Log Book Loan and Webuyanycar - Help!

ilikewatch · 17 February 2015 at 6:59AM

Apples2 wrote: »

It wasn't you who suggested you would lie. It was poor advice from an MSE member suggesting you should.

If you have repaid all your credit agreements on time, surely you must have a great credit file.

I think you need to go back and read my post again - I never suggested the OP lied, I suggested he tell DVLA the truth to get a new copy of his V5C. Remember, the loan is secured on the car, not the V5C, the OP doesn't even own the V5C (it remains the proprty of DVLA) so how on earth could it be used as security for a loan?

I would be really interested to hear anyones views about how it could possibly be considered (legally) wrong to obtain a copy of the V5C in a situation like this, when the op has no plans to defraud the loan company or dispose of the security without settling the loan.

Also interested in hearing what the loan companies response would be if a request was made to return the V5C so that the keeper could notify the DVLA (as required by law) of a change of address/vehicle details?

Apples2 · 17 February 2015 at 11:52AM

ilikewatch wrote: »

I think you need to go back and read my post again - I never suggested the OP lied,

Lets read it again together

ilikewatch wrote: »

You can write your own reasons on the V62 in a free text box when requesting a replacement. I would suggest "a 3rd party refuses to return the V5C to the registered keeper". Alternatively, if lacking morals he could even lie and say that its been lost...

You're right, I can't see anywhere where you have suggested the OP lies....oh! hang on.

The concept is simple. They offer you a loan in return for your logbook. They hold this to prevent you selling the car until the loan has been repaid. Once the loan has been repaid, they return the logbook to you.

Good luck in your quest to find loopholes and squirming around a method for going back on the agreement which has been agreed by both parties.

A4374AL · 17 February 2015 at 1:08PM

Well, to the members who replied with kind words, thank you.

The company have agreed to release the log book if impact £500 deposit so a good result all round. I'm off to get the V5C then to WBAC. LESSON LEARNT.

A4374AL · 17 February 2015 at 6:37PM

All sorted. Log book received, transaction completed at WBAC, loan company paid and the surplus comes to me tomorrow.

Happy result. Phew! Thanks again to all that helped, much appreciated.