David Ayers 171 Posted May 18, 2018 " Must do surely? Otherwise how do they protect their outlay? If they don't then the car isn't the security and makes no difference" As far as I'm aware there is no requirement for a finance company to register a loan on HPI. But they still have an interest and the fact it's not registered is mute. Please correct me if I'm wrong. Share this post Link to post Share on other sites
NOACROSS 414 Posted May 18, 2018 Have a read of that link I posted above. Nothing to worry about. We can carry on buying from the public and the trade (it's the same) after HPi checks etc. Share this post Link to post Share on other sites
justina3 518 Posted May 18, 2018 1 hour ago, Stephen said: Do all log books loans come up on HPI report? Nope sadly they do not as its a personal loan, rife down my neck of the woods, touch wood i do not take many part ex's in and never buy private, i know of someone that got stung for £500 plus £592 worth of charges i would have been jumping up and down about the charges but after a lot of legal advise he coughed up to own tittle of the car. Share this post Link to post Share on other sites
NOACROSS 414 Posted May 18, 2018 Logbook loans Logbook loans are loans secured on your vehicle, so the lender owns your vehicle until you pay the loan back. You can keep on using your vehicle as long as you repay the loan. However, logbook loans are expensive and risky and you should avoid them if you can. How do logbook loans work? Getting your loan Paying the loan back How much does a logbook loan cost? What to think about before taking out a logbook loan If you can’t pay back your logbook loan Alternatives to logbook loans Getting help with debt How do logbook loans work? Logbook loans are available on the high street and on the internet. You can normally borrow between £500 and £50,000, depending on how much your car is worth. Although some firms will only lend up to half of your car’s value. When you take out a logbook loan, you’ll usually be asked to hand over your vehicle’s logbook or vehicle registration document. Share this post Link to post Share on other sites
EPV 631 Posted May 18, 2018 9 minutes ago, tradex said: Correct. Proving ownership of a vehicle for sale in the UK privately is as clear as mud, buy thru an auction and then it's not. "Not many have the front to put a car up for sale knowing there's a huge bill looming, or that the car drives like a dog/smokes like a chimney." stop it, I nearly choked on my coffee Maybe in your experience. Not in mine Share this post Link to post Share on other sites
NOACROSS 414 Posted May 18, 2018 12 minutes ago, EPV said: Maybe in your experience. Not in mine Same here. At least with a private buyer you can extensively inspect and drive the junk before parting with your dough. Unlike at the block. If there's something wrong with it, you walk away. If the log book is not in their name or address, you walk away (but you can qualify this before you leave) No test drive- no purchase. (Same with Dealer Auction to be fair.) Also I guess depends a bit on the sort of car as to the general type the seller is. Share this post Link to post Share on other sites
metcars 397 Posted May 18, 2018 (edited) 56 minutes ago, NOACROSS said: Also a bit huge amount depends on the sort of car as to the general type the seller is. Just edited this for you Personally, if I have to view hundreds of cars every week, I want to do it in a nice warm auction hall drinking coffee with my mates! Edited May 18, 2018 by met Share this post Link to post Share on other sites
justina3 518 Posted May 18, 2018 1 hour ago, NOACROSS said: Logbook loans Logbook loans are loans secured on your vehicle, so the lender owns your vehicle until you pay the loan back. You can keep on using your vehicle as long as you repay the loan. However, logbook loans are expensive and risky and you should avoid them if you can. How do logbook loans work? Getting your loan Paying the loan back How much does a logbook loan cost? What to think about before taking out a logbook loan If you can’t pay back your logbook loan Alternatives to logbook loans Getting help with debt How do logbook loans work? Logbook loans are available on the high street and on the internet. You can normally borrow between £500 and £50,000, depending on how much your car is worth. Although some firms will only lend up to half of your car’s value. When you take out a logbook loan, you’ll usually be asked to hand over your vehicle’s logbook or vehicle registration document. ?? so its a stupid system and very open to abuse Share this post Link to post Share on other sites
Mark101 536 Posted May 18, 2018 24 minutes ago, met said: Just edited this for you Personally, if I have to view hundreds of cars every week, I want to do it in a nice warm auction hall drinking coffee with my mates! Exactly and do the privates provide a Full English? I rest my case 1 Share this post Link to post Share on other sites
andymc1973 199 Posted May 18, 2018 the privates are just as crooked 1 Share this post Link to post Share on other sites
NOACROSS 414 Posted May 18, 2018 2 hours ago, Mark101 said: Exactly and do the privates provide a Full English? I rest my case Thanks for the edit MET. My O.C.D is now punishing me severely I must admit I don’t care if my bod I send is warm or not ;0) He often gets tea and cake and has the gaul to charge me an average of £13 a time for ‘lunch’! Share this post Link to post Share on other sites
have a word with the wife 299 Posted May 19, 2018 (edited) a logbook loan is just a bill of sale, you keep the goods yet repay the loan, you dont repay the loan and the lender takes his goods back via the bill of sale, they dont need to put it on hpi, and dont, because the cars not on finance, if you buy the car they quite rightly have full title, you dont stand much chance of arguing, especially if your a trader, and no chance of getting anything off seller , what can you do ? credit check the seller, or, dont buy private. Edited May 19, 2018 by have a word with the wife Share this post Link to post Share on other sites
metcars 397 Posted May 19, 2018 36 minutes ago, have a word with the wife said: a logbook loan is just a bill of sale, you keep the goods yet repay the loan, you dont repay the loan and the lender takes his goods back via the bill of sale, they dont need to put it on hpi, and dont, because the cars not on finance, if you buy the car they quite rightly have full title, you dont stand much chance of arguing, especially if your a trader, and no chance of getting anything off seller , what can you do ? credit check the seller, or, dont buy private. Russian roulette? Share this post Link to post Share on other sites
It's me 615 Posted May 20, 2018 17 hours ago, met said: Russian roulette? worse the guns fully loaded i believe its better to buy from a plc who will idemnify you againt the risk,i know you will only get what you paid and no betterment but its better than getting a letter through the post warning you its going to go all legal if you dont cough up 4g Share this post Link to post Share on other sites
NOACROSS 414 Posted May 20, 2018 https://www.hpi.co.uk/content/advice-and-tips/logbook-loan/ Share this post Link to post Share on other sites
justina3 518 Posted May 20, 2018 18 minutes ago, NOACROSS said: https://www.hpi.co.uk/content/advice-and-tips/logbook-loan/ So by reading that there is no cover from HPI hence my mate getting bent over Share this post Link to post Share on other sites
NOACROSS 414 Posted May 20, 2018 No. I /think/ it’s OK if you check it out. I really couldn’t see how it wouldn’t be: https://www.moneysavingexpert.com/news/travel/2014/06/do-you-know-your-second-hand-cars-history-beware-logbook-loans Share this post Link to post Share on other sites
have a word with the wife 299 Posted May 20, 2018 ffs 1 Share this post Link to post Share on other sites
