Car on finance

BugsyBrowne

Brock_and_Roll wrote: »

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!!!

Just because the car is on HP does not mean you can not sell it.

KingElvis

If you buy the dealer cake, he wil take back your banger and may even give you a cash bonus.

PNPSUKNET

I love forums.dontwanttopayexpert.com

RedTulip

star-fire wrote: »

Just because the car is on HP does not mean you can not sell it.

This is not correct, OP says it is a HP purchase. If this is correct then until full payment has been made the car is not the property of the OP.

The car can not be sold when there is still an outstanding agreement on it.

Derivative

PNPSUKNET wrote: »

I love forums.dontwanttopayexpert.com

To be fair, this is the loans board. MoneyLosingExpert.com

BugsyBrowne

RedTulip wrote: »

This is not correct, OP says it is a HP purchase. If this is correct then until full payment has been made the car is not the property of the OP.

The car can not be sold when there is still an outstanding agreement on it.

Yeah I should of explained it better,just because you have HP on a car do not mean you can't sell it,you have to phone the HP company for a settlement figure first.
As long as the HP company gets their money they are not to fussed.

Apples2

FOUR payments lol, is this some kind of record?

sp1987

Apples2 wrote: »

FOUR payments lol, is this some kind of record?

I do not know if it is the same where you live but local to me the big car megastores advertise 'drive away today for £99' and people do actually get annoyed that not only do they have to keep paying, but the prices are £289, or £419 as agreed for all the other months, 'but this is more than I paid to get the car!' eh?

chalkie99

sp1987 wrote: »

local to me the big car megastores advertise 'drive away today for £99'

Rip Off! :rotfl:

Our local radio constantly pumps out ads for Trade Centre Wales with the message "Drive away any car for just £1"

They seem pretty successful so you just know the mugs are being pulled in. :doh: