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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.

Tracking device can also alert driver about a late car payment

That buzzing noise you hear in the car could be more than a seatbelt reminder--it could be a payment reminder. Some dealerships install tracking devices in the vehicles of high-risk buyers. That makes it easier to track down the buyer--and the car--if the payments stop.

Bob Lutz returns as General Motors adviser

The raspy voice of Bob Lutz will again be heard at General Motors. The company announced on Friday morning that its former product czar is returning as an adviser. Lutz had been advising GM executives on an informal basis, the company said.