Log book loan but car financed

[jennione]

Hi I posted earlier about bill of sale, now I've got a bigger problem.

My dad purchased my car for me, and gave it us as a gift for our grandchildren.

I went and got a stupid log book loan on the car, now my dad has told me that he has outstanding finance on the car.

The garage told him it was fine to buy the car on finance in his name and have the log book in my name. I didn't know it was on finance it was all kept hush hush from me.

I didn't know till today after I mentioned my difficulties with log book loan to my dad.

My dad doesn't want to get into trouble as he has a fantastic credit rating and has been misled by the garage.

What do I do about the logbook loan, surely they can't have the Bill of sale on it if it has outstanding finance.

 

Do I tell the logbook loan company or will this get my dad in trouble which I do not want to do.

[theoldrouge]

Can you please clarify

 

the car is financed by an hp agreement

 

Your BOS is linked to a credit agreement

 

All are upto date at the moment

[jennione]

Yes the car is financed through hp agreement in my dads names, the BOS is seperate for the logbook loan, all are up to date yes.

[theoldrouge]

And your BOS is linked to a credit agreement?

 

Have you checked that the BOS is registered?

[jennione]

Yes its linked to a credit agreement, I've asked for the registration number for the BOS from the logbook loan company and they are sending me a copy of the registered bill of sale in the post, so yes I think it is registered.

[theoldrouge]

Are you likely to default on the LBL?

 

Are the LBL co members of the CCTA?

[jennione]

I'm worried I might default on the LBL yes, its over £600 a month and they took into consideration my disability benefits which could stop at any time, so I am really worried. The length of time I am paying back the LBL wasn't clearly explained, so in all im paying over £40,000

I think yes they are members of the CCTA.

[theoldrouge]

First read the CCTA code of practice especially 4.7.5 onwards

 

That will give you some idea as to how they should treat customers in arrears

 

If you default, you must be sent a default notice, at which point

 

You could apply for a time order so the court could have a look at the entire agreement.

 

LBL Cos can repossess without a court order so you need to be careful

 

However this is unusual because the HP Co are the vehicle owners

 

how much remains on the hp ag?

[jennione]

Another 2 and a half years are still on the hp agreement.

[theoldrouge]

Sadly the car was never your fathers to "give"

 

As it belongs to the hp co, that should have been explained to you

In the first instance.

 

Though if you did default a time order is probably going to be your best option

[jennione]

Ok thankyou, my dad didn't know as he was told it was ok by the garage to have the car in my name and the finance in his, just worried about the BOS fromLBL.

[theoldrouge]

Could you post up the hp ag with all pers details removed

 

Let's see what the t&cs say

[theoldrouge]

If the BOS is correctly registered then little you can do, other than the time order