Help!!!! My Car Finance Company Wants To Reposess

beckhamfan659

Hi

I need some desperate help. We have fallen behind on some payments for the car recently due to many problems. We said we can resume normal payments in March and since then have been paying 50.00 or more each month.

Today they said unless we can pay them 215.00 by the 5th Feb and 215 on the 21st and 215 there after each month they want to reposses the car.

We really wanted to keep up with the payments, but I was made part-time and the car has been going wrong alot recently we have been unable to pay the correct amount.

Is there anything I can do other than pay that amount?

sallyx

Hi There
I have been looking into this myself recently as I can't afford to keep the car I have on finance and wanted to know my options. Do you have your signed agreement for finance of the car? If you look in there it will probably say in it (as mine did ) that if you fail to keep payments up to date, enter into bankruptcy, IVA they will take the car back, sell it off and if the sale doesn't cover the remainder of finance you are still stuck with paying the remainder. My guess is that you company will be prepared to listen if you can pay what is in arrears and continue payments on time. The thing is if you can't return to your full payments until march im not sure they will wait that long, and are within their rights to come and take the car
Im sure there are some experts on here who can answer your question in more detail

Good luck

Storm

When you reduced the payments did you write to the company or talk to them on the phone? If they agreed to the reduced payments point this out to them (best to do this in writing as you've then got a record).

If the car is on finance is it still covered by any sort of warranty that would pay for some of the repairs?

plumduff-2

How much is your normal monthly repayment and how much on top of that are you offering to pay back.. how long will it take you to repay the arrears..?

joeblack066

I'm in a similar position, although have at the moment kept up with agreed payments to clear the arrears and pay the monthly.......next payment due on Friday, ok and on target to make it at the moment. My question is; 4 months after I bought the car, (which was 14 months ago) the Credit Co wrote to me, asking me to call them. When I did, they said that the dealership had lost my agreements and could I go in and sign again. I didn't (would you have???!!!) and 10 days ago I decided to test them out and asked for copies of the originals to be sent to me. I haven't had them yet (DOH!) and I rang them again today with the same request. If they haven't GOT the originals, how would they take me to court to repossess? Could they? Do I have any advantages in this situation due to their unprofessionalism? Any advice appreciated.

nomoneytoday

joeblack066 wrote:

I'm in a similar position, although have at the moment kept up with agreed payments to clear the arrears and pay the monthly.......next payment due on Friday, ok and on target to make it at the moment. My question is; 4 months after I bought the car, (which was 14 months ago) the Credit Co wrote to me, asking me to call them. When I did, they said that the dealership had lost my agreements and could I go in and sign again. I didn't (would you have???!!!) and 10 days ago I decided to test them out and asked for copies of the originals to be sent to me. I haven't had them yet (DOH!) and I rang them again today with the same request. If they haven't GOT the originals, how would they take me to court to repossess? Could they? Do I have any advantages in this situation due to their unprofessionalism? Any advice appreciated.

But then there will be no agreement that the car is yours either. Catch 22?

beckhamfan659

Hi

Thanks for your support and advice. I phoned back and spoke to a manager and managed to agree a payment plan. Phew I am so pleased. Apart from now fixing the damn thing, but at least it stops us from getting into defaults and repossession of a car and then pay back the amount with no car. :T

beckhamfan659

nomoneytoday wrote:

But then there will be no agreement that the car is yours either. Catch 22?

I know thar was the problem.

woohoo_postingid

nomoneytoday wrote:

But then there will be no agreement that the car is yours either. Catch 22?

Hmm, interesting. Are ownership documents not enough?