the way, i don't know if you've heard of vehicle equity releases. These are logbook loans alternatives that work quicker and fairer. You (the borrower) are protected with a Hire Purchase agreement which is the legal way this day. They won't ask for your logbook or car keys either! Everything is done online, even the car inspection through a video call. Check this type of logbook loans before it's too late. See what other car owners say.. Off to devils Room i say , Off to the devils room with your wallet . People wanting loans like this have waaaaaaaay more money than myself , sell the car and walk till you are over the temporary issue with the money . Share this post Link to post Share on other sites
sparky 274 Posted January 29, 2020 On 8/9/2017 at 4:27 PM, justina3 said: clearly log book loans is where the money is Some sort of hire to buy scheme appeared on my fb feed the other day. 2004 Ford C Max, £250 down and then £40 a week. It had been taken. I can't remember but let's be generous and say it was only a 2 year agreement, that's some mark up and what's basically a scrapper. Share this post Link to post Share on other sites
Dave c 5 Posted January 29, 2020 (edited) Going back to the OP. check the T and Cs of your log book loan agreement, and let us know if you are free to sell the car. I think you’ll find your answer there About what you can and can’t do. Sorry but you signed them.....just saying.... Edited January 29, 2020 by Dave c Share this post Link to post Share on other sites
justina3 518 Posted January 29, 2020 Think the op has long gone this was posted three years ago 1 Share this post Link to post Share on other sites
Casper 272 Posted January 29, 2020 (edited) 11 minutes ago, justina3 said: Think the op has long gone this was posted three years ago So has the car i guess lol Edited January 29, 2020 by Casper Share this post Link to post Share on other sites
