I have to phone them once a month and pay my instalment on my card, then the cheeky feckers charge me 50p for a card transaction!!! It's an 09 plate S3, so worth around £10k in a private sale. I'd be selling it for a bit cheaper than that though and I'd pay off the loan on the day of purchase with the buyer present. That's why I'm thinking about getting a replacement V5, as soon as I have paid off the loan the car is rightfully mine again and it would give the buyer peice of mind having it in their hand.
Hi I was wondering where I stood with regards to selling my car whilst i have a log book loan. I have never missed or been late with payments.. All I want to do is sell the car then pay back what is left on the loan and use the rest of the funds to purchase a different car. My plan is to advertise the fact that there is a logbook loan attactched to the car and if I find a willing buyer, arrange with them to be present when I phone to pay off the loan. My only concern is the V5, obviously the loan company has it. Would it be wrong to get a replacement from the DVLA to go with the car then destroy the original when I get it back? Without telling the loan company.. I have read many articles about people unwillingly buying a car which has an outstanding loan.. Basically being scammed! My intensions are genuine and it's going to break my heart having to part with my car!! LogBook loans are poisonous! I don't know what I was thinking when I signed to get £3000 and pay back £465 over 18 months.... Do the math on that..!!!! Any advice and opinions are hugely appreciated.. Thanks.