Car issues with finance

Markjen79 · 21 April 2015 at 8:38AM

Hi all I wondered if you could help me out with some advise I got a car on finance which after 12months and two weeks the engine blown , I was advised buy the finance company it was my issue to fix would this be correct . This was the start of the issues that saw me appear on watchdog and now the finance company have sold the car and have passed the outstanding money to debt agency .

harveybobbles · 21 April 2015 at 8:52AM

Markjen79 wrote: »

Hi all I wondered if you could help me out with some advise I got a car on finance which after 12months and two weeks the engine blown , I was advised buy the finance company it was my issue to fix would this be correct . This was the start of the issues that saw me appear on watchdog and now the finance company have sold the car and have passed the outstanding money to debt agency .

Need more info really.

Depends why the engine blew - was this down to lack of maintenence?

Markjen79 · 21 April 2015 at 9:01AM

Hi no the car was serviced the erg valve pin shot through to the third chamber of the block , my garage said it was a one in a million chance of happening , thou on earlier paperwork there was a pen scribbled erg valve leak thou no record of new erg (this was year and a half before I owned the car)

harveybobbles · 21 April 2015 at 9:10AM

So how have the finance company ended up with the car back?

Markjen79 · 21 April 2015 at 9:13AM

Right money wise
Car was up for £7999
I have paided £7000
And they have the car back and have sold it for £3500
They are still claiming that there is £3500 outstanding on the account and have passed it to debt collectors.

I spent £4500 on trying to fix the the car which ended up with the rogue traders (watchdog) investergation into the rouge engine company different story . Thou I am personally broke !!

motorguy · 21 April 2015 at 9:23AM

Markjen79 wrote: »

Right money wise
Car was up for £7999
I have paided £7000
And they have the car back and have sold it for £3500
They are still claiming that there is £3500 outstanding on the account and have passed it to debt collectors.

I spent £4500 on trying to fix the the car which ended up with the rogue traders (watchdog) investergation into the rouge engine company different story . Thou I am personally broke !!

If you handed the car back with a blown engine, then yes, its very likely you are liable for the shortfall.

Markjen79 · 21 April 2015 at 9:24AM

The car was in working condition with a year warranty from the engine company !!

harveybobbles · 21 April 2015 at 9:28AM

Car was up at £7995.. You have paid £7000..

Depends what the total amount to be paid back on finance was, how long the finance deal was for, how far into it you got.

colino · 21 April 2015 at 9:31AM

What did you expect a finance company, who extended credit to you, to do with a car? They disposed of it to recoup some of the money you still owed them and are now looking for the rest.