Handing Car back to finance company (Black Horse)

ldavies_3

scotsgirl wrote: »

The only way BH will take it back is as a voluntary surrender - you hand it back, they sell it, take proceeds from balance, you're liable for the rest. Not a good plan as they will sell it at auction so you will get less for it than privately and will still be left owing money.

will they sell it at the book value? i mean VT the car then be left with the remaining debt defeats the object yes?

scotsgirl_3

VT and voluntary surrender are totally different, if you have a regulated hire urchase agreement then it's a VT

VT - your right - you can hand it back once you have paid half and owe Diddly-squat(apart from any arrears you might be in, missed payment fees, etc) - it doesn't matter how much the company get for it, it's not your problem ( see why finance companies hate VT!!) although some will levy charges if vehicle is in sub - standard condition.

Voluntary surrender - an option some finance companies will offer where the customer has a non-HP agreement - whereby they take the vehicle back, sell it, and you are liable for the balance after sale.

piptom&AndyPandy

What is VT? I thought it was half the loan time you could surrender is it half value of the loan?