Voluntary Termination or Repossession of Car on HP?

getmeouttahere

glentoran99 wrote: »

The really are being unhelpful :mad:

Have sold a car that was on finance a few times without hassles. 1 time I didnt even bother telling the finance company first, Person buying made the cheque payable to the finance company so they knew they werent going to get stung for the finance

I've just checked the settlement figure and it currently stands at £8,002 so they have increased it from what it was previously.

I have also sent their collections dept an email asking if they will consider allowing me to sell the car for below the settlement figure and repaying the balance through an agreement with StepChange, or will they reduce the monthly payments by extending the term (both of which they have previously said no to) and I have made it absolutely clear that if they cannot agree to either then I will have no option but to VT.

glentoran99

getmeouttahere wrote: »

I can kinda see their point though. I owe them around £7800, which is currently secured on a car. If I sell the car for £1000 less, and they release the car, they will have nothing to secure the £1000 on.

They know that they have me over a barrel. It wouldn't make any difference to them really if they let me sell the car and settled the additional £1000 or so with them in monthly payments, but I guess they're not obliged to do so.

they car though wouldnt cover what you owe them though so in reality they are no better off

chanz4

if repossessed they will sell at auction for peanuts, and will come after you for the full agreement not the 50% .


Also their will be high fees

mickeyt10

hi i had my car repossessed 7 weeks ago and havent heard a thing from the finance company via email, post or phone what does this mean? thanks