Would you buy a car from Log Book Loans?

d.e.hill

I'm going to have a look at (and possibly buy) a car from an auction tomorrow morning (sorry for the urgency...).

The only issue is that's it's being sold my Log Book Loans. I know this company has a horrific reputation for their dealing, often trying to reposess cars form their new owners after they've been legally sold to them.

The way I figure, there can't be any LBL finance outstanding on the car (as they've already reposessed it), but besides my conscience is there any other reason I shouldn't buy from them?

I guess there's an outside chance I might find the old owner on my doorstep with a grudge!

Thoughts welcome....

LandyAndy

Repossesed cars are very unlikely to have been serviced or repaired properly.

KeithP

d.e.hill wrote: »

I know this company has a horrific reputation for their dealing, often trying to reposess cars form their new owners after they've been legally sold to them.

I think you'll find that when a loan is taken out from this company, you actually sign over the ownership of the vehicle to LBL.

So when the 'owner' sells the car, he doesn't do so legally*... as he no longer owns it.
That is a bit different to selling a car which has outstanding finance on it.

Remember, 'registered keeper' is not necessarily the same as owner.


*assuming he sells it without LBL re-assigning ownership back to him.

hewhoisnotintheknow

someone who is stretched enough to be forced to use LBL is not going to be able to afford to get that worrying rattle looked at, or the cambelt changed etc


however, you dont know really what you are buying unless its from a good dealer where you get a warranty

vansboy

& you might - JUST MIGHT - find that the previous owner has been put into an unpleasent sitution where the vehicle has been repossesed & has a bit of a grudge against the finance company. Sometimes they feel that the car shouldn't have been passed to someone else & if they saw it parked up, possibly TRASH IT!!

VB

Kilty_2

vansboy wrote: »

& you might - JUST MIGHT - find that the previous owner has been put into an unpleasent sitution where the vehicle has been repossesed & has a bit of a grudge against the finance company. Sometimes they feel that the car shouldn't have been passed to someone else & if they saw it parked up, possibly TRASH IT!!

VB

It's highly unlikely that a finance company is selling a car anywhere near where it was actually owned and used.

I'd worry about the condition of the car although it depends on age, mileage, etc. Usual car auction caveats apply...