i wish to sell my car and have a log book loan

[MeHA]

Hi

 

I was wondering where I stood with regards to selling my car whilst i have a log book loan. I have never missed a payment or been late on one with them. 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.

 

The other problem i have is my car is registered to my old address and in my maiden name but when i got married and moved LBL would not release my log book to let me change the details is there any way of doing this with the dvla without LBL being informed?

 

thanks

[cctv engineer]

Hi

 

I was wondering where I stood with regards to selling my car whilst i have a log book loan. I have never missed a payment or been late on one with them. 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.

 

The other problem i have is my car is registered to my old address and in my maiden name but when i got married and moved LBL would not release my log book to let me change the details is there any way of doing this with the dvla without LBL being informed?

 

thanks

 

 

so lets see no you cant sell your car, and you dont want lbl to know of any changes you make to your logbook. you do know your car will be on the hpi register.

 

how much is left on your car ???

[MeHA]

my car is worth 6k and there is around 1.5k outstanding on it.

[cctv engineer]

my car is worth 6k and there is around 1.5k outstanding on it.

 

you do know the interest payments of 1.5k ???

[MeHA]

that is with the interest added on the total is 1.5k inc interest

[DES_1001]

just apply to the dvla for a new V5

[applecart]

Hi MeHa

 

Your intention seems most honorable : )

 

I would write to LBL - and request a written settlement figure - the Law specifies that when you want to repay a loan early the Lender must follow protocol and ensure he offers you your settlement figure showing the rebate you are due.

 

Once you have that in writing and you are agreed that the figures stack up - (and that there are no hidden charges) sell your car and pay them off.

 

Nothing wrong with that.

 

Changes to logbooks and amendments to driving licences are done via the dvla.

 

Your agreement must still in your maiden name as well I suppose - these are mere administrative procedures that are easily followed through - no rush tho as you plan to sell the car and clear the loan - I shouldn't worry to much about updating LBL at this time. Just follow through with your plan.

 

Hope this helps?

 

Apple : )

[carmiami]

hey just try Sellmycarmiami.com they always give more than carmax.

[megamix]

Not too familiar with the legalities of the log book loan, I doubt whether the company providing the loan will have registered it. I don't expect it would show up on an HPI check.

You could apply to the DVLA for a new log book, and then sell your car. There are sites such as Car Arena where you receive multiple offers for your car and the dealers will settle your outstanding finance directly and pay the remaining balance to you before they purchase the car.

 

Having never done this with a log book loan I'm not sure about the process and how tied to your car the finance is, other than they have hold of your V5.

[anthonymark1986]

Could i just ask what if i swap my car with another but continue to pay the loan would that be okay? Would the new owner have any problems getting a new logbook for it? I might even ask company to swap loan to new car once i got it as its of more value than current one

[samuel20]

This post and in particular the advice given is similar to dozens of others on this site and the advice given makes me so angry that despite no interest in being a registered member I have to sign up and speak out.

Yes okay companies like LBL and MM charge extortionate APRs. Let’s just put to one side how much they make or don’t make (I’m guessing it’s not as much as most think as their bad debt must be astronomical compared with high street lenders, that’s the only reason their customers come to them, no one else will give them credit due to previous non-payment of debt). My issue is that of course they register HPI and finance on a vehicle. If in doubt pay the £20 and do a search on your car if you have finance and you will see for yourself. It’s how they protect themselves and its part of the terms of their license, one unlike other aspects they DON’T ignore. If lenders didn’t register finance a borrower could go from lender to lender doubling up each time. It would be like maxing out a mortgage on a house then going to the next building society for another mortgage. They all talk to each other to stop you doing it and that way of talking and stopping you is HPI and Experian.

With all that in mind, after all the venom and anger aimed at logbook loan and similar lenders (some valid, some not) why condone selling your car on to a totally innocent buyer who would legally have to take on a debt YOU took out, knowing it was unpaid but happy to do so just so you could “get one over” on LBL. Sorry but that’s low, and makes you far worse than the lender as at least you had an idea what you were getting into. The third party shmuck you prepared to mug just wants to buy your car.

Still as long as you don’t owe LBL anything and can stick two fingers up at them, I’m sure there are some who think anything else is detail, even if you leave victims in your path

[megamix]

Agree with samuel20 completely, don't leave your mess for someone else to clear up.

 

Any car company buying your car will automatically check if it has finance attached to it (using HPI) so you won't be able to do it that way.

 

Anyone in their right mind buying a car privately should invest that £20 and perform a HPI check for their own protection. If you don't do this then you could end up having to give car back to the finance company who technically will still own the car.

[Louisa B]

I agree, seing it from the other side it is a distressing situation, it is all to easy to get e replacement log book, DVLA should check whether a loan is the reason for the log book being replaced and not just send out a replacement.

[Louisa B]

Why dont you take out a credit card to pay off the outstanding debt on an interest free period then pay off the credit card before the interest free period runs out to save gifting the debt to the innocent buyer.

[dasholme]

This post and in particular the advice given is similar to dozens of others on this site and the advice given makes me so angry that despite no interest in being a registered member I have to sign up and speak out.

Yes okay companies like LBL and MM charge extortionate APRs. Let’s just put to one side how much they make or don’t make (I’m guessing it’s not as much as most think as their bad debt must be astronomical compared with high street lenders, that’s the only reason their customers come to them, no one else will give them credit due to previous non-payment of debt). My issue is that of course they register HPI and finance on a vehicle. If in doubt pay the £20 and do a search on your car if you have finance and you will see for yourself. It’s how they protect themselves and its part of the terms of their license, one unlike other aspects they DON’T ignore. If lenders didn’t register finance a borrower could go from lender to lender doubling up each time. It would be like maxing out a mortgage on a house then going to the next building society for another mortgage. They all talk to each other to stop you doing it and that way of talking and stopping you is HPI and Experian.

With all that in mind, after all the venom and anger aimed at logbook loan and similar lenders (some valid, some not) why condone selling your car on to a totally innocent buyer who would legally have to take on a debt YOU took out, knowing it was unpaid but happy to do so just so you could “get one over” on LBL. Sorry but that’s low, and makes you far worse than the lender as at least you had an idea what you were getting into. The third party shmuck you prepared to mug just wants to buy your car.

Still as long as you don’t owe LBL anything and can stick two fingers up at them, I’m sure there are some who think anything else is detail, even if you leave victims in your path

 

This has happened to me! I purchased a car last year, HPI'd it, nothing came back, had the car a few months, then sold on to my friend in February this year - LBL have just been to my friends to seize the car last weekend due to the owner before me taking out a loan on it! which I am very angry about, as we have had to do the honourable thing being friends and foot the bill!!!! I was angry that my friend has paid them, but he and his wife were terrified, they were very threatening!

 

The person who we bought it off who got he LBL on it has naturally moved addresses now!!! You can imagine how I am feeling right now!!!!

[dasholme]

This post and in particular the advice given is similar to dozens of others on this site and the advice given makes me so angry that despite no interest in being a registered member I have to sign up and speak out.

 

Yes okay companies like LBL and MM charge extortionate APRs. Let’s just put to one side how much they make or don’t make (I’m guessing it’s not as much as most think as their bad debt must be astronomical compared with high street lenders, that’s the only reason their customers come to them, no one else will give them credit due to previous non-payment of debt). My issue is that of course they register HPI and finance on a vehicle. If in doubt pay the £20 and do a search on your car if you have finance and you will see for yourself. It’s how they protect themselves and its part of the terms of their license, one unlike other aspects they DON’T ignore. If lenders didn’t register finance a borrower could go from lender to lender doubling up each time. It would be like maxing out a mortgage on a house then going to the next building society for another mortgage. They all talk to each other to stop you doing it and that way of talking and stopping you is HPI and Experian.

 

With all that in mind, after all the venom and anger aimed at logbook loan and similar lenders (some valid, some not) why condone selling your car on to a totally innocent buyer who would legally have to take on a debt YOU took out, knowing it was unpaid but happy to do so just so you could “get one over” on LBL. Sorry but that’s low, and makes you far worse than the lender as at least you had an idea what you were getting into. The third party shmuck you prepared to mug just wants to buy your car.

 

Still as long as you don’t owe LBL anything and can stick two fingers up at them, I’m sure there are some who think anything else is detail, even if you leave victims in your path

 

This has happened to me! I purchased a car last year, HPI'd it, nothing came back, had the car a few months, then sold on to my friend in February this year - LBL have just been to my friends to seize the car last weekend due to the owner before me taking out a loan on it! which I am very angry about, as we have had to do the honourable thing being friends and foot the bill!!!! I was angry that my friend has paid them, but he and his wife were terrified, they were very threatening!

 

The person who we bought it off who got he LBL on it has naturally moved addresses now!!! You can imagine how I am feeling right now!!!!