HP Car return

20 Posts

Hi,
I bought a car on HP using Zopa. It seems in the first year Zopa use payments only for interest, so the principle is untouched. My finances are in a low spot and I'm wondering what to do. In the situation where one terminates or returns a HP vehicle, please do you know:
How long does that process typically take?
How and when do they calculate the vehicle's current value?
My vehicle is also due MOT and tax next month. Currently I'm not sure if/how I finance those.
I took on the HP when I was unwell.
Thanks
I bought a car on HP using Zopa. It seems in the first year Zopa use payments only for interest, so the principle is untouched. My finances are in a low spot and I'm wondering what to do. In the situation where one terminates or returns a HP vehicle, please do you know:
How long does that process typically take?
How and when do they calculate the vehicle's current value?
My vehicle is also due MOT and tax next month. Currently I'm not sure if/how I finance those.
I took on the HP when I was unwell.
Thanks
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Thanks for suggesting WBAC it was helpful to get a quick idea. Do you know think auction selling prices end up very different to WBAC or is that a good indicator? I can't go to a dealership as apparently it needs FSH from dealer which it doesn't have.
WBAC gave a figure but the car is due MOT and tax soon. With current cash flow this is a challenge. But if they're not renewed the selling price gets further reduction, and if I was to sell I'd probably have a 5k debt on a vehicle I've already spent 4k in payments on, and no vehicle. There must be another way...?
I note your comment about threads.
Thank you
Tax can be paid monthly, so if you do sell it you can stop the monthly payment. So you don’t have to buy a full years tax, to then sell it a month in. Even if you do then you can claim the rest of the year back.
Current debt ZERO.
If the finance settlement figure is more than the value of the vehicle they will buy it if YOU stump up the shortfall.
From their website
If you owe more on your finance than the value of the car, we will still be happy to buy the car, but you will need to pay us the shortfall by debit/credit card when we purchase your car.
peteuk, I would expect it should do so but I don't know for sure. Thanks for the tax suggestion.
The_Fat_Controller, Thanks. Since there will be a shortfall, I wonder what payback demands they'll make (how the debt is different from when it was against the car).
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
https://www.nationaldebtline.org/fact-sheet-library/hire-purchase-debt-ew/
and here
https://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues/77730-a-guide-to-voluntary-termination-your-rights
Current debt ZERO.
The OP has not actually said what is the outstanding or settlement amount, where they are in the contract term and what the WBAC valuation was.