car finance ? con or not

sheree_duke

My husband mikebought car on contract finance for 12000. He paid 350 a month . He missed 2 payments after a few months as circumstances changed. So bailiffs came and took it for a week til we paid some back payment. They then put payments up to 450 a month. So kept the car for a few more months and kept up payments...then decided financially it was too much so gave it back.
They sold the car for 3000 and said we still owe 9000+. So we didn't pay a penny?????.. is he being ripped off ????

sheree_duke

Also now they are asking for 350 a month even though we not even got the car ��

marliepanda

sheree_duke wrote: »

My husband mikebought car on contract finance for 12000. He paid 350 a month . He missed 2 payments after a few months as circumstances changed. So bailiffs came and took it for a week til we paid some back payment. They then put payments up to 450 a month. So kept the car for a few more months and kept up payments...then decided financially it was too much so gave it back.
They sold the car for 3000 and said we still owe 9000+. So we didn't pay a penny?????.. is he being ripped off ????

Borrowed 12k. Sold for 3k. You owe 9k.

What was the interest. Do you think there is 0 interest?

You don't say when this was, by you're ignoring interest on the loan... so no he probably isn't being ripped off.

Blackbeard_of_Perranporth

sheree_duke wrote: »

My husband mikebought car on contract finance for 12000. He paid 350 a month . He missed 2 payments after a few months as circumstances changed. So bailiffs came and took it for a week til we paid some back payment. They then put payments up to 450 a month. So kept the car for a few more months and kept up payments...then decided financially it was too much so gave it back.
They sold the car for 3000 and said we still owe 9000+. So we didn't pay a penny?????.. is he being ripped off ????

No, you still owe the money.


When I waited for my heart operation in 2016 (Ten Months on ESA) the first thing I did was ring my motor financer and come to an agreement. I still have my wheels! Simple.

[Deleted User]

I think this would be better posted on the Debt Free Wannabe board.

Returning the car because you couldn't afford it has resulted in it being sold for a song (probably at auction).

Unfortunately, the sale of the car has not provided enough money to cover the existing debt which continues to accrue interest.

You need to seek professional debt advice...

LilElvis

What discussion did you have before you gave the car back? What does your contract say? What rate of interest are you being charged? How old was the car when sold and how long have you had it for? Was this amain dealer or a small independent? They will have added on fees for repossessing the car the first time and the selling costs I'm sure.

Too many unknowns for anyone to give you a realistic answer.

macman

Why did a car bought for £12K sell 'a few months later' for only £3K? Obviously an auctioned repo is going to sell at a rock bottom rate, but only ££K?
OP please give proper details: make/model/year, and the date purchased and finally repossessed.
I'm guessing that there are charges added for several appearances by the bailiffs, two tow trucks etc. Did he hand over both sets of keys? Was the vehicle damaged?

sheree_duke

The car was a Ford mondeo titanium sport 56 reg..he gave it back and they said they'd let him knw what he had to pay once it was sold...I'm not sure interest rate. He had the car Aug 2016..they took it in Feb...we had it bk March...then gave it back mid may as it was 450 a month. No damage...no changes...and they weren't interested in making the payment plan any cheaper as he did try. Just found it odd as it seems he hadn't paid nothing off

sheree_duke

There was 1 bust only once they took it....but no bailiff a 2nd time

DoaM

Presumably that's a typo and should be 65 plate ... you wouldn't pay £12k for a 56 plate.

marliepanda

sheree_duke wrote: »

The car was a Ford mondeo titanium sport 56 reg..he gave it back and they said they'd let him knw what he had to pay once it was sold...I'm not sure interest rate. He had the car Aug 2016..they took it in Feb...we had it bk March...then gave it back mid may as it was 450 a month. No damage...no changes...and they weren't interested in making the payment plan any cheaper as he did try. Just found it odd as it seems he hadn't paid nothing off

Without knowing the rate it's impossible to tell you, however, he has had 12000 for 10 months. You don't get to borrow 12k for ten months for free.

Plus whatever fees you incurred.