GMAC finance

Aberdeenkid

My dad recently passed away and has a car that has finance with GMAC.

They have provided a settlement cost of around £4800. I was just wondering if anyone has experience with them, if they would accept an offer from us of any less than this. I know these companies have no reason or need to be sympathetic in the circumstances but just wondered if we should try.

He has paid just over £12,000 on it so there is the option of voluntary termination but I see there are charges for excess mileage etc, any work that needs doing to it so it puts me off that we might end up with excess charges.

We would prefer to pay off the finance and then sell it. Any help would be appreciated. Thanks.

loskie

are they legally entitled to claim for wear and xs miles from a deceased estate?

Nearlyold

Sorry for your loss.

Is your late fathers estate solvent? (ie is there sufficient in the estate to cover funeral and testamentary expenses, any tax owed, plus debts)

Who is the executor?

How much is the car currently worth?

Was the car purchased on a PCP, straightforward HP, or a Fixed Sum/Term agreement? I'm guessing PCP?

Aberdeenkid

Thank you.

Think we might be just a little short after everything that's why I was wondering if they would accept an offer. Myself and my mum are executors. Worth around £8000. He paid a large deposit and then took finance over 5 years for the remaining sum. The remaining settlement figure is what is left on the finance to pay (2 1/2 years monthly payment left).

neilmcl

loskie wrote: »

are they legally entitled to claim for wear and xs miles from a deceased estate?

Why wouldn't they be.

neilmcl

Aberdeenkid wrote: »

Thank you.

Think we might be just a little short after everything that's why I was wondering if they would accept an offer. Myself and my mum are executors. Worth around £8000. He paid a large deposit and then took finance over 5 years for the remaining sum. The remaining settlement figure is what is left on the finance to pay (2 1/2 years monthly payment left).

I'd still look into the option of VTing if that something that can be done. Do you definitely know there is excess mileage, and is there damage to the car that goes beyond fair wear & tear?

Nearlyold

neilmcl wrote: »

I'd still look into the option of VTing if that something that can be done. Do you definitely know there is excess mileage, and is there damage to the car that goes beyond fair wear & tear?

If the car is worth £8,000 and the settlement figure is £4,800 a VT would not seem the most sensible option.

Aberdeenkid, was this taken on a Vauxhall 5 year 0% deal, a lot of the finance for these was not HP based but more like a personal loan, with the lender having no interest in the car. Have you got the finance agreement to hand - what type of agreement does it state this is at the top of the first page does it say Hire Purchase or Fixed Sum/Term Agreement.

Aberdeenkid

Hi nearlyold


thanks for your reply. I don't have the finance agreement. The paperwork I do have it just says Agreement.


I agree that we shouldn't do the VT.

foxy-stoat

Aberdeenkid wrote: »

Hi nearlyold


thanks for your reply. I don't have the finance agreement. The paperwork I do have it just says Agreement.


I agree that we shouldn't do the VT.

Would be sensible to obtain the correct paperwork first then.