Refused voluntary termination of vehicle! Is there anything I can do?

MrsLou

In April 2011 I financed a car as mine had been written off (also financed).
In March & April 2012 I missed 2 payments, however these were then paid in full by the end of April and no further payments have been missed since.
I didn't sign any other further agreements etc after these missed payments.
I have now paid over 50% of the agreement.

I can no longer keep the car due to a change in circumstances and I hoped to send car back by voluntary termination but I've received a letter today stating because of the previous missed payment this is not possible.

Is there anything else I can do other than not paying and the car eventually being repossessed which I really do not want to do!!!


Any positive suggestions gratefully received.

Building_Surveyor

Why not sell the car, then pay off the finance?

MrsLou

Isn't that illegal?

Building_Surveyor

MrsLou wrote: »

Isn't that illegal?

Illegal? Nope...

motorguy

MrsLou wrote: »

In April 2011 I financed a car as mine had been written off (also financed).
In March & April 2012 I missed 2 payments, however these were then paid in full by the end of April and no further payments have been missed since.
I didn't sign any other further agreements etc after these missed payments.
I have now paid over 50% of the agreement.

I can no longer keep the car due to a change in circumstances and I hoped to send car back by voluntary termination but I've received a letter today stating because of the previous missed payment this is not possible.

Is there anything else I can do other than not paying and the car eventually being repossessed which I really do not want to do!!!


Any positive suggestions gratefully received.

I suspect they are within their rights there. From memory the terminology is around 'providing all previous payments have been made on time' or something like that.

motorguy

MrsLou wrote: »

Isn't that illegal?

No. The easiest way is to sell the car and have the buyer clear the finance.

MrsLou

motorguy wrote: »

I suspect they are within their rights there. From memory the terminology is around 'providing all previous payments have been made on time' or something like that.

I'm not disputing they're within their rights, I just wanted to know if there was anything else I could do without leaving me with poor credit.

MrsLou

I'll have a look into selling the car then if it's not illegal. Thank you for the suggestion.

colino

Get a settlement figure for the car and find out what your car is really worth. You may find you have deficit.
You say you have paid 50% of the agreement, is that in timescale or half the total credit amount? In any case, missing payments generally breaches the agreements conditions and they can impose sanctions (not penalty clauses) one of which is removal of the legal right to VR. Unless you have very deep pockets, I wouldn't be challenging the agreement in court.
Ideally you will have someone in your extended network who is in the market for a car, failing that, you will have to bull the car up and get it on Autotrader.

atrixblue.-MFR-.

call the finance company and ask for a final figure and any early termination fee's before you start to entertain the thought of selling it.

whilst its advertised youll need to keep paying the monthy agreement aswell and adjust your final end figure aswell to accommodate those payments made compared to the final figure given to you.

youll need to make it completely plain to the prospective buyer that's there still outstanding finance on the vehicle that your willing to let them pay the end figure to them and the rest (if any) to you, people get put off by that, some people don't mind.

don't forget there a difference to asking price and the price people are willing to pay for the vehicle so you need to keep in mind that price you advertise the car for may not (isn't) what your going to get for it.

arcon5

Since op doesn't own the vehicle, wouldn't he need the finance companies permission to sell their asset..