If you have taken out a logbook loan, then in effect you have already handed the legal ownership of your car over to the lender. They are agreeing to allow you to continue to use it.
This means that if you successfully pay the loan off, then the ownership of the car will be returned to you, but if you fail to repay the loan, then the lender will stop you from using ‘their’ car and most likely sell it to clear the arrears.
Logbook loans are an extremely expensive and risky way of raising money and one that we would never recommend. If you are struggling to make your repayments then now is the time to seek help.
Have you been a victim of a logbook loans repossession? To find out more, take a look at our Logbook Loan Debt page.