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car finance help please?
Hi all! I'm not sure if this is in the right place place but as per the title it is with regards to car finance and i really could do with some help? 
The background:
On 6th of june 2009 i signed an order for a new suzuki swift, at the same time taking advantage of the scrappage scheme for my old astra, and got £2000. i paid a £250 deposit also.
On the 12th of June my partner at the time and myself went to collect the vehicle from the dealership and we were given a detailed invoice confirming everything. however when they went to sort the finance i wasn't able to to take it so the salesman put my partners details in. knowing that i was able to make the payments to my partner the finance went through. however we had requested the car over 5 years not 3, so the salesman went to citroen finance instead of suzuki. They gave us 5yrs. the agreement from citroen finance dated the 11th june? a day before when we actually signed.
i took out gap insurance also direct from my account and the payments for the car finance steadily left my account to my partners account, then left to pay citroen. All good.
That's the history. Here's the update. My partner and i split up in march 2010. i have maintained every car payment and insurance payment.i have paid for anything out of warranty myself; generally treated the car as my own and fulfilled the promise that no matter what happens i will pay for the car. and i have.
Today i received a call from my ex, asking to discuss the car finance. He now is looking to to apply for a mortgage and due to my car finance being in his name (plus other stuff he has) he needs me to take the car in my name.
we both have evidence of payments from myself to him to citroen, and i also hold all docs regards the 2000 scrappage, deposit, and gap insurance.
I spoke to citroen finance and it is non transferable. i need to take a personal loan she said, or if ex stops paying they'll go for repossession.
Although i'd be pretty miffed to lose 2.5 years worth of payments plus the extras only to lose the car, i'm even more miffed that my ex is now stuck between a rock and hard thing? if he stops paying - repo, if we continue, he cant get his mortgage?
is there really no way we can transfer this finance?
this has been such an amicable split that to have it bite us all this time later stings
The background:
On 6th of june 2009 i signed an order for a new suzuki swift, at the same time taking advantage of the scrappage scheme for my old astra, and got £2000. i paid a £250 deposit also.
On the 12th of June my partner at the time and myself went to collect the vehicle from the dealership and we were given a detailed invoice confirming everything. however when they went to sort the finance i wasn't able to to take it so the salesman put my partners details in. knowing that i was able to make the payments to my partner the finance went through. however we had requested the car over 5 years not 3, so the salesman went to citroen finance instead of suzuki. They gave us 5yrs. the agreement from citroen finance dated the 11th june? a day before when we actually signed.
i took out gap insurance also direct from my account and the payments for the car finance steadily left my account to my partners account, then left to pay citroen. All good.
That's the history. Here's the update. My partner and i split up in march 2010. i have maintained every car payment and insurance payment.i have paid for anything out of warranty myself; generally treated the car as my own and fulfilled the promise that no matter what happens i will pay for the car. and i have.
Today i received a call from my ex, asking to discuss the car finance. He now is looking to to apply for a mortgage and due to my car finance being in his name (plus other stuff he has) he needs me to take the car in my name.
we both have evidence of payments from myself to him to citroen, and i also hold all docs regards the 2000 scrappage, deposit, and gap insurance.
I spoke to citroen finance and it is non transferable. i need to take a personal loan she said, or if ex stops paying they'll go for repossession.
Although i'd be pretty miffed to lose 2.5 years worth of payments plus the extras only to lose the car, i'm even more miffed that my ex is now stuck between a rock and hard thing? if he stops paying - repo, if we continue, he cant get his mortgage?
is there really no way we can transfer this finance?
this has been such an amicable split that to have it bite us all this time later stings
0
Comments
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But if he stops paying he trashes his record and won't get a mortgage any way.
It s not in his interest to stop paying.
Can you get a settlement figure and then arrange a loan in your name for that amount?0 -
But if he stops paying he trashes his record and won't get a mortgage any way.
It s not in his interest to stop paying.
Can you get a settlement figure and then arrange a loan in your name for that amount?
as i said, he's stuffed either way? but theres really no need. i cant get a loan due to my bad credit, i can continue paying as agreed, but he then cant get his mortgage.
all it would take to sort this is a change of name on the finance. but they wont do that even with all the payment evidence we have between us?
x0 -
have you got a credit card with a limit to pay the balance, peugeot/citroen finance take credit card paymentsDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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what sort of finance is it?
personal loan, HP?0 -
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as i said, he's stuffed either way? but theres really no need. i cant get a loan due to my bad credit, i can continue paying as agreed, but he then cant get his mortgage.
all it would take to sort this is a change of name on the finance. but they wont do that even with all the payment evidence we have between us?
x
Problem is - that would be a loan. So, no point in looking at it like that.
You say it's HP and a five year agreement started in June 2009. If that is the case then read through the paperwork. You should be able to "voluntarily terminate" (VT) the car in about a months time or as soon as half the payments have been made.
The car will go back but it should free up his credit without blackening his credit file.0 -
Problem is - that would be a loan. So, no point in looking at it like that.
You say it's HP and a five year agreement started in June 2009. If that is the case then read through the paperwork. You should be able to "voluntarily terminate" (VT) the car in about a months time or as soon as half the payments have been made.
The car will go back but it should free up his credit without blackening his credit file.
I can confirm the above as i have personally done this, allbeit a long while ago. The car finance should have a get out clause once you pay for half the finance term, although be carful if you go down this route as a year later when i tried for a contract phone, i got refused, checked my credit report and saw that the car finance firm had reported to the CRA that i had defaulted on the contract. I had to threaten via a solicitor to take them to court to have it removed from my credit record, which they did, leaving me with a solicitor fee that i was advised not to persue the finance company for.0 -
many thanks for your replies and apologies for not replying sooner!
apparently getting car finance for someone else is a no-no and the finance company state the car would need to be registered in the finance owners name.
i have decided to take legal advice on this. many thanks again x0 -
why you taking legal advice? its the finance companies choice and why would they lower their security by giving the loan over to you (poor credit etc) instead of the customer who appears to be clean and paying them so well. VT is your best option to get out but not always as simple as people think0
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Who's the registered keeper of the car? You or your ex?Officially in a clique of idiots0
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