Car Finance but car no longer working

Leicsdan
Leicsdan Posts: 3 Newbie
in Motoring
Hi

I purchased a car on HP 18 months ago and I am exactly halfway through my credit agreement however the car no longer starts and although I am waiting on a full diagnostic check my mechanic believes it will need a new engine.

The warranties have now expired and I am loathe to continue paying the installments when the car is effectively useless.

Would I have any rights I.e. should the dealer and or finance company have provided a car that would last at least the length of the agreement?

Any help or advice would be appreciated.

Thank you
«1

Comments

  • docmatt
    docmatt Posts: 915 Forumite
    No you still have to pay for it if it's running or not. The same as if it was stolen you still have to keep paying for it. Sorry.
  • parking_question_chap
    parking_question_chap Posts: 2,694 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    Check the terms of you agreement, but unlikely.

    How old is the car?
  • Leicsdan
    Leicsdan Posts: 3 Newbie
    The car is 2009 so not that old
  • Leicsdan
    Leicsdan Posts: 3 Newbie
    I suspected as much but was obviously hoping for a different answer!
  • Mr.Generous
    Mr.Generous Posts: 3,915 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You said it was on HP - not a loan. HP is hire-purchase, if you stop paying they will re-possess the car. Result. If its a loan then you borrowed the money and will still owe it. HP the car its self is the security - they take it back.
    Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.
  • docmatt
    docmatt Posts: 915 Forumite
    Leicsdan wrote: »
    The car is 2009 so not that old

    Dude that's almost 8 years old. :D
  • docmatt
    docmatt Posts: 915 Forumite
    Mr.Generous wrote: »
    You said it was on HP - not a loan. HP is hire-purchase, if you stop paying they will re-possess the car. Result. If its a loan then you borrowed the money and will still owe it. HP the car its self is the security - they take it back.

    Yeah but won't he be hit with all the repossession charges?
  • forgotmyname
    forgotmyname Posts: 32,852 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    docmatt wrote: »
    Yeah but won't he be hit with all the repossession charges?

    Probably and it will sell at auction for 50p and they bill him for the balance + costs which will be more than paying it off.

    Your mechanic thinks it needs a new engine without even looking at it?
    Censorship Reigns Supreme in Troll City...

  • Mr.Generous
    Mr.Generous Posts: 3,915 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    My understanding of HP is that the car is the security, they take a deposit and retain ownership of the car. See if you can hand it back.
    Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.
  • facade
    facade Posts: 7,489 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You can't hand it back if it is broken, whatever the type of finance.
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science ;))
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