Log Book Loans

[bunglebubs]

I know you can do an HPI check on bikes but is there anyway of finding out if a log book loan has been taken out against a bike? Im looking at possibly buying a bike but after the scare stories I have heard about log book loans I would like to try and cover all bases before spending the dosh only to be hit by something like this.
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899 Panigale, K7 GSXR 750

[DrSnoosnoo]

I think these are covered on HPI, it'd be classed as an outstanding finance IMO
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I'm Sam; Northern, Ginger, Lover
Did have: '95 ZZR600 '83 CG125 '97 ZZR1100 '15 Hypermotard 821 SP Do Have: '10 ZX10R

[Diquitee]

[pits]

[Diquitee]

[G]

Remember that a log book is 'not proof of ownership'.
If someone stole your bike and applied for the log book, when you told the DVLA they had stolen your bike, they would send the log book off to the thief.

[pits]

By the looks of things you hand over the V5
You then sign a "bill of sale" which says that company X owns my vehicle for the period of Y time whilst I repay Z amount of credit back, if Z amount isn't paid back they may repossess my vehicle and take ownership, if it has been registered with the high court.

However there is nothing stopping you from applying for a new V5 before applying
There is nothing stopping you from applying for a new V5 after

Which means there is nothing stopping you from selling said vehicle under a false pretence of "ownership" on the spare V5 to anyone, including to a garage etc.

Which then means you stop payments, they can take the vehicle, but if you have already sold it on they will still take the bike from whomever you sold it to.
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Stinkwheel: You have no right to free speech
00:32:08 Blau Zedong: yes, i am a massive CB400 fan and collector
00:33:00 Blau Zedong: the CB400 is my favourite road bike

[fozzym]

I'd never touch one of those types of loans but the log book loan companies and payday type firms are constantly getting a kicking in the press whilst doing everything they can (outwardly) to try and convince they are reputable customer focussed companies.

My point being I'd not imagine that a company (that gets enough bad press) would come after a bike if 1. you can prove you bought it in good faith (nothing dodgy) and 2. made reasonable attemps to verify its status ie; hpi check.

Now I may be totally off the mark but trying to gain a good reputation is high on these sorts of firms agenda at the mo. I really don't think they'd jepodise it for a few grand, maybe if it was 15/20k it might be different but as far as I know the majority of these loans are low value upto 5k ish. I'd not imagine people getting these loans and then selling the veichle on is a major issue.

[goto10]

[fozzym]

[pits]

Fozzy when you take out a loan, they give you an essential bill of dale, which is then registered with the high court to show they have a vested interest in the vehicle
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Stinkwheel: You have no right to free speech
00:32:08 Blau Zedong: yes, i am a massive CB400 fan and collector
00:33:00 Blau Zedong: the CB400 is my favourite road bike

[fozzym]

[goto10]

[iooi]

[fozzym]

[suburban myth]

I'd go without food before turning to one of those robbing bastards in the high street.

[iooi]

[pits]

[fozzym]

[tahrey]