Car Finance Charges is there a cap PLEASE HELP

sonnysue

Hi, My son fell 3 payments behind with his car finance and a repossession order was put on the vehicle ( hasn't gone to court) i have just paid the arrears and brought the account up to date for him. But along with the payments were nearly £500 in charges, is this right?? can the finance company charge this amount ??
I have now brought his account up to date but wanted to see if this is right, can anyone help?
Are they regulated?

sonnysue

I forgot to say that he had paid nearly half of the total finance..

AdrianC

Yes, they can charge him for the costs of dealing with his failure to pay what he owes.
Yes, that can quickly get up to £500 or so.

He'll never learn if his mother clears up his mess all his life.

BoGoF

What does his agreement say about missed payments. To get to the stage of a repossession order the finance company will have incurred costs - is it not fair they be reimbursed for them?

foxy-stoat

May he should hand the car back to the finance company now.