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  • FIRST POST
    • Lisa3527
    • By Lisa3527 4th Oct 17, 5:42 AM
    • 6Posts
    • 0Thanks
    Lisa3527
    Voluntary Termination of car finance
    • #1
    • 4th Oct 17, 5:42 AM
    Voluntary Termination of car finance 4th Oct 17 at 5:42 AM
    Hi I'm new here.
    l have car finance with Moneyway, and have paid about 55% of the agreement. Unfortunately l lost my job end of July and can no longer keep up with the payments. My account was one month in arrears. After reading through this forum, l decided that voluntary termination was the best option, so l sent a letter requesting this.
    I have received a letter back saying l can't do a voluntary termination because my agreement was terminated 2 years ago, my only option is to voluntary surrender. I'm confused about this, l know l had issues with the lender 2 years ago, when l had a debt management plan, though the car finance was not part of it, they terminated the agreement and attempted to repossess the car. After clarify the issue, l kept the car and they have continued to collect the payments and send me statements and update it on my credit file.
    They even issued me with a default notice when my account fell 2 months behind in September. I have talked to them about this but they still insist that my agreement was terminated, so l have lost my right to voluntary terminate, but l can voluntary surrender or they will repossess the vehicle.
    What are my options here please? Or do l just have to voluntary surrender to them?
    Thank you for your help.
Page 2
    • fatbelly
    • By fatbelly 8th Oct 17, 10:07 PM
    • 11,642 Posts
    • 8,774 Thanks
    fatbelly
    If you ask for a Settlement figure, and obtain a valuation of the vehicle e.g. from WeBuyAnyCar, you can compare the two and work out what you owe.
    Originally posted by Cornucopia
    WBAC will not give an accurate valuation.
    • Cornucopia
    • By Cornucopia 8th Oct 17, 10:12 PM
    • 9,507 Posts
    • 9,103 Thanks
    Cornucopia
    WBAC will not give an accurate valuation.
    Originally posted by fatbelly
    It'll be a book value, subject to inspection for wear & tear. Alternatively, take the vehicle to a few dealers, although that can be a tedious process if you are not intending to trade it in for a new one.
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    • fatbelly
    • By fatbelly 9th Oct 17, 5:41 AM
    • 11,642 Posts
    • 8,774 Thanks
    fatbelly
    It'll be a book value, subject to inspection for wear & tear. Alternatively, take the vehicle to a few dealers, although that can be a tedious process if you are not intending to trade it in for a new one.
    Originally posted by Cornucopia
    It'll be well below book value. Parkers is better, but even that is on the low side.
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