Anyone watching Repo Man ?

[joinerman]

Never realized the amount of cars that are being repossessed that have logbook loans on them, seems the loan stays with the car so you could unwittingly buy a car with a loan on it & your liable. HPI every time !!!

 

[Captainoversteer]

Makes me laugh at how many ads you see stating HPI clear?
Assumption is the mother of all.....

 

[joinerman]

I did an HPI on a car a couple of weeks ago, all clear, but before i got to do " The deal " some other sod snapped it up.

 

[Captainoversteer]

Bummer! TBH I dont think Ive ever HPI'd a car,Most of the stuff I buy costs less than a check

 

[Paddler Ed]

In the UK all of my cars have come via a dealer (in both cases whom we knew directly or via someone else), so they have a legal obligation to sell it HPi clear.

Aus on the other hand... one came from a mate, another came via a dodgy Pom, and the last from a guy out in regional NSW. New car in Aus is coming via a mate of a mate... it's all a bit harder as the reg plate don't stay with the car, you need the VIN to do the check properly.

 

[Cptsideways]

Logbook Loans do not show up on HPI beware!!!!!!

 

[Craig Yeoman]

Yeah just finished watching it....it's all a bit scary now knowing, that buying a car that could possibly have a dodgy loan taken out on it. OK so we do our checks, but what assurance do we really gain, peace of mind maybe. How is it that a loan company does n't retain the logbook until the loan is repaid? That way the vehicle can't be sold or change ownership.

 

[joinerman]

I phoned HPI this afternoon who told me they DO CHECK to see if there is a logbook loan on a vehicle


Good scam really isn't it.

Buy a car, get a loan on it, flog the car, you've got the loan money, the money from the sale & no longer responsible for the loan.

 

[Dave Docwra]

Buy a car, get a loan on it, flog the car, you've got the loan money, the money from the sale & no longer responsible for the loan.

How do you gain from this?

 

[joinerman]

you have a loan you do not have to repay