Finance for Security

[Street]

Hi all,
Anyone financed a small portion of their car for security?

I’m in a fortunate position where I could afford to buy a car cash but read years ago a comment from a guy who financed just a small amount to register finance against it. The theory being it would be difficult to sell on with finance registered against it if stolen.

Seems logical to me as long as the interest rate isn’t stoopid. What do you think?

 

[Ole gits rule]

I have seen ads on A/T where you can finance a car on a purchase from a private seller, I also think you can do this with your own car but not something I would do based on the fact it sounds a bit like a payday loan arrangement.

I would assume you would have told plod and your insurance company if the car was stolen so it would be listed on the insurance database and surely most people would do an HPI check on an expensive car purchase, no different if stolen or has finance on the car, it will be flagged.

Therefore, they will be changing plates and as much ID as possible not trying to sell it with the same plates.

 

[TitanTim]

If my motor was stolen especially if fairly new then I really wouldn't want it back and hope it wasn't found or was written off. I always take out GAP insurance for return to invoice shoud the worst happen.

Tim.

 

[ihadablackdog]

If my motor was stolen especially if fairly new then I really wouldn't want it back and hope it wasn't found or was written off. I always take out GAP insurance for return to invoice shoud the worst happen.

Tim.

^ agree with this.

 

[enuff_zed]

If my motor was stolen especially if fairly new then I really wouldn't want it back and hope it wasn't found or was written off. I always take out GAP insurance for return to invoice shoud the worst happen.

Tim.

^ agree with this.

Plus the fact that by the time the outstanding finance is discovered it's already probably stolen.

 

[SiJar]

More likely it would be broken down for parts rather than just sold.