stance on VT

maka_2

have a car on finance over 50% paid and 50% time served the car in now in neg equity just spoke to company concerned they said yes can give it back but i have to pay the short fall once they value the car. is this correct?

iolanthe07

It will be in the terms and conditions you signed when you took on the finance. Have a look at the agreement.

Hintza

Depends on the agreement but you will be liable for all scrapes and dings and excess mileage I imagine.

standupguy

maka wrote: »

have a car on finance over 50% paid and 50% time served the car in now in neg equity just spoke to company concerned they said yes can give it back but i have to pay the short fall once they value the car. is this correct?

It depends on type of agreement.
IF hp or pcp then you should have nothing further to pay except any arrears at time of vt and any damage other than fair wear and tear.

If it a loan type of agreement then you will have to pay any shortfall after sale.

As already said, look at the agreement to find out which applies

maka_2

could not find the agreement so called them and was told i will have to pay so may as well sell it private instead because you will never get what its worth at auction, the car is now in better condition then when we got it resprayed new exhaust etc..