Controversial loan companies target bikers
21 December 2010 12:49
Second-hand buyers are more at risk of having their bikes seized over outstanding finance thanks to an explosion in a controversial lending practice.
The number of so-called log book loans secured on vehicles has increased dramatically in the recession because they are offered without credit checks and allow quick access to cash.
But vehicle history checks may not reveal the details. History check companies rely on lenders informing them of finance agreements and log book loan providers do not always do so.
As a result, second-hand buyers can find a loan company is legally entitled to repossess their bike even though a history check came back clear.
This is just one story you can read in full in the December 22 issue of MCN on sale on Wednesday. You can also check out Britain’s Got Biking Talent winners in full detail, we pit the new Triumph Speed Triple 1050 against the replaced model to see exactly where the improvements are, there is the first part of the MCN Christmas Quiz and a customised, naked BMW S1000RR is ridden. MCN has also asked a celebrity panel of racers including Kevin Schwantz, Wayne Gardner, Ben Spies and Colin Edwards to rate the greatest MotoGP scrap of the year which saw Valentino Rossi and Jorge Lorenzo battling on track at Motegi.