UK - thousands of motorists having vehicles seized

http://www.dailymail.co.uk/news/article-2665347/Buy-car-inherit-debt-Thousands-motorists-having-vehicles-seized-loan-arrears-racked-previous-owner.html

Thousands of innocent motorists face having their cars seized from their driveways because of unpaid debts racked up by previous owners, consumer advice experts warn today.

People are being stripped of vehicles they had legitimately bought after being told that previous owners had borrowed massively against the value of the vehicle – but failed to pay it back…….

At the centre of the scandal are so-called ‘logbook loans’.
This is where a borrower is lent money by a credit firm after putting up their car as security for the debt.

The charity said drivers can carry out credit checks to see if there is a loan attached to a car before they buy it. But not all loans will show up and often there is a cost for making this type of search.

There are hundreds, if not thousands of fraudulent adverts being posted on vehicle ad sites daily where the seller has no vehicle to sell, but there are so many types of fraud going on it is wise to be extremely cautious when buying any type of vehicle online.