HELP!! Car being reposessed and about to take on a secured loan....

mattyg1982

Hi,

I had a car repossessed a couple of years back. I know it's horrible but don't worry, it will work out. I did a lot of research at the time, sadly I cant remember the all the details, but some basic points were:

• Yes they can take it, even over a couple of missed payments
• UNLESS - if you have already repayed a certain percentage of the original loan value I think you have some rights. Check this out, I can't remember the exact details.
• You can request to sell the car privately, and repay the outstanding finance that way. In my opinion, this seems like the best option as you have enough equity in that car to clear the debt and buy a new one. Which would also mean clean credit report AND no monthly repayments.
• PLEASE don't secure a loan on this car with those people...it's not worth it!!

Good luck,

Matt

Oneday77

If you go for a secured loan, as already mentioned if you default on that you could lose your home.
The way I see it is if you sell a car privately with outstanding finace your breaking the law, it isn't your to sell. ( I may be wrong so check on it) It would then be reposessed from the new owner if you didn't settle the debt.
Take the car to a Garage, your hubby must have a contact still. What will they give you for the car. Doing it this way they will settle the outstanding finance for you. That way you keep the balance and can buy a cheaper car. A 7 year old 7 seater still holds the same passengers than a 1 year old 7 seater
Call the finace company for the car and ask for a settlement figure and try the garages. You won't get full value but it will remove a lot of stress from your family. Debt is never worth ruining your health and happiness over.
You may also want to post up a Statement of Affairs on a new thread to see where people could help cut your monthly expenditure and relieve the pressure.

elly-spendaholic

Hi, I agree with oneday77- you can't sell your car privately as its not actually yours to sell, also it will show up on a hpi as having finance on it. A lot of people, especially when buying a newish car will want to check it out through a hpi to make sure they're not being ripped off. I would take it to Renault and see if they will buy it back. You will lose money but won't be in neg equity so you can pay the loan straight off and be left with something to buy a cheaper car. Its worth asking, you could always refuse their offer if you're not happy with it. I used to work in a new car dealership, and we bought back cars all the time- we were happy because we would give a grand or two less that what they were worth so could sell them again for more profit!

mattyg1982

Do you know anyone close to you who has good credit and can get a good deal on a high street loan?

1. They get loan
2. Pay off finance
3. Car is yours to sell
4. Sell car
5. repay friends loan

If the value is 14k and you owe 6.5k. After advertising fees and any loan fees say £100. You should be left with over 7k to get another car, which is plenty, even for a 7 seater.

choccywoccy

elly-spendaholic wrote: »

Hi, I agree with oneday77- you can't sell your car privately as its not actually yours to sell, also it will show up on a hpi as having finance on it. A lot of people, especially when buying a newish car will want to check it out through a hpi to make sure they're not being ripped off. I would take it to Renault and see if they will buy it back. You will lose money but won't be in neg equity so you can pay the loan straight off and be left with something to buy a cheaper car. Its worth asking, you could always refuse their offer if you're not happy with it. I used to work in a new car dealership, and we bought back cars all the time- we were happy because we would give a grand or two less that what they were worth so could sell them again for more profit!

So this would be legal if we did this? Im confused because CCCS said that selling the car without RCI's written pemission would be breaking the law, but if I went to the original dealership then they may be able to make an offer? Plus - is it a gamble that if I sold it RCI would actually accept the offer of final payment from us - is it very unlikely that they would still want to reposess?

choccywoccy

mattyg1982 wrote: »

Do you know anyone close to you who has good credit and can get a good deal on a high street loan?

1. They get loan
2. Pay off finance
3. Car is yours to sell
4. Sell car
5. repay friends loan

If the value is 14k and you owe 6.5k. After advertising fees and any loan fees say £100. You should be left with over 7k to get another car, which is plenty, even for a 7 seater.

This is a really good idea but nobody I know I could comfortably ask - we are very private people and wouldn't even ask family - our problem to sort out and can't burden them with it :-(

redpete

As others have said I'm afraid you do need a reality check, starting with accepting what you need vs what you want (e.g. 'needing' a brand new Espace when you already had a 7-seat car). Also understanding the value of the car now - Parkers might say it's worth £14k (not £15k) but if the finance company sell it they would deduct fees & costs, and quite possibly not get the book price for it anyhow. Hopefully you would get enough though to replace it with a much older but still acceptable 7 seater.

I know you were desperate but be very careful about using money from the business to get out of the problem - especially if that will leave you short of money to pay the taxman when that is due. First of all look at all avenues that involve downgrading the car first.

Oneday77

choccywoccy wrote: »

So this would be legal if we did this? Im confused because CCCS said that selling the car without RCI's written pemission would be breaking the law, but if I went to the original dealership then they may be able to make an offer? Plus - is it a gamble that if I sold it RCI would actually accept the offer of final payment from us - is it very unlikely that they would still want to reposess?

When a car dealer buys a car they always do an HPI check, or they are very very stupid. This is to check the person selling them the car is entitled to get the money that is offered. If there is outstanding finance they will make an offer, contact the finance company and agree a settlement figure that will be valid for x days. As long as teh deal goes through in that time you get what is left over etc.

There is no reason for RCI to not allow this as they are guaranteed their money, they have no court costs to worry about, they won't make a loss at an auction and don't have to chase you for any prospective shortfalls.

Seriously just contact RCI and ask for a settlement figure, you could always pretend a FRIEND is willing to pay the finance off for you but they need to know how much to think about it. They may start drooling over an easy release you never know.

garynuman

My husband rang RCI to offer to pay the arrears off in full right now but
they refused and were brutally rude about it

Would it not be more beneficial getting this in writing ("Signed for, etc.)? If it goes to court, it should go in your favour that you have offered to pay arrears!

Best of luck

Gaz