RobG82

LogBook Loan!!

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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.

 

 

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Speechless....£465 over 18 months on a £3,000 car......:blink:

On another note you should not be selling the car as its not yours to sell. Your best bet is to talk to logbook loans, but whatever way you do it I expect that it will cost you money one way or another.

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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.

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so by the time you get chipped hard on your 10k your just about going to clear the loan, thats insane 

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If you want out of the loan, give or take a grand, you might aswell just hand them the car. Which might be the easiest thing to do and clearly what they bank on.

Hope you enjoyed the £3k

Failing all else get someone to burn the car out :lol:

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If he hands the car back then no doubt they will have some local trader (mate) who will say he paid him 4K for it and the client will owe the balance of loss plus costs. 

I might be wrong and the loan company could do the decent thing, but judging by there apr i very much doubt i am. 

 

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Logbook loans lend money to people with bad credit, they are no different from the higher street banks who screw their customers on fees for going a £ over their OD. They are all robbers. If you don't have the money don't buy it......

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By the way, i don't know if you've heard of vehicle equity releases. These are logbook loans alternatives that work quicker and fairer. You (the borrower) are protected with a Hire Purchase agreement which is the legal way this day. They won't ask for your logbook or car keys either! Everything is done online, even the car inspection through a video call. Check this type of logbook loans before it's too late. See what other car owners say.. 

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1 hour ago, Dimster said:

By the way, i don't know if you've heard of vehicle equity releases. These are logbook loans alternatives that work quicker and fairer. You (the borrower) are protected with a Hire Purchase agreement which is the legal way this day. They won't ask for your logbook or car keys either! Everything is done online, even the car inspection through a video call. Check this type of logbook loans before it's too late. See what other car owners say.. 

Off to devils Room i say , Off to the devils room with your wallet . 

People wanting loans like this have waaaaaaaay more money than myself :huh:, sell the car and walk till you are over the temporary issue with the money  . 

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On 8/9/2017 at 4:27 PM, justina3 said:

clearly log book loans is where the money is

Some sort of hire to buy scheme appeared on my fb feed the other day. 2004 Ford C Max, £250 down and then £40 a week. It had been taken.  I can't remember but let's be generous and say it was only a 2 year agreement, that's some mark up and what's basically a scrapper.

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Going back to the OP.
 

check the T and Cs of your log book loan agreement, and let us know if you are free to sell the car. I think you’ll find your answer there About what you can and can’t do. Sorry but you signed them.....just saying....

Edited by Dave c

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11 minutes ago, justina3 said:

Think the op has long gone this was posted three years ago

So has the car i guess lol 

Edited by Casper

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