Car finance problem!!

keeleysgal

Hi there,

I know it was a stupid move but I got finance on a vehicle for my partner who was unable to get finance at the time.

The vehicle was 20,000 - Land rover and the redemption figure is currently 17,605.79p or around there.

Unfortunately my partner and I have just split this weekend and although I have been receiving the monthly payments on time from my partner to date, I fear that this will now stop and I can't afford to pay the monthly amount.

I have spoken to the finance company (GE Capital) who have stated that I can hand the vehicle back at any time but that this will leave me owing over £12,000 even if they have the vehicle!!

Does anyone have any ideas??

My ex still has the vehicle but the logbook has been signed at least so that I can transfer it into my name if needed.

Thanks,

keeleysgal

GeorgeUK

First, when dealing with the car finance company, do everything in writing and send the letters by recorded delivery.

It is not unheard of for people to call them to arrange a voluntary termination only to get a bill a year or so later because the car company says it was a voluntary surrender which is basically a reposession.

Also, i would query where they are getting their figures from. With a voluntary termination you are required to pay 50% of the original cost. After what you have already paid that would be £7,605 owed and possible a few hundred they add for damage due to wear and tear.

Have a read of the nationaldebtline guiance for this.
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt#chapter6