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car finance
beattiesman
Posts: 330 Forumite
in Loans
my son purchased a car from a well known company, is having trouble keeping up repayments,tried to terminate the credit agrement after paying off half the car was then told it was a personal loan not a credit agreement .anyone else had this problem
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beattiesman wrote:my son purchased a car from a well known company, is having trouble keeping up repayments,tried to terminate the credit agrement after paying off half the car was then told it was a personal loan not a credit agreement .anyone else had this problem
Someone more knowledgeable wil probably be along soon, but this may help in the meantime. You need to check the agreement and see if it is a 'credit sale agreement' or 'hire purchase agreement' then you will be able to hand the car back after half has been paid. The vehicle will have a charge registered against it in favour of the finance company and will show up on an HPI report.
If it is a personal loan, then the money has been lent to your son to do what ever he wants with. There will be no charge on the car, and he will be free to advertise it and sell it privately or to a dealer.
HTHDon't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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