Car issues with finance

wiltsguy_2

If the car broke down, outside of the warranty i don't understand why you would expect the finance company to pay for the repair? they jus lent you the money to buy it, which means they have stuck to there end of the deal.

tonyh66

£13500 finance for a car worth £8K F***k me was that a payday loan company? sorry got no advice for you apart from buy a cheaper car you can afford without sub-prime finance.

Herzlos

Why didn't you keep it after you got it repaired?

I think you need to either chalk this one up to experience and pay it off, or speak to a solicitor and see if there's anything can be done about returning it as unfit for purpose (which will be difficult, but it's a year after a used sale and you've already fixed it).

Markjen79

Herzlos wrote: »

Why didn't you keep it after you got it repaired?

I think you need to either chalk this one up to experience and pay it off, or speak to a solicitor and see if there's anything can be done about returning it as unfit for purpose (which will be difficult, but it's a year after a used sale and you've already fixed it).

I never had £1000 the engine company where blackmailing me for so instead of ending up in a mental hospital I stopped all payments and got them to collect the car . The engine part is on watchdog ideal engines thou I traded with replacement engines aka the same company .

motorguy

Markjen79 wrote: »

Hello again I will break it down for you all!!
2012 finance agreement in place of £13,500 for the £7999 car.
2013 car broke two weeks after 12months of a three year finance deal.

I was told I had to repair the car at my cost !!!

Still paying the monthly payments that in all totalled £8000

2014 I ended a battle with an engine company and surrendered the car back to the finance company with a fixed engine and years warranty. With me having already paid £8000
2015 a year later they sold the car for £3500 and are chasing me for £3500 payment

You are muddying the waters with this talk of the engine failure.

The issue here is you handed the car back to the finance company and they are trying to recoup their losses.

One thing i would say is, if you've paid more than 50% of the total amout payable under the agreement, they shouldnt be able to ask you for any more than that. That is one of your rights under the Consumer Credit Act and should be explicitly stated in the Agreement you signed.

The engine failure / repair / cost has nothing to do with the finance company.

motorguy

Markjen79 wrote: »

I never had £1000 the engine company where blackmailing me for so instead of ending up in a mental hospital I stopped all payments and got them to collect the car . The engine part is on watchdog ideal engines thou I traded with replacement engines aka the same company .

You need to stop using phrases like "they were blackmailing me". They werent.

Why were they billing you for £1,000 and why did you think handing the car back to the finance was the solution?

harveybobbles

£13500 finance for a 7995 car? so you think that bacause you have paid 7000 that you owe 995..?!

Finance price was £13500.. You have paid £7000. That leaves 6500 outstanding.. they have sold the car at auction for 3500.. That means there 3000 left OWED to the finance company.

The rest will be admin fees.

Read the T&C's of the agreement you signed and pay up.

motorguy

The only question in my mind is why this doesnt fall under the Consumer Credit Act having paid more than 50% of the total agreement price, the O/P shouldnt have to pay more?

Not sure whats happening?

I guess if they missed any payments the finance company are saying the CCA clauses dont apply?

forgotmyname

I dont think they have paid over 50%.

I also think they are including the engine costs in the payment figures?

They stopped paying for the car and told them to collect it. So maybe charges for late payments?

Not enough info on what day/month that took the finance and how much they paid and for how long.

Any charges for stopping payment?

motorguy

True

If they stopped making payments and allowed the car to be repossessed then thats v different to a VT. Also, i think missed payments nullifies your rights to a VT.