operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

NAMA WELCOMES CHANGES TO LOGBOOK LOAN REFORMS

“We are pleased to see that the government is to reform the legislation that governs logbook loans”, commented Louise Wallis, Head of The National Association of Motor Auctions (NAMA).

Logbook loans are where a consumer takes out finance on their car securing the loan on its V5 or logbook. These are not traditional consumer credit arrangements, but fall under the Bill of Sale legislation. The Bill of Sale is an archaic piece of legislation that dates back to the 19th century and is noloan called a ‘vehicle mortgage’. These will have to be registered with credit agencies, giving sellers better protection. Furthermore, a consumer who unfortunately buys a vehicle with one of these loans will not be liable to the debt from a previous owner.”

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association