Leasing and Ownership?

  cara 19:04 18 Feb 04
Locked

Again, forgive me for the departure from strictly computer related subjects, but being a founder member here, I know what a very knowledgeable lot you all are!

Still in the process of purchasing the car discussed in an earlier thread - whose name would be recorded on the log book if a car was leased. I.e. the leasing company or the person leasing the vehicle?

Thanks
Cara

  Forum Editor 19:18 18 Feb 04

will be recorded in the log book, and that will be you. The keeper is the person responsible for taxing and insuring the vehicle, and for keeping the MOT certificate up to date.

Bear in mind that a log book (which is itself a misnomer nowadays) is not a proof of ownership. The vehicle will still be owned by the leasing company.

  cara 19:34 18 Feb 04

We have been given the impression (I think) that the vehicle may well have been a leased car, which at the end of the term has been returned to the company rather than being finally purchased.

However, having got a glance at the log book, I noted an individuals name, rather than the leasing Companys name, listed. It put doubt in my mind as to whether it could have been leased after all.

But,having read your reply - it would now seem reasonable to assume it could still have been a leased car, even though an individuals name is on the log book.

So, if I am understanding correctly, you have answered my question although I will not personally be leasing the vehicle.

Incidentally - for anyone purchasing a used car - it is very useful and simple to do an 'HPI' vehicle check online.

Thanks for the reply!

  Chris the Ancient 20:10 18 Feb 04

One advantage to leased car is that the driver quite often gets the services done very regularly and on time - because the 'owner' pays for them. But it does depend on the terms of the lease.

Chris

  cara 21:02 18 Feb 04

Thanks, I had better tick that 'resolved' button now!

  josie mayhem 21:56 18 Feb 04

I've not long brought an ex-mobility car, On the log book was a company name, which when I ran it through company house, was a garage that delt with mobility cars. The other give a way was that the taxsation class was excempt.

Changing back the taxsation was a nightmare at first. But now knowing how it works no sweat.

Ask to see the service history, and check the dates and milage. This will give somne glue to how the car has been used and treated.

A friend of mine used to buy from the auctions, the cars were always about a year or so old, and very high milage so cheap. But because he only used the car short distances, it wasn't long before the milage on the clock became low/exceptable milage for the age. He then flog them at top rate, even though the biggest percent of the milage were used within the first year of the cars life, so was well and truly hammered.

No service history avaiable be concerned.

  spuds 00:09 19 Feb 04

Before you purchase, have the vehicle checked out by one of the motoring organizations per their vehicle register checks. This will give you some peace of mind, due to the fact that the cars history will be known. If the information supplied to you by one of these companies proves to be incorrect, then you will find that they have a guarantee, which should cover you for any loses.RAC click here or AA click here may be able to help.

I purchased a car many years ago,in good faith from a company.Twelve newish vehicles and a good range of industrial machinery were sold to various individuals.The owner of the company 'sold up' shortly after this event. Two years after I made the purchase, a leasing company came knocking on my door.Long story, which in the ended with a happy result for me. But if the leasing company had wanted, I could have lost everything.So beware, if you suspect anything is not correct or that you are paying out a whole wad of notes.

  spuds 00:20 19 Feb 04

Reads a little gibberish, my above posting (;o(

What I should have made plain. If the car as a leasing contract which is still active. Then the car belongs to the leasing company and not you, even though you have purchased in good faith. If the vehicle is still 'leased'and it is sold to you by a third party, then it is your legal right to sue the seller [third party] not the leasing company, if the leasing company 'snatch' the vehicle back at a later date.

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