Buying from the uk (read)
We all know its risky business buying from the uk but I just came across this scam currently happenit over there and thought it was worth posting here in case anyones shopping in the uk
[quote name="littleump" post="933996" timestamp="1383225640"]just found out about a log book scam ( happened to a pal) which you may be interested to hear if you don't already know. basically......
mr scum bag applies to dvla for a replacement v5 so now he has two, then he goes and gets a log book loan against his car, hands in his log book gets the cash and keeps his car,
mr scumbag now wants to sell his car or swap it on some website because he is moving house of whatever
mr genuine buyer wants the car does a hpi and everything comes back clear no finance etc and buys the car
now because the log book loan company don't own the car they DO NOT register the car as there's with dvla or vosa
mr scumbag then defaults on the loan and it is then the log book company have legal right to own the car as theres and so NOW register it as belonging to them......
6 months later mr genuine gets a visit from finance company and bay-lift with bill of sale and agreement in hand to repossess car.
now mr genuine is left with nothing but to chase the seller in court will little chance of ever getting money back , totally shocking sly sticking thieving scum bags [/quote]
RE: Buying from the uk (read)
Have heard of this alright, really shocking stuff and only a matter of time before these log book loans are available here.
RE: Buying from the uk (read)
That's a stupid system, surely in court that cant hold up?? They are given a loan from a piece of paper that is transferable??!!!! Outrageous I don't see how they can operate that at all
RE: Buying from the uk (read)
Quote:
Originally Posted by ChrispyFish
That's a stupid system, surely in court that cant hold up?? They are given a loan from a piece of paper that is transferable??!!!! Outrageous I don't see how they can operate that at all
Again this is an issue where HPI checks on the car take months to follow up. Transactions like this need to be an instant update on Car history checks, otherwise whats the point. the day of Joe Bloggs being honest and owning a car for 5 years with a straight forward sale is a thing of the past (on average);.
