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The law surrounding bills of sale is rdiculously complicated and out of date, much like many other areas of our chaotic legal system, to the advantage of nobody. It is entirely possible that bills of sale are incompatible with our consumer credit legislation for reasons known only to a few. Of course, it should be possible to use your car (or any other suitable chattel) as security (interestingly, it isn’t in Scotland) but the lending model presents significant challenges when it comes to enforcement.