Am I in Trouble? Buying a car from dealership without V5

I know.. it is completely my fault, but I need advice!

Last weekend, even though I was told that the previous owner had yet to bring the V5  put a deposit down for a semi-new car at a dealership. A week later... I get a call from the dealership salesman telling me that the V5 is still MIA and "hopefully" I will be able to pick up the car this weekend...

Should I worry? First... I didn't get to see the V5 (which I assume is similar to the US title... meaning I should expect an equivalent to a BLUE title right?).
I totally trusted the dealership (Toyota)... but I have heard horror stories about buying a car without seeng the V5 before...

And.. what if the V5 is never to be found?

I wouldn't worry too much if I were you. The V5 doesn't provide any proof of ownership or title - it merely indicates the current registered keeper. You would want to see the V5 before handing over all of your money and accepting the car though. I suspect the seller has lost it and is waiting for the DVLA to send a copy through.

It is far more important to make sure that a HPi check has been done on the car. The dealer should have done one before buying it or accepting it in part-exchange so ask to see it. If you have any doubts get one done yourself at http://www.hpicheck.com/

If you're dealing with a big dealership and not some fly-by-night back-street place, I wouldn't be too concerned.  Registrations can be misplaced, and it sometimes takes DVLA several weeks to issue a replacement.   

The British registration is not really equivalent to a certificate of title, since it doesn't show ownership in any way.  As DVLA points out on the forms, the V5 shows the "registered keeper," who is not necessarily the legal owner.   There is no actual title or other official document in the U.K. to show ownership of a vehicle.

Paul,

Just steal one. The way the law works here, you'll never get caught. Even if you do, the worst you can expect is a fine and a lecture. 

Suzanne

Yep, until recently the V5 registration document didn't even need the signature of the previous keeper.   Anyone could simply claim that the old V5 had been lost and apply for a new one in his own name.   More than once a vehicle was re-registered to somebody else without the real owner/keeper even knowing about it.   

Thank you guys! I was freaking out...I thought I messed out big time!
I trust Toyota...but the whole system is new to me!

Last I heard was that "hopefully" I was goint to ge the car this weekend...but the salesman was going to ask the sales manager if I can get a "replacement car" while the V5 and tax on my actual car gets sorted out.

If only I could get a discount!!!! I can survive another weekend w/o a car!