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Joined: Dec 2006
Posts: 1,995
Forum Addict
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OP
Forum Addict
Joined: Dec 2006
Posts: 1,995 |
My friend got a log book loan on his car for 500 a couple of weeks ago, Today is cambelt snapped and now the engines knacked. He Carnt afford to get the engine replaced so wants to strip the car and sell the parts to pay the loan back. Can he strip the car to bare shell and weigh the car in with out a log book.
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Joined: Jul 2012
Posts: 2,518
Forum Master
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Forum Master
Joined: Jul 2012
Posts: 2,518 |
Yes he can he just needs to show Id I have scrapped loads without log book
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Joined: Jul 2011
Posts: 8,975
Wiki Guardian
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Wiki Guardian
Joined: Jul 2011
Posts: 8,975 |
I think you can as long as you show photographic ID such as passport .
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Joined: Aug 2011
Posts: 820
Wise One
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Wise One
Joined: Aug 2011
Posts: 820 |
seemingly you can!!
Last edited by pokerchamp; 12th Oct 2014 9:42pm.
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Joined: Dec 2006
Posts: 1,995
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OP
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Joined: Jul 2009
Posts: 1,474
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Joined: Jul 2009
Posts: 1,474 |
What car was it ,my son needs parts for a 206
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Joined: Dec 2006
Posts: 1,995
Forum Addict
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OP
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Joined: Dec 2006
Posts: 1,995 |
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Joined: Jul 2009
Posts: 1,474
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Joined: Jul 2009
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Oh well ,you should atverise it on here there are bound to be some takers
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Joined: Oct 2007
Posts: 4,868
Forum Veteran
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Forum Veteran
Joined: Oct 2007
Posts: 4,868 |
Oh well ,you should atverise it on here there are bound to be some takers You might want to advertise it too. 
Carpe diem.
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Joined: Nov 2013
Posts: 75
Member
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Member
Joined: Nov 2013
Posts: 75 |
I'm not sure he's allowed if there's a loan secured against it.
Technically the loan people own it until he's paid them back.
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Joined: Feb 2012
Posts: 417
Smartchild
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Smartchild
Joined: Feb 2012
Posts: 417 |
I'm not sure he's allowed if there's a loan secured against it.
Technically the loan people own it until he's paid them back.
I'm in agreement with this one, as the loan states it's a log book loan if the balance is not paid then the vehicle acting as the security is repossessed and auctioned off to pay outstanding balances and fees. I would suggest your friend contacts the loan company asap to discuss the matter first or they may end up with either the bailiffs or court action.
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Joined: Oct 2011
Posts: 1,961
Forum Addict
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Joined: Oct 2011
Posts: 1,961 |
From Log book loans advice :
If your vehicle is sold
If the amount it is sold for is less than the amount you owe, you will still be responsible for paying the shortfall. A logbook loan company can take you to court to get this money back.
So it is ok to sell or dispose of the vehicle but the loan still must be paid. Very sad if people have no option other than to borrow from these sharks.
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Joined: Dec 2006
Posts: 1,995
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OP
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Joined: Dec 2006
Posts: 1,995 |
Thanks for all your advice I will let him no.
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