fordsportjay

iTrader: (6)

today i had a guy travel over 2 hours to see a car of mine with a view to part exchanging his bmw coupe.before he came i asked all the usual questions including wether he knew it was hpi clear-he told me he had checked it when he bought it and everything was ok.

well he travelled up this morning,fell in love with my car and after looking over his car i told him the only thing i needed to do was hpi it......

he got the car 2 months ago from a guy who had bought it in jan 2009.
hpi check shows 2 log book loans taken out in dec 2008 within a day of each other.(2 different companies).he didnt have a clue and showed me the text check he had done-no mention of finance checks as they dont do it.

he was absolutely gutted and now has to spend all day tomorrow chasing all this to find out that some slimy scumbag has got a couple of loans with 375%apr,then sold the car.!

if yoiu want to hpi check a car-do it properly with one of the "proper" companies.

nugnah

forgive me for being thick lol, but what is a log book loan, never heard of em.

jason

Less.

You take out a loan thats secured on your car,but the companies charge a massive apr and I mean MASSIVE APR

fordsportjay

iTrader: (6)

have a look on the net for log book loans......you will be amazed that

a-people actually use them
b-that they are allowed to trade with such high apr's

LHD220Turbo

iTrader: (4)

totally agree

i think all of the text HPI checks do not check finance, there's only a few that check finance

i found this out to my cost when i bought a £2k car for my mrs, i kinda knew the bloke seeling it so i sort of trusted him, only to have a letter land on my doorstep 6 months after we bought it saying finance was outstanding.

thankfully, my mrs works for a legal firm in Swindon, after a few choice letters to the finance company the they cleared all their interest in the car. happy days

TIFF

i bet the guy was gutted......

Remember a few years back now...Steve B i think it was sold a S1 to someone...cant think who....but it ended up going from a B plate car to being put on a Q plate.....think there was a mix up somewhere

Mrs T

just looked up on this as never heard of it this was the firs add that came up

£1,500 £53.60 78 weeks 437.4% £4,180.80

wrx-maniac-22

wow never heard of them.First one i looked at had 437.4%apr How desperate must you be to need that???

D16PJM

surely a log book loan means they hold the log book unless the keeper aplied for a new one.

wrx-maniac-22

Beat me to it genuinely shocking though.

monkey nutz

Nope, which is why you should always do a proper HPi check - especially with sub-£1000 cars - as this is getting quite common now with the criminal fraternity.

matts1

never understood why people quibble over £20 when buying a car on a hpi check.

I always do one after once nearly getting stung with a Cat C - Hpi was busy and said they would call back in 15 - 30 minutes witht eh check.

Whilst waiting I offered the guy £2850 rather than £2900 for us to just take it - he said no, Hpi then called and gave me the news.

Close call!!

gazcos

iTrader: (1)

Thats true, I cant remember the exact details but i think its worth mentioning that Steve was completely innocent in all this. I think there was a problem with the car when he bought it and it didn't come up untill he tried to take his private plate back off the car .

danzul

its all to easy done, i know of a bloke, he bought a car had it 6 months and then went home to find a repo guy with paperwork saying he was taking the car due to unpaid finance etc

It's Czech Mate

Keith666?

cossiejay

i have seen some of these at 1375%

COLEYST200

iTrader: (3)

FUCKING HELL JUST HAD A LOOK AT ONE


Loan Amount Weekly Repayment Loan Term APR Total Repayable £1,500 £53.60 78 weeks 437.4% £4,180.80
Please note, you can make significant savings if you choose to settle your loan early:
Settling after 1 month : £1,845.27 (total payable)
¼ of the term (20 weeks) : £2,601.90 (total payable)
½ of the term (39 weeks) : £3,408.18 (total payable)
¾ of the term (59 weeks) : £4,060.00 (total payable)
Typical 437.4% APR

SteveB

iTrader: (3)

Kinda true.....


About 5 years ago...

I bought a complete restored S1 RST that had all the resto pics etc on Passionford. When I tried to remove my private plate from the car it went for a routine check at DVLA and was found to be a RS1600i shell had been used but the ID from a S1 was used. When I asked the original seller he said "I thought had told you about the reshell".....!!!!! I'm damn sure I'd have remebered a "small" thing like that

The original seller/restorer a very long standing RSOC member which made me go into the sale with blinkers on that didn't make me look at the usual checks, plus that fact that there was a huge piece on Passionford wide loads of pics of the restoration.




I still see the car every now and then at shows, especially in 2007



Steve

SteveB

iTrader: (3)

Just to add dpoing a HPi check wouldn't have helped in my situation...


Steve

TIFF

Thats the one Steve.....i didnt know the in's and out's of it.....and it was fucking ages ago.......

Just to add for people, i wasnt having a pop at Steve at all, we have known each other for YEARS and im sure he knew what i ment............. He even supplies my kids with Bikes......pmsl

Mr RS500

iTrader: (6)

Jay

He must have known it had loans against it or why didnt he find it funny he never got the logbook with the car as logbook loans would have had it

I bought a car of a user on here and i had to go into his local logbook loans shop and pay the dept and get the logbook back then pay the remainder and take the car

SteveB

iTrader: (3)

Tiff,

I knew that you weren't having a pop.....lol


Paul,

£19 for a replacement log book from DVLA, buy 2 for £38 get 2 loans out and sell car with the original, bet that's what he did

Mr RS500

iTrader: (6)

Im pretty sure logbook loans have to register with DVLA that the have the logbook to stop this simple scamm being possible

Im sure DVLA will NOT issue another logbook if its on record with logbook loans

SteveB

iTrader: (3)

That doesn't surprise me but you could get a new log book 1st then get a loan on it......


Steve

Mr RS500

iTrader: (6)

Good point

Either way i would bet money the fella knew and was trying to stitch Jay up

Why else would he be trading it in after just 2 months

dojj

iTrader: (3)

beofe it gets any more complicated:

the bloke comes to jay with a car
he wants to chop the car in for one jays selling
when jay does the hpi on the car, it shows the finance on the car that's being used as the part chop, as in the car the guys driven down in

is that corect?
and was the "owner" of the car not aware of this when he bought the car to jay or did he buy it inbetween it being "loaned" ?

and, if so, either payments were being made on it or he knew about the deal and was in on the scam

yes? no?

did he buy the car he was coming to see though?

fordsportjay

iTrader: (6)

im sure a lot of them dont keep the log book.i had the log book in my hand today.

i also know a guy who tried to sell me an audi tt last year.he had all the docs and was a lad i knew.he had taken out a log book loan as i found out when i hpi'd it.
he didnt realise he couldnt sell the car(so he said),but they had given him the v5 back after taking a photocopy of it.

i genuinely believe the seller didnt know today as he was taking a detour back to drop in on the guy he got it off in leeds(allegedly?)

Psycho Warren

iTrader: (5)

TBH a fiver on a text check is never going to be as good as a garunteed hpi check otherwise the proper companys would have gone bust!

log book loans are a joke.

But then youd have to be pretty stupid to take out a log book loan. but generally people who get thier finance into a situation where they NEED a logbook loan arent usually the brightest! generally even people fallen on hard times are clever enough to know not to use loansharks.

furqall

surley as the v5 isnt proof of ownership then a log book dont mean shit and you can still sell the car?

Dicko&Vacant

iTrader: (3)

we got done over the same with our LCR! used the £3 check but it didnt give finance info, a few weeks after we got it, got a letter off the finance company, thankfully we managed to get it sorted and prove we were an innocent buyer, but id never use those checks again when buying a car with any value!

Sarah

morph

iTrader: (1)

I am sure that if a car has hpi and is bought in good faith from someone who holds finance for the car as long as you have a recepit showing you paid for that car then you are the right full owner of the car and the hp company have to by law get the money off the person that took the finance out, that is why these days alot of hpi checks dont show finance details. However i am not aware of the log book loan.

Dicko&Vacant

iTrader: (3)

you have to prove you didnt know the seller, and show proof of where you bought the car and how etc, thats what we had to do.

KregRS

Log Book Loans are a bunch of cowboys from what I've read about them. I'm sure I've read somewhere that when they give you the loan they have to register a Bill Of Sale with a court somewhere to make their agreement legal etc, and a lot of the time they either don't bother or register it too late. I don't have a loan with them, I got my finance through Welcome Finance, almost as bad as LBL, but at least Welcome are dying a death now, unable to continue trading at a profit....

NC53

Innocent purchasers for value without knowledge of the finance agreement will take free of it as has been said. However, that won't help jay as now he knows about it!

I would be interested to see the terms of the finance agreement as I doubt that the vehicle is security for the money legally. It's probably just a personal loan dressed up as something else but who knows?

wirralphil

What ever you do, check the nuts on the wheels

jk jk

Ginge !

tiff that was totally different,,,, the S1 was restored but no finished,,,, SteveB bought it as a unfinished project as the shell was MINTER THAN MINT and finished it and put hes plate on it,,,, he then went to remove the plate,, DVLA inspected the car and discovered the bloke used a MINT mk3 escort shell,,,,,, but not a S1 shell or the actual S1 shell and so the car was Q plated,,,,,, it was actually gonna be crushed but steve managed to get the blokes he bought it off to confirm and show the other cars ID that he reshelled it over to and why,,,, the DVLA bloke agreed it was a MINT car and a shame so agreed to Qplate it as the car was not stolen or dodgy just restored using a second hand shell

steve was inocent totally and it was a fucking MINT car,,,, keith loved it to bits and had it for a while though sadly he did lose a bit of cash on it,,, steveB also lost out on some cash too as he quite fairly looked after Keith too after the sale had took place and discoverys was made due to him being a VERY fair and honest man !

Ginge !

KeithG666

i aint heard from hes lot for a while,,,, guess they all grew up

callummarshall

fucking hell im 16 with 4k to my name and even i can see thats shit and your better setteling for a cheaper car

jonny s2

iTrader: (12)

that is crap,i never knew about this scam thankyou jay for letting us all know. i did a proper hpi check once on a car i bought a few years ago and was all clear, but the seller never sent the log book off, so i had to send off for it my self after 2 months of pestering the original owner, i never had to pay for it mind so was kind of happy,about 8 months after i started to get letters from a parking company demanding £200 for a parking fine with a date on before i owned it, i called them telling them i never owned it at that time and they told me because the vehicle was in my name i had to pay,so they kept ringing and i ignored them until they sent another letter saying they were gunna send the heavies if i dont pay the fee lol,i told them fine i will be waiting, the nobs never turned up, to this day im more than sure it was a scam, and i think dvla are cracking down on logbooks

Ginge !

the sad thing about finance is its set to favour the finance company aslong as they have the car,,,, if you dont hand it over then its harder for them to get it back,,,,once they have it they can fuck you about till you get bored or run out of money getting your car back

the debt should be with the person and not the car but the person never actually owns the car untill hes paied off 50% or more of the debt i was led to belive,,, thats when they chase the person and not the car