Help needed car to be taken away

LandyAndy

Suffolkman wrote: »

The car is roadworthy now as I have had to spend £3k on a new engine which has a warranty from Audi.

So hand it back with nothing to pay.

hewhoisnotintheknow

other quality audi product

Is the 50k debt a mortgage or something else

Suffolkman_2

I have contacted the Finance company and told them that I want to give it back. They said put it writing.

I wish the 50K debt was my mortgage! I am afraid it is a combination of credit card debt, bank loan and family loans. Mortgage is £190K on top.

I am in up to my eyeballs!

SM

Premier_2

Suffolkman wrote: »

I have contacted the Finance company and told them that I want to give it back. They said put it writing.

...

That doesn't sound like you have the type of deal that allows you give the car back and owe nothing.

It sounds like you are asking them to repossess the car.
If that is the case they will start adding charges to repossess and sell the car.
Why don't you try & sell it yourself? As long as you disclose it is subject to an outstanding finance deal, then most dealers will know what to do. You could even try selling it privately, but that relies on you & the buyer knowing what they are doing.
By selling it yourself to a dealer, you might only get what it would fetch at auction, but you won't have all the fees the finance company will add for selling it for you.

LandyAndy

Suffolkman wrote: »

I have contacted the Finance company and told them that I want to give it back. They said put it writing.

I wish the 50K debt was my mortgage! I am afraid it is a combination of credit card debt, bank loan and family loans. Mortgage is £190K on top.

I am in up to my eyeballs!

SM

That is correct. You have to put terminations in writing. I did it recently with a car that was worth less than the outstanding finance.

If you can fax the letter as well as posting it. The clock stops running on what you owe them from the date they receive the letter so faxing could save you several days worth of payments.

LandyAndy

Suffolkman wrote: »

I have contacted the Finance company and told them that I want to give it back. They said put it writing.

I wish the 50K debt was my mortgage! I am afraid it is a combination of credit card debt, bank loan and family loans. Mortgage is £190K on top.

I am in up to my eyeballs!

SM

Premier wrote: »

That doesn't sound like you have the type of deal that allows you give the car back and owe nothing.

It sounds like you are asking them to repossess the car.
If that is the case they will start adding charges to repossess and sell the car.
.

No, voluntary termination does require notice in writing. If the OP was not able to voluntarily terminate the finance company would have told him so when he rang.

Premier_2

LandyAndy wrote: »

No, voluntary termination does require notice in writing. If the OP was not able to voluntarily terminate the finance company would have told him so when he rang.

Ford Credit doesn't need anything in writing at the end of their Options package as far as I know. You simply return the car to the dealer and everything is sorted out.
(though there is naturally the odd form or two to sign)

LandyAndy

Premier wrote: »

Ford Credit doesn't need anything in writing at the end of their Options package as far as I know. You simply return the car to the dealer and everything is sorted out.
(though there is naturally the odd form or two to sign)

Mazda Credit did, and I believe it is the same organisation behind both.

I find it hard to believe that a finance company would terminate an agreement purely on the strength of a phone call but I only have the one experience to draw on.

Perhaps the difference is in your bit about returning the car to the dealer.

Mazda credit simply arranged for my car to be collected from my house and taken straight to auction. Therefore, in your situation the notice of termination is perhaps included in the 'odd form or two' you mention.