can I get rid of my van?

smilermonkey

I have a van on credit through GMAC. It is over 4 years from May 2005. I asked about sending it back but GMAC say I need to have paid half the payments before I can hand it back, otherwise pay up the difference (now it would be 8 months x £255.93!!!) Does anyone know a way around this? Am I allowed to sell the van to pay them back? I am in a bit of a pickle financially (will post a statement at the weekend for advice, but feel this one is important first). The van is costing me £255.93 monthly as well as £48 insurance and breakdown...that's over £300 per month I could be saving!
Any advice greatly welcomed

plane_boy2000

From a legal perspective the van belongs to GMAC therefore its theirs - not yours so you are not allowed to sell it, but realisticaly you could sell it as long as you tell the buyer that its on financ and you intend to use the proceeds to repay. If I was the buyer than I would want to settle the bill with GMAC and give you the balance.

Have you approached the selling dealer to ask if they would buy it back from you? If you sell it would teh sale price cover the finance? Do you still need a van i.e if you sell this one do you need another?

shayshay

Ok if you sell the vehilce you firstly need to obtain a settlement figure. If you sell to a dealer then they would be able to complete the settlement with the finace company however you have to inform the funders this is what you are doing. The downside to this is that the price you get from a dealer will be less than what joe public would pay.

The problem with selling to Joe public is the vehicle does not belong to you as of yet. Until the final payment is made it belongs to the funders, so if you did get Joe public to buy the vehicle you still need the settlement figure but you also need to settle that amount prior to signing over the vehicle. Failure to do so is fraud. If its family or friend they may well be able to give you the money in advance so that you can become the official owner.

smilermonkey

thanks for that...I shall see what my original dealer would offer. I love my van (even named it Dave, I am sad!) but could make do with an old banger for a few months until I clear my debts. I tried advertising as a van and driver to help with the costs but people didn't like me being a girl, especially other women! I am about £11K in debt, and that £300 a month will go someway to getting it down

Annie_Fanny

Smilermonkey...

That's a shame about the van driving. Where do you live? Could you put your adverts up in a more liberal area where it will actually be a benefit....just a thought.

I want to train in a trade but think I will encounter the problems you do too...

Annie

smilermonkey

That's a shame about the van driving. Where do you live? Could you put your adverts up in a more liberal area where it will actually be a benefit....just a thought.

I want to train in a trade but think I will encounter the problems you do too...

I put an ad in the local paper. I got a few replies, but 90% changed their mind when they realised I was a woman. A couple of others wanted removals even when I explained it was just a van and driver. The ad cost me £80 for 6 weeks but I only made £60 so it was a definate loss!

Still go and train up for a trade though Annie Fanny, an electrician quoted me £75 to change a lightbulb fitting which I found out cost 60p and was easy to replace myself! I used my van as an arts facilitator, which sometimes means creating carnival costumes, but I will find a way around those times.

Batfink

I bought a Mercedes car a couple of years back on PCP. £8000 deposit, then £300 a month for three years and about £10,000 to pay at the end if I wanted to keep it.

After 1 year I didn't want it anymore, so I spoke to the dealer I bought it from and they offered to buy it from me, pay off the finance and give me a cheque for the remainder. I walked away with just over £20. That was an expensive year.... however they did it so I see no reason why you shouldn't be able to do the same.

Phil x

shayshay

In the eyes o the law, telling a prospective joe public that you intend to pay of the finace is still wrong. Anything could happen between you receiving cash and it getting to pay the settlement. Also the risk of saying to a punter that it owes £7000 on finance but I want you to buy it for £9000 means that they have a great opportunity to negotiate the price down even more, especially if they think you are desperate for the money.

Going to a dealership the week before the new reg comes out also wont help you get a good price. They will already have funds tied up with new stock, they will be expecting a traffic load of part ex's which will already be clogging up their trader routes so getting top dollar this close to September is unlikely.

I know quite a few people in the commercial motor trade sector so if need be I can chase a few up to test the water if you like?

smilermonkey

I know quite a few people in the commercial motor trade sector so if need be I can chase a few up to test the water if you like?

thanks shayshay! I will see what the original dealer says too. It is a 2004 1.9 Vivaro, ply lined and with only 17500 on the clock (ooh, sounds like I am advertising it! LOL) I need to get an exact settlement figure too.