car finance with b.r

nev32

Morning all,
we rang our car finanace ciompany yesterday to say the we are going b.r on 10th sept. of course we need to keep our car as its a seven seater & have 4 children. also my wife works part time 25 miles away.
they advised us that they have no prblem with us keeping the car as long as we keep up the repayments. (no problem) as its only 69.00 p/m.
the only stumbling block would be the o.r of course. but our car os now only worth £1.500 & we owe £2.000 approx. so hopefully they will leave us be on that one as there is no equity.
hHas anyone else had this situation,
my friend k2nga thinks we will be fine of which i trust his judgement.:T

miss_spooky

Hi Nev32,

As K2nga has already mentioned to you, this shouldn't be a problem. If the finance is a HP agreement and not a loan then the OR will have no interest in the car. I rung my local OR office to clarify this then rang the finance co who said the same thing.

skylight

As K2nga mentioned, if the HP co are AOK with it, then the OR will have no interest in the car as you still technically do not own it (and hope that is not the case during your BR year either).

The only issue I can see, is the amount you pay for the HP each month. The OR may have issues with that on your SOA. Leave it on there anyway and don't mention it directly.

nev32

Thanks for your advice guy's. yeh i knew k2nha was right just wonderd if anyone else was in the same boat. many thanks.

maxmycardagain

nev32 wrote: »

Thanks for your advice guy's. yeh i knew k2nha was right just wonderd if anyone else was in the same boat. many thanks.

wouldnt they loose it? :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

mustbedebtfree

Does this work with contract hire too?

As my car is on a contract hire so i "technically" don't own it

pitkin2020

mustbedebtfree wrote: »

Does this work with contract hire too?

As my car is on a contract hire so i "technically" don't own it

it wil depend on your monthly contract cost, it may be deemed as un necessary/expensive

mustbedebtfree

pitkin2020 wrote: »

it wil depend on your monthly contract cost, it may be deemed as un necessary/expensive

I did think that after posting, i got a bit over excited thinking i could keep my mini.........perhaps the love of expensive cars helped get me into this financial state..........prob best if i don't keep it, will help me learn my lesson even more!

I'll shuffle off back under my rock and think about what i've done :rotfl: