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Logbook loans signal increasing debt risk

CONSUMERS who buy second-hand cars are at risk of unwittingly inheriting debts taken out by the previous owner that could end up with their vehicle being seized, Citizens' Advice is warning. The charity said one in five people who reported a problem to it about “logbook loans”, where a person places their car as security against a loan, ended up having their car repossessed – despite not being the one who borrowed the money. Citizens' Advice warned someone who buys a car which is still the subject of an outstanding logbook loan taken out by a previous owner could end up being chased for the debt – leaving them with the choice of making the repayments or having their vehicle repossessed.

BMW i3 tops Sunday Times best Electric Cars list

The BMW i3 EV tops Sunday Times best Electric Cars list Just as they did with the new Range Rover last year, the Sunday Times has declared the new BMW i3 EV the pick of the bunch of electric and hybrid cars on sale in the UK, despite the i3 not yet arriving on UK roads. But there seems a good chance that the Sunday Times have got it right this time too, just as they did with the new Range Rover. The Sunday Times praised BMW for biding its time with the launch of their first electric and range-extender car (the next, the BMW i8 supercar, will arrive in 2014) and said the i3′s big appeal lies not in its cutting edge electric motor or battery technology – because there isn’t any – but in its appeal as a car even without its EV powertrain.

Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.