Can car on HP be included in BR?

startingover

Morning Tigerfeet.

Yes I have to use a car for work, I receive an essential car user payment in my salary each month.

I need to save up for the BR fees but I think I can now afford to save £500 for a banger too especially if I default on my car.

Feeling really positive this morning!

maxmycardagain

startingover wrote: »

Hi all

I owe about £2.5 k on my car and was wondering if that could be included in my BR as the company will repossess the car? Its in their terms and conditions.

I thinking if i default on the payment I will be able to save up for BR fees faster.

as you have had it so long the HP company would probably have to apply for a court order (read your hp terms closely) to snatch it, unless its a flash motor the chances are they dont even want it back anyway

speak to the hp people, if its a main line firm they are usually good to deal with

startingover

I've looked at my HP agreement and it says the agreement can be cancelled by them if I'm insolvent. I will ask them though. I was a little scared of phoning them though.

I took the finance over 60 months and have about 10 more months payment to make. The car is worth about £1.8k now but outstanding finance about £2.5k, nothing flash its a VW Golf.

maxmycardagain

sounds like you had it off a main dealer from new then?

the garages (usually) arent providing the finance, thats down to "VW UK Finance" or some such, if your going BR they know the situation, your a paid up/good customer, if they can avoid losing money they are happy

can a relative buy the car/pay the hp/accept transfer of the hp or you can sell the car "at market value" (times are hard right now, nothings sellin) and pay off the finance.

one day you may fancy a new VW again, best to keep someone onside......

startingover

Hi no I didn't buy it off a main dealer brand new. It was a Rover garage which has since gone bump.

There is no one else who can take over the finance. To be honest I'm not that bothered as its a 1.6 engine so expensive tax. Would much rather get a small banger cheaper to run.

At one point I was thinking or remortgageing and getting some extra money to pay off the car finance but I think the OR would frown at this so would rather let it go.

maxmycardagain

startingover wrote: »

Hi no I didn't buy it off a main dealer brand new. It was a Rover garage which has since gone bump.

There is no one else who can take over the finance. To be honest I'm not that bothered as its a 1.6 engine so expensive tax. Would much rather get a small banger cheaper to run.

At one point I was thinking or remortgageing and getting some extra money to pay off the car finance but I think the OR would frown at this so would rather let it go.

in that case go BR and tell the finance its here, come and fetch it, by the way, im not insuring it against damage as of.....now (or insure it and use it till the repo man comes)

60 months finance on used car (especially a rover) is a lot, and it wasnt the garage who went bust it was MG Rover, main dealers usually dont even own the new cars on thier forecourt

startingover

Yes 60 months is a long time because I was trying to keep the payments down. It was a Rovers franchise. Just worked out about 3k was in interest payments.

You live and learn...

I'll be much happier running round in a small banger I actually own.

jay09

I have a van on HP which i don't really want to default on as i want to keep it. Another person mentioned that someone else could take over the payments/agreement, is this correct?

maxmycardagain

if the HP are happy your ok, if its a "tool of the trade" the OR cant take it, many taxi's are worth £20K or more but if taken the owner is - in effect - out of work.

lets say you were a businesspost owner driver and needed a van 2/3 years old maximum then losing that equals losing your job, as for taxis many areas demand a vehicle no more than 3 years old too.

dollydo

Hi,

Check the terms of your agreement. Mine says that if I have paid half of the amount due (which I have ) and the vehicle is in reasonable condition, I can hand it back and the account is settled. Am going to try this in the next few months!