Car on finance

Vxrlad

I currently have a car with blackhorse finance on a hp contract but have only had it for approx 6 months but wanting to hand the car back as I have missed two payments and is no longer practical as we have a baby so just wondering what I could do to shift it ? The total i toke out was £17k and the car was £11k.They have given me a settlement price of £9660 but looking at the book price it's worth £7500

Any ideas what I should do ?

lawrie28

Firstly, find out how much you can sell the car for. If you can sell it for 9660, then great.
I don't understand where the £17k comes from if the car was £11k?

Other than that, you won't be anywhere near half way through the agreement to hand it back, so that rules that out.

So, you need to sell the car for the most you can (ebay, autotrader, possibly a dealer) and then give the difference to black horse to clear it.

And you'll have to give the money to black horse before you sell the car, as they won't release the car from the HP register if they have not got a full settlement.

Vxrlad

Just want to hand it back or let them come get it

BugsyBrowne

Vxrlad wrote: »

Just want to hand it back or let them come get it

You let them come and collect the car you will be lucky if you ever get car finance again and any sort of credit either.

ILW

Vxrlad wrote: »

Just want to hand it back or let them come get it

If that happens, they will chase you for the outstanding balance.

StuTheDon

Vxrlad wrote: »

Just want to hand it back or let them come get it

So you sign an agreement, decide 6 months later you cant be bothered with it anymore (having missed two payment too), and expect them to just come and pick it up.

The world is going crazy.....

If the car was impractical for a baby why did you buy it? Babies take 9 months to come, so you must have been expecting when purchasing the car?

BugsyBrowne

StuTheDon wrote: »

So you sign an agreement, decide 6 months later you cant be bothered with it anymore (having missed two payment too), and expect them to just come and pick it up.

The world is going crazy.....

If the car was impractical for a baby why did you buy it? Babies take 9 months to come, so you must have been expecting when purchasing the car?

OP drives a vauxhall what do you expect.

ILW

He is also planning on changing his name to save paying for the car.

Nice start in life for the kiddie.

BugsyBrowne

ILW wrote: »

He is also planning on changing his name to save paying for the car.

Nice start in life for the kiddie.

People like him don't deserve to be giving a chance with credit as he has already proven he can't handle it.
Then good payers like ourselves could get credit interest hiked at any moment.

Common_Sense_2

champagne tastes, beer money

Brock_and_Roll

Even if the OP had made 50% of the payments, a voluntary termination (ie just handing it back) would not be available as you have to have made all the payments to terms - which the OP has not.

The OP needs to be mature here - if he just defaults, the car will be repossed. It will then be banged through auction, no doubt for a very low price. Black Horse will then pursue the OP for the short fall plus an every increasing amount of fees, interest etc all charged at the penalty rate in the contract.

For the good of the baby, it makes sense to try and settle the finance now. Obviously you cannot sell the car as its on HP but you could agree a price with a dealer subject to clearing the HP. The OP will have to make up the shortfall, but this will in the long run be a much cheaper option.

PS I note on his other posts that the OP was thinking of changing his name by deed poll in order to start with a clean credit rating. If only it was that easy......! lol

ps I work in the finance interest but have no love for it!!!