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Repo man
tomprescott - 10/5/13 at 09:15 AM

Hi All,

Watched the documentary on repossessions last night and wanted to draw the collective's attention to log book loans. I hadn't heard of these before, but basically it's a loan taken out against the vehicle, and stays with the vehicle - a lot of the repo's on the programme were cases where a previous owner had taken out a loan, sold the car for slightly under market value, and then not repaid the loan. Then the repo guys come to take the car from the new owner.

Bottom line is get an HPI check for any car you are seriously considering buying, might save you from getting your fingers burnt later on!

Hope I'm not teaching anyone to suck eggs, but I thought that the loan arrangement seemed unusual (normally a transfer such as a sale would cease the item being considered an asset of the debtor, and as such, would be beyond the reach of the repo men!) and since I hadn't heard of it before, others might not have either!

maccmike - 10/5/13 at 09:34 AM

I enjoyed that programme, nice guy too.

tomprescott - 10/5/13 at 09:38 AM

I did feel a bit sorry for him at some points, particularly when the angry teenager came out and threatened to put an axe over his head - thought he handled it pretty well though. Wasn't quite sure where they were going with his fantasy books though, he seemed quite happy with them but from the parts he was reading to his son, I'm surprised he got so many positive responses from publishers...

motorcycle_mayhem - 10/5/13 at 09:40 AM

I didn't watch it, but what you're describing is pretty horrific..... do these 'log book loans' actually feature in the world of recordable finance. I'm sure it's all legitimate and another way for the Banksters to 'help' people 'buy' things, all done as a 'service'.

Why, oh why, can't the Blubberment focus on such issues instead of others that affect the lives of people a lot less. OK, I know that our political classes are too busy covering their tracks and filling their boots to give a ..... about the sheeple.

Seems entirely reasonable to me that if a Bankster 'gives' a Ninja a loan to buy a car, that loan is the responsibility of the Ninja. If the Ninja passes on the car 'asset' to another party, it is still the Ninja that owns the loan, the car is now owned by the other party - simple.

I guess it would mean that holding the V5C means you are the owner, not the 'keeper'. The Bankster needs to hold the V5C, not the Ninja, i.e. the Bankster owns the car. If the Ninja wishes to sell the car, he must arrange another loan to pay the loan secured on the asset, pay the Bankster, and then he gets the V5C to sell the car.

What do we do with our overpriced crap shoeboxes on this Septic Isle? We have title deeds, we (or the Bankster) hold the deeds.... and let's not get into 'shared' ownership and other schemes to cloud the issue.

tegwin - 10/5/13 at 09:54 AM

I watched it too. Interesting programme. I guess the job needs to be done and he was going about it in a reasonably sensible way...

However, asking a 15 year old girl for the carkeys is IMHO utterly unacceptable. Yes, ok get her to call the father but taking keys from her is not really on.

bi22le - 10/5/13 at 11:36 AM

Didnt watch the program so may be missing the obvious answer but how can somebody sell a car with no V5?

Or maybe more to the point, who would buy a car without a V5? This seems the same thing as buying a car with no keys but handed a screw driver to start it!!

Jon Ison - 10/5/13 at 11:40 AM

quote:
Originally posted by bi22le
Didnt watch the program so may be missing the obvious answer but how can somebody sell a car with no V5?

Or maybe more to the point, who would buy a car without a V5? This seems the same thing as buying a car with no keys but handed a screw driver to start it!!


Unfortunately the people who sell these cars know exactly what they are doing, they just apply for a replacement log book from the DVLA

dhutch - 10/5/13 at 02:29 PM

quote:
Originally posted by tegwinHowever, asking a 15 year old girl for the carkeys is IMHO utterly unacceptable. Yes, ok get her to call the father but taking keys from her is not really on.

Harsh or otherwise they in effect, stolen goods.

It would screw you over though, if forinstance, you needed that car for something the urgent that day, or where due to go on holiday with it or simular.


Daniel

AndyW - 10/5/13 at 02:51 PM

One more reason why I have always done a HPI check on any car I have purchased. In fact a car and a house are the only things I have ever purchased second hand and both have had the searches done on them to make sure I dont lose them and my money.

It may not be obvious to everyone, and that cant be helped, but I do always expect someone somewhere is trying to rob me. Sad I know, but sign of the times maybe.....

Slimy38 - 10/5/13 at 06:04 PM

On the subject of HPI checks, make sure you pay that little bit more for a full service. I did one over the internet, they only gave me a partial VIN, and it turned out the bit they didn't give to me was actually wrong. It didn't come to light until MOT time, then the DVLA went berserk. The HPI check only gave the last few digits on the assumption that the first part of most VIN's are common for a manufacturer and/or model.

My first HPI check many years ago was £30, but it was absolutely everything, including the engine number (which I wasn't expecting). I'm not convinced the new services for a few pounds are actually worth the saving. Of course, if anyone has experience with a cheapie that does give full results then I'd appreciate the recommendation.