Car reposession and private registrations

forgotmyname

They valued the car with the plate. With normal loans they sell the car at auction then send you the bill for any shortfall.

You borrowed £600 and now owe them £900. Ouch.

It should get £900+ at auction if its in good condition but. Thirsty petrol and high road tax. Against it.
Then there are the auction fees also.

High mileage? You may get a bill when they sell it.

Its a thirsty beast. Do you need a 7 seater?

eschaton

Blackthirteen wrote: »

Every penny counts in a situation like this. the plate isn't sentimental its N90 JMP so not the best private plate in the world but its worth a shot at getting something for it either selling it privately or from the loan company I think.

It probably insn't even worth the £80 transfer fee, nevermind the additional £25 to put it on retention for the year. Forget the plate as having a value.

For a plate that most likely cost £250 when originally bought from the DVLA - what makes it's value £500 now?

The loan company will value the plate at closer to it's true worth - £0.

~Brock~

There is nothing 'private' about that plate unless your name is James Michael Parker, aged 23 (born in 1990, geddit? ).

Your potential market appeal to sellers is therefore rather limited, to the point of wondering if there is any point in even worrying about this over the central issue of sorting out an arrangement with the lender.

Buzby

They may not take the vehicle - the additional costs for collection, storage and auction just don't work for cars valued at under £1k, they let you keep the car but pursue you for the amount owing. As long as the loan isn't secured on the car, sell it privately and try to pay as much of it off as you can.

~Brock~

Buzby wrote: »

As long as the loan isn't secured on the car, sell it privately and try to pay as much of it off as you can.

I think the whole point of this thread is based around the fact that the loan IS secured on the car.