Fleet News

Leasing firms state: 'no log book, no sale'

MANY leasing companies are issuing 'no log book, no sale' policies when remarketing vans because a number are still coming to auction without their V5 documents, causing a massive drop in their value.

According to Dave Hill, senior editor of CAP Red Book, about 5% of vans about to be sold are without their V5 documents, which since the start of the year has been required in order to tax the vehicle. Many leasing companies, including Lex Vehicle Leasing and Lloyds TSB autolease run strict policies on V5s, Hill claimed.

He said: 'My disposals colleagues at Lloyds TSB autolease revealed that it has a 'no log book – not for sale' policy now, having experienced financial penalties for a missing V5 of about £450 per vehicle. The trade is no longer interested when it discovers that documents are even temporarily absent.'

Manheim Auctions claimed earlier this year that not having the V5 would reduce the number of buyers prepared to bid for a vehicle by 90%.

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