new car has outstanding finance.

tommed

tonight i had two guys knock on my door to tell me the car i bought 5 months ago has outstanding finance. be for i bought the car i did all the checks finance outstanding/rightoff/millage/ mot and it came back as clear. and even tonight i have done another check and again clear. the guys were from logbook loans. they said the last owner took a loan on the car and they keep the log book till payed back............. when i bought the car i filled in the new owners part and i posted the old logbook myself. so i told them that could not be the case. and i do have a new logbook in my name. logbook finance does not show up on outstanding car finance because its a loan against the car and not for the car. were do i stand on this. the guys are comming back wednesday. am going to hide the car over the weekend till i can get this sorted.

harveybobbles

Ask them to prove there is a loan against the said car and ask them what date and name it was taken out. A loan agains the car will show up on any type of HPi check. don't give any documenst out to these people on Wed !!!!!!!

tommed

HI. harveybobbles. the loan was taken out by the last owner of the car. and still tonight when i check car finance it comes back clear. but i did see there paperwork and it is my car he borrowed money on. but they are supposed to hold onto his logbook hence (logbookloans) but i had the old logbook

Ian_W

tommed wrote: »

HI. harveybobbles. the loan was taken out by the last owner of the car. and still tonight when i check car finance it comes back clear. but i did see there paperwork and it is my car he borrowed money on. but they are supposed to hold onto his logbook hence (logbookloans) but i had the old logbook

Or perhaps the seller obtained a duplicate from DVLA before you bought it?

I would get some legal advice PDQ, do you have legal exes on your car or household insurance? If not try the CAB or your local trading standards might be able to help.

I'm not sure, but I would have thought it quite unlikely that this firm can repo the car without a court order, given that you have purchased it in all good faith from someone with the V5 and a clear HPI check. However, I could be wrong! :eek:

tommed

thanks for that Ian W.
i will do that monday morning. also just pulled up the logbook loan website. tearms. car must be 5yrs or less this car is 8 years old. jag xtype 2.5 so i dont think he used the logbook. plus dvla use dup on duplicate log books. but i am not an expert on any of this and everyones advice has been fantasic thank you. i will put a new post up after monday to let you all know how i got on. again thanks all.

Ian_W

Try googling logbook loans and there are any number of variations on the name! Which it is might affect the 5yr old thing.

On the logbookloans.co.uk I was amased to see:
Typical 437.4% APR

I thought there were laws against exorbitant interest charges!! :eek:

tommed

LOL no wonder they are chasing the last owner. the book price for the car was £3000 so if he loaned on that at that rate £13.110.00 or even just on a £1000 would be £4.370 I ILL BE BACK SOON NEED TO BUY SHARES IN LOGBOOK LOANS

Fork86

Surely an unsecured loan means they can't take the car from you right. Shouldn't they be chasing your friend?

They are trying to scam you. Tell them to f*** off.

tommed

HI fork86 .... the bast**d was no friend just a guy that sold a car in auto trader. the good thing is i know were he lives so if things go bad logbook loans will be the least of his worrys

Fork86

tommed wrote: »

HI fork86 .... the bast**d was no friend just a guy that sold a car in auto trader. the good thing is i know were he lives so if things go bad logbook loans will be the least of his worrys

LOL! I'm not sure why I thought he was your mate, I must've imagined reading it. Just remember not to give anything to these crooks.

flyingscotno1

Don't HPI checks come with 'cover' that if it comes back clear falsely they take some responsibility. I bet the terms and conditions are a minefield however.