car loan and repossession- please help!

nelly12

pvt wrote: »

Except that her ex appears to have agreed to surrender the car to a debt collector. The V5 means very little here, he can claim he owned the car on the obvious grounds that he is the one who borrowed the money that bought it.

Really???? In this scenario I believe the owner and registered keeper are deemed to be one and the same. The car will be deemed as a gift unless there is a written agreement between husband and wife. Car becomes an asset of the wife's in the case of a divorce though. Husband cannot surrender an asset over which he has no legal title.

lynzi12

Is that correct nelly12? I am seeing my solicitor on Friday about why its taking so long for my decree absolute to come through and was going to ask about the car. Is there any where else I can get clarification about legal ownership for the car etc? Can he surrender something not in his possession/ not registered at the DVLA by him and not imported according to the HMRC to the UK by him. If I had left it in Germany what would have happened then with regards to finance company etc?

Thankyou

tinkerbell28

No it is NOT correct.

The V5 is NOT proof of ownership, it is proof of keeper. Which is you. The real owners here are the finance company. You are the keeper.

The finance is linked to the car.What you describe, is so the car can be exported. It is still on the hpi as the car company can lay claim to it as it is car finance.

For your other issues have you tried ssfa and RBL, etc if you're struggling.

lynzi12

If I could go back to work I would not struggle. But need a car to do so! To get a car I need to work to earn money to pay for one!
When I HPI checked the car it was marked personal loan. Stating The lender has no claim or interest in the vehicle but has registered the existence of a personal loan as part of the governments responsible lending scheme. And his finance agreement states it is fixed term. Can that loan be secured against the car? HPI does not say that. If I thought the car could be repossessed I would have left it in Germany and not imported it back to the UK through HMRC.

tinkerbell28

lynzi12 wrote: »

If I could go back to work I would not struggle. But need a car to do so! To get a car I need to work to earn money to pay for one!
When I HPI checked the car it was marked personal loan. Stating The lender has no claim or interest in the vehicle but has registered the existence of a personal loan as part of the governments responsible lending scheme. And his finance agreement states it is fixed term. Can that loan be secured against the car? HPI does not say that. If I thought the car could be repossessed I would have left it in Germany and not imported it back to the UK through HMRC.

It's all because you bought from a specialist military dealer, so you could export it. If they didn't do that, you couldn't export it.

The still do have stake to the car, hence why they are on the hpi. It will say so on the agreement also. You actually think they would give him a car, for minimal payment and a huge balloon payment, without security?

If your struggling and he's left you in the poo, ssafa and the like can help.

nelly12

Unless I have misread somewhere this is a personal loan?

Some car finance companies register the agreement on HPI to protect a consumer in case the car is ever stolen but that does not make them the registered owner of the vehicle.

On an HP agreement the dealer invoices the finance company to give them title, on a personal loan the dealer invoices the customer giving them the title. For personal loan agreements most finance don't actually require an invoice.

SnooksNJ

lynzi12 wrote: »

Please don't misjudge me! If I had 20k or anything close I would buy my own car! I don't, I have 2 kids under 5 and a single parent now and need to work! But need a car to do so. He left me when I was 8 months pregnant in Germany. He left me with the car/home/kids and now won't pay for car or kids! (He has now moved to America with his girlfriend).

Since the US doesn't have a shack up with my Girlfriend visa I assume he is on some work sponsored visa? I would go through the Family Court of the state/county he is living in because the US is pretty hardcore that they want the fathers to pay for their kids instead of the taxpayer and will garnish his wages. If he doesn't pay he can spend his weekends in jail until he makes arrangements. Get the car payment's that way instead of expecting the UK taxpayers to pay for it.

Apples2

How can you have a £20k balloon payment on a Personal Loan?

What is there to "balloon" for?

tinkerbell28

Apples2 wrote: »

How can you have a £20k balloon payment on a Personal Loan?

What is there to "balloon" for?

Precisely.

nelly12

There are PL products with balloons available from Barclays Partner Finance, Santander, Close and other lenders. And yes it is possible to get a PL upto £50k arranged by a dealer.