Car on hp

Lostmyway

18 months ago I bought a car for 15k. I put 11k into the deal and financed the rest on hp. I have 25 payments left to go. It was a 42 month deal. Can they repossess if I stop paying?

BeenThroughItAll

Lostmyway wrote: »

18 months ago I bought a car for 15k. I put 11k into the deal and financed the rest on hp. I have 25 payments left to go. It was a 42 month deal. Can they repossess if I stop paying?

Technically, yes. They would then sell the car, recover their outstanding financed amount, and pay the remainder (less legal costs, recovery charges, incidental expenses and interest) to you.

Whether they would is a different story.

Out of interest, why on earth did you buy a 15K car when you had 11K anyway and then finance 4K over 3.5 years?

Wouldn't a 10K car have done the job?

Spicy_McHaggis

Lostmyway wrote: »

18 months ago I bought a car for 15k. I put 11k into the deal and financed the rest on hp. I have 25 payments left to go. It was a 42 month deal. Can they repossess if I stop paying?

You claim to owe 3 grand on it so what do you think?

How come it's more than halved in value?

BeenThroughItAll

Spicy_McHaggis wrote: »

You claim to owe 3 grand on it so what do you think?

How come it's more than halved in value?

Wanted flash car, paid over the odds in order to gain finance?

Lostmyway

The car was a bit out of my price range and there wasn't many of them about so I couldn't pick and choose. 7 was what webuyanycar have said it was worth I could maybe get 8 elsewhere. I bought it from a main dealer so I paid a little over the odds.

Lostmyway

Ps. I got a statement thru today, I owe 2400 on it

forgotmyname

After their recover fees and storage costs and then the auction fees you may get £1000 back to buy a banger.