Help identifying existence of logbook loan
Discussion
Sorry if this is not the right place but can anyone please advise whether I can reliably check whether a logbook loan has been taken on a car?
I had my car on a lease and purchased it at the end of the term. Due to red tape they wouldn’t sell to me so it was bought in my partner’s name.
Long story short the V5 paper has gone missing.
I paid for a check on VCheck which has come back clear for outstanding finance.
Is anybody more in the know on how I can make sure a logbook loan hasn’t been taken on this car?
Partner says they will pay DVLA for a new V5. If there was a logbook loan on the car would the new V5 be issued?
I had my car on a lease and purchased it at the end of the term. Due to red tape they wouldn’t sell to me so it was bought in my partner’s name.
Long story short the V5 paper has gone missing.
I paid for a check on VCheck which has come back clear for outstanding finance.
Is anybody more in the know on how I can make sure a logbook loan hasn’t been taken on this car?
Partner says they will pay DVLA for a new V5. If there was a logbook loan on the car would the new V5 be issued?
Does it simply show as outstanding finance if a lender has a charge over the car? That would show on carvertical, HPI and you ve checked that.
The DVLA will issue the V5C to the registered keeper which is not affected by the existence of a loan.
The DVLA will issue the V5C to the registered keeper which is not affected by the existence of a loan.
Edited by Robertb on Saturday 27th December 18:49
FuzzyOctagon said:
I m not sure if it definitely would show up on the VCheck which is what I m worried about. I was hoping someone here might know how they work. I don t know why the lender would ask for the V5 document if you can just get another one issued
I unwittingly bought a car with a logbook loan on it a good few years ago. The finance company get notified if a new V5 is issued and start chasing down the current registered keeper, I assume them having a registered financial interest via HPI etc means they are able to get the name and address from DVLA.So as far as I’m aware, yes it should show up on HPi if a logbook loan has been set up against the car but as I say my situation was a while back now (6 or 7 years)
HPI check should show it.
https://hpicheck.com/outstanding-finance-check
Outstanding Car Finance & Logbook Loan Check
If you buy a car that has an outstanding loan or finance agreement against it then you are in danger of losing the vehicle and money you paid for it. This is a real risk when purchasing a second-hand vehicle, so using a car finance checker to look into its history is an important action to take.
All our HPI car checks include a car finance check, which will flag up any outstanding finance agreements that remain on the vehicle. This vehicle finance check will quickly let you know if the car, van or motorbike you’re after is safe to buy.
https://hpicheck.com/outstanding-finance-check
Outstanding Car Finance & Logbook Loan Check
If you buy a car that has an outstanding loan or finance agreement against it then you are in danger of losing the vehicle and money you paid for it. This is a real risk when purchasing a second-hand vehicle, so using a car finance checker to look into its history is an important action to take.
All our HPI car checks include a car finance check, which will flag up any outstanding finance agreements that remain on the vehicle. This vehicle finance check will quickly let you know if the car, van or motorbike you’re after is safe to buy.
FuzzyOctagon said:
I m not sure if it definitely would show up on the VCheck which is what I m worried about. I was hoping someone here might know how they work. I don t know why the lender would ask for the V5 document if you can just get another one issued
They also take a key so their goons can take your car if you fail to repay. They set up an alert with DVLA in case car is sold and a new v5 is issued, then instead of chasing the defaulter they take the car from the new owner. Most logbook loans show up on hpi checks but not all.I thought these loansharks had all been been put out of business but apparently some still exist, so caveat emptor.
Sway said:
Do you really not trust your partner that much?
I assume he's worrying that the V5 has ended up with someone else who's taken our a loan on the car despite not having physical access to it.Can't see that happening. Surely the loan would only be given to the registered keeper on the V5?
Sheepshanks said:
OP is being completely ridiculous.
V5 for daughter's car went missing. Applied for a new one. New one arrived. The end.
This.V5 for daughter's car went missing. Applied for a new one. New one arrived. The end.
Weird 'red tape' meaning they could lease a car but not buy it, now paranoid about a logbook loan being taken on a car they're not the registered keeper for, whilst their partner is willing to pay for a new copy.
Partner has a past history for taking borrowing in secret, albeit many years ago, so yes it is a concern. I don’t need a bashing about my relationship, from my perspective I just want to know if there is a way I can be sure my car is clear.
Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn’t happy about it but it was the only way according to them
Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn’t happy about it but it was the only way according to them
FuzzyOctagon said:
Partner has a past history for taking borrowing in secret, albeit many years ago, so yes it is a concern. I don t need a bashing about my relationship, from my perspective I just want to know if there is a way I can be sure my car is clear.
Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
This is correct, many leases the car can only be purchased by a third party.Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
FuzzyOctagon said:
Partner has a past history for taking borrowing in secret, albeit many years ago, so yes it is a concern. I don t need a bashing about my relationship, from my perspective I just want to know if there is a way I can be sure my car is clear.
Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
Well, you're being a tad paranoid after doing a VCheck, and it coming back as clear for outstanding finance... Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
If I can trust that the VCheck being clear is the end of the matter then that is fine, I was mainly asking here as I’ve seen conflicting statements on the internet as to whether it would show up on there. I don’t know anything at all about these loans so I was just hoping for some reassurance from people who do know more about them than I do. If it’s just a case of applying for a new V5 I’ll be perfectly happy. I just find it strange for it to go missing and after past bad experience I’m of course trying to find out if old habits have returned to try and intervene before things get any worse
HTP99 said:
FuzzyOctagon said:
Partner has a past history for taking borrowing in secret, albeit many years ago, so yes it is a concern. I don t need a bashing about my relationship, from my perspective I just want to know if there is a way I can be sure my car is clear.
Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
This is correct, many leases the car can only be purchased by a third party.Not unreasonable paranoia at all, they said it was a tax reason that they could not sell to me directly. I wasn t happy about it but it was the only way according to them
FuzzyOctagon said:
If I can trust that the VCheck being clear is the end of the matter then that is fine, I was mainly asking here as I ve seen conflicting statements on the internet as to whether it would show up on there. I don t know anything at all about these loans so I was just hoping for some reassurance from people who do know more about them than I do. If it s just a case of applying for a new V5 I ll be perfectly happy. I just find it strange for it to go missing and after past bad experience I m of course trying to find out if old habits have returned to try and intervene before things get any worse
Have you got both keys?Sheepshanks said:
FuzzyOctagon said:
If I can trust that the VCheck being clear is the end of the matter then that is fine, I was mainly asking here as I ve seen conflicting statements on the internet as to whether it would show up on there. I don t know anything at all about these loans so I was just hoping for some reassurance from people who do know more about them than I do. If it s just a case of applying for a new V5 I ll be perfectly happy. I just find it strange for it to go missing and after past bad experience I m of course trying to find out if old habits have returned to try and intervene before things get any worse
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