Car Finance arrears

Bermonia

Until your son pays for the car it remains their property... others have suggested checking the original t&cs, however given the nature of the finance this is one of the most basic clauses and I’d be very surprised if it wasn’t covered in the terms.

Think you would be better utilising your time considering options regarding repaying the debt to get the car back

bris

Dean67 wrote: »

My son fell into arrears with his Motonovo finance falling 6 payments in arrears.

So are you surprised by this outcome? Does he even deserve the car?

It's hard to defend the undefendable, your son would have had plenty warning, just because you didn't know about it just means he hid it from you.

Repossession happens every day, the bottom line is it's legal, is the finance and costs worth paying to get the car back? How much is in the car against these costs.

You need to decide if it's worth paying but if your son hasn't paid the finance in the first place then it's doubtful it can be done without some family help.

foxy-stoat

He has probably done himself a favour as well as he will have 6 defaults on his credit file now. When the car is finally sold they will chase him for the difference, it wont be sold for a good price.

They will register a CCJ against him as he wont pay for a car he hasnt got and he wont be able to get credit for a few years.

Best thing you can do is teach him how to budget and live within his means.

Good lucks

Jonathan_Kelvin

Dean67 wrote: »

Thanks for the replies, but my post wasn't regarding the arrears or the fact the car has been taken.
I was asking if the car should have been taken without leaving any paperwork to say they had taken it and also if it is correct that to get the car back he has to pay the finance off in full.

As posted above, it is their car, so they are allowed to take it back. You need to stop looking to blame the finance company for your son’s actions, this is the expected outcome if you don’t pay in line with the contract.

Edited to add, I can see that you too have been in a terrible mess with failing to pay debts in the past, and it cost you your house. I think that you and your family need to sit down and work out where you are going wrong, you can’t let this sort of thing pass down the generations.