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

neilmcl

MrsLou wrote: »

Isn't that illegal?

It's only illegal if you don't inform the buyer and pay off the finance.

molerat

They cannot refuse to VT the car at any stage. Many still try it on though. You will have to pay any missed payments but they cannot refuse to VT it once 50% has been paid. Google and you will find some very good advice.

motorguy

arcon5 wrote: »

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

No. Sell it and immediately clear the finance.

Simples.

Ultrasonic

arcon5 wrote: »

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

Must admit I thought that was the case too.

colino

molerat that is incredibly misleading advice. That would lead any delinquent borrower to return any unwanted goods on HP after "catching up" with their missing payments and washing their hands of it. By failing to make agreed payments the 1974 Consumer Credit Act right to VT at any time goes out of the window because you are in breach of the credit agreement (which gives protection to both sides of the bargain) and the debtors liability increases above that offered under normal VT.

MrsLou

Thanks for all the advice. I've got my contract and I've decided to ring citizen advice tomorrow for further advice on what's best.

Ultrasonic

MrsLou wrote: »

Thanks for all the advice. I've got my contract and I've decided to ring citizen advice tomorrow for further advice on what's best.

A sensible plan, but out of interest, what does the contract say in relation to you selling the car?

motorguy

Ultrasonic wrote: »

A sensible plan, but out of interest, what does the contract say in relation to you selling the car?

How you do it is have the buyer clear the finance before transferring ownership.

Thats how i've done it in the past - thats the safest for the seller, buyer and finance company.

The last time i did it, i had the buyer pay the finance company direct. Once i had confirmation that the finance company had no further financial interest in the vehicle, i transferred ownership to the buyer.

HTH.

bigjl

If the vehicle is still in good cosmetic condition WeBuyAnyCar may be a way out.

If not to sell to to get an idea of what the value is for a quick sale.

molerat

colino wrote: »

molerat that is incredibly misleading advice. That would lead any delinquent borrower to return any unwanted goods on HP after "catching up" with their missing payments and washing their hands of it. By failing to make agreed payments the 1974 Consumer Credit Act right to VT at any time goes out of the window because you are in breach of the credit agreement (which gives protection to both sides of the bargain) and the debtors liability increases above that offered under normal VT.

I stand by my comments and there are several legal sites that agree.

To the op : Find a VT template and send it in. Do not sign anything they send you.