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Help car being repossessed

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  • have checked the agreement and its a hire purchase agreement plan type 2004 purchase plan. It says under termination that can end this agreement as long as have paid £5990.20 and it says if have paid this amount plus any overdue instalments we will not have to pay any more provided we have taken reasonable care of the vehicle. It also says under reposession as long as have paid at least one third of the total amount payable ie £3993.47 they cannot take the goods against our wishes without a court order (in Scotland they may need to get a court order at any time- thats where we live).

    It also says if they take them without a court order or our consent we will have the right to claim back all the money we have paid.

    Hubby thinks should just take it back to the garage and leave it there!

    Still not sure what best thing to do is!


    I can understand your husbands frustration but taking the car back to the garage is not a good idea. The garage will not be interested inyour plight and the Finance company will then take the car back as abandonded. They will sell it as it is still their property and then come after you for the balance.

    First thing to do is find out what the car is worth - show it to the original supplier and see what they would give you?
    You could also try other dealers who sell similar vehicles.

    Once you know its value in the trade you could then ask for a settlement figure from GMAC, if your car is worth more than the settlement figure then sell the car in the trade, settle the finance and pocket the difference.

    If it is worth less than the settlement figure then consider voluntary terminating the agreement. You will have no more to pay providing the car is in a reasonable condition and there is no arrears of payments.

    If you are in arrears then the arrears amount will still be a liability down to you - but at least you do not have to pay the remaining payments and will get out of the agreement without detriment to yourself.
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