Car on HP can we keep it

tech2_2

Hi All,

My Wife has her car on HP and only has 2 yrs out of a 5 yr agreement left. We are going to go BR and as she needs the car for work I thought I would call Santander, not giving any details they told me that it was down to the OR!

Could any one shine any light on this Please.

Thanks

Tech2 :beer:

Three_Clicks

Hi

Reading other posts on this subject it would seem that the OR is NOT interested in your car... :T

However; you need to read your HP agreement as some companies put in a clause saying they will repo the car if you go BR.

It that is the case and I was in your situation, I would stop the HP payments and put the cash to buy another car after BR...

fiveyearplan

The OR will have no interest in your car because it belongs to the HP company so is not your asset.

skylight

Read the contract carefully. Is it really a HP agreement or a cash loan to buy a car? They look similar but are different.

If it is definitely a HP agreement then read that contract with a fine-tooth comb. There are almost always BR clauses in them. Then call them back and talk to someone else; its not up to the OR in keeping the car, its up to the HP company at this point. Many will take the car back so this is important to find out exactly what the HP company will do in your individual circumstances. Harass them if you have to!

If they allow you to keep the car and continue the repayments, then at this point the OR gets involved. Its up to them to allow the repayments and associated costs on your SOA. If you are paying a fairish sum each month then this is not normally a problem, but if you have a Boxster and paying £500 a month then they are likely to tell you to sling your hook (at which point you can either pay this from your surplus or call the HP company and tell them to get the car as the debt will then be included in your BR).