Urgent Help Bought new Car but has Mobile Money debt on

SeanG79

If a car is subject to a logbook loan, also called a bill of sale, the loan company is the legal owner of the car until the loan is paid off in full. If you buy a car that has a logbook loan on it and the person you bought the car from stops paying the money back, the finance company can repossess the car and keep it until the debt is paid in full. This applies even if you bought the car in good faith and did not know it had a logbook loan. The loan company does not need a court order to repossess the car.

However I would ask to see the bill of sale document – they have to show you this if you ask for it - there are complaints on various forums. You may want to check that the bill of sale they have is valid and registered.

The bill of sale must be filed with the court within seven days of execution, the bill will also lapse unless it is re-registered after five years. As registration is complex and cumbersome many lenders do not bother doing it.

mythdata123

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[Deleted User]

mythdata123 wrote: »

I was given the log book signed by him and sent it off the next day

mythdata123 wrote: »

I received the full log book from the seller which I filled in my address signed and sent the day after purchasing

Slightly OT, but FYI. It is the seller (not the purchaser) who is supposed to retain the V5C and send it to DVLA.

The purchaser should be given just the V5C2 - New Keeper Slip.

BobQ

on another forum someone said strip the car and let them take the shell as the debt is only on the car they could not come after me for the condition of the car, but not too sure on this.

An interesting idea!

If you leave the original car with the duff parts on some obscure piece of open ground, some locals will wreck it for you so destroying the evidence. Surely cannot be legal!

spacey2012

Sell it, morally =:(
Money saving = :T

DUTR

mythdata123 wrote: »

I paid the going rate for the car might have been £500 cheaper than other ones.

The outstanding Debt is £5k and increasing daily they want the full amount or the car.

I know you say not to hide it but I have no option and I am thinking of returning the vehicle to the seller even if I only get some cash back , I will try and pursue through the small claims, though do not believe I will get anything back from him, as I will win the case but he will not pay me back.

I had spent money on the car so am taking all the upgrades I put on it off, the interior has been half removed as was sent off to get recovered, so I will be paying for for some seats and get them back in a few weeks but no car to put them back in. great

I have been to the police and logged a case of Fraud against the seller, the Police have said they will not get involved with trying to get the car back for the loans company as it is a civil matter. so as long as it is off the road on private land they will never find it and they will require a court order before I give the location to them.

I know I am only delaying them from getting the car but the longer I have the more chance of getting more from the seller now the police are looking for him.

on another forum someone said strip the car and let them take the shell as the debt is only on the car they could not come after me for the condition of the car, but not too sure on this.

I will ask for the Bill of Sale from them

I must ask, is it you selling the car and it has outstanding finance?
And that you are just testing the water?
The last car that I had purchased previously owned the owner had told me that there were 3 more payments to be made on the car and gave me the details of the finance company and account number, I still had the HPI check, and the finance company were fine, above a certain amount it is daft not to have a HPI check on a vehicle purchase. If the car is not the owner's to sell then you have lost the money if you don't persue the seller, the vehicle may belong to the financier and a change of plate is not going to hide it, the vehicle will be registered somewhere and on top of that the registered keeper may not be the owner.

mythdata123

DUTR wrote: »

I must ask, is it you selling the car and it has outstanding finance?
And that you are just testing the water?
The last car that I had purchased previously owned the owner had told me that there were 3 more payments to be made on the car and gave me the details of the finance company and account number, I still had the HPI check, and the finance company were fine, above a certain amount it is daft not to have a HPI check on a vehicle purchase. If the car is not the owner's to sell then you have lost the money if you don't persue the seller, the vehicle may belong to the financier and a change of plate is not going to hide it, the vehicle will be registered somewhere and on top of that the registered keeper may not be the owner.

No I am not the one with the debt and not as you put it testing the water, I thought this forum was for helping people not accusing them!

Yes all well saying about the hpi Check but since posting here have found they informed hpi only after they found out the car had been sold illegally from the previous owner to try and prevent me from selling it on until they can repo the car. They do not have to inform HPI by law they have no reason to pay HPI to update the register of the outstanding debt until they believe the car has been sold on or will be sold on.

mythdata123

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claret_mike

You are not going to get any sympathy on here with that kind of post to be honest.

Log book loans are a legal way of lending money and regardless of the reason for such high returns is probably because of the likely high default rates. Who would you expect to go to a place like this? The same people who go to pay day lenders and those who reputable/normal lenders will not touch.

I have great sympathy for you because you have been a victim of fraud and you are still in the denial stage of what is happening by the sounds of things.

Whatever you decide to do, whether it be to do the right thing and hand the car back and take it on the chin or try and duck and dive and deceive the log book loan company as long as you can, then don't start to try and blame the log book loan company for this.

If it was your property sold on to someone else and you were owed money on that, how would you feel?

Personally, you are equally culpable for breaking the law by retaining the vehicle and whilst I am sure its part of the reaction to finding out you have been a victim here, I just hope you see sense and don't take things too far where you are at the end of legal or civil proceedings against you.

Two wrongs do not make a right...

DCFC79

Why delete some of the replies OP ( mythdata123 )