logbook lending
n.— «Increasing numbers of borrowers with bad credit records are resorting to taking out loans with exorbitantly high interest against the value of their cars, according to debt counselling charities. The practice, known as “logbook lending,” involves specialist companies lending up to 50 per cent (sometimes more) of the trade value of the car in return for crippling levels of interest, often in excess of 340 per cent.» —“Steer clear of borrowing against your car” by Huma Qureshi Guardian Apr. 27, 2008. (source: Double-Tongued Dictionary)
Further reading
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