Can they repossess my car?

standupguy

From what you say you look like you have paid over one half of the hp price and can therefore voluntary terminate the agreement and return the car with nothing more to pay - providing you are up to date with the payments. If not you should pay the payments required to get you up to date then vt the agreement. This will leave you without a car for now but will protect your credit rating for when you find a job and can look again at credit.

Your other alternative is to speak to the HP company and see if they will allow you to lower your payments - your account will go into arrears and this will affect your credit rating but you will get to keep the car short term - hoping that you find a job soon and you can then catch up.

The other thing to do is get a settlement figure from the hp company and compare that to the value of the car. If the car is worth more than the settlement figure you could sell, settle the finance out of proceeds and pocket the difference.

If you do nothing the HP company will need a court order to get the car and that would give you some time or it may be they would rather take lower payments than take you to court for repo - particularly if there is not much value in the car.