A Car Question.....

Scarlett.1974

Afternoon all

We're going BR next year. H has a car on finance - bought this April, approx. £4k left to pay on it, car worth approx. £6k. We know that the chances of keeping it are probably pretty slim and anyway, we could do without having to pay the £135 a month for it. So, H has had an idea :rolleyes: , to stop paying the finance and allow them to re-posess it and in the meantime save the money we would be paying to the finance co. for a couple of months and add a little more that we can save ourselves and buy a run-around for approx. £600.

My queries are:

1. Would the OR be okay with this?
2. What would be the chances of the OR seizing this car? I hope I'm assuming correctly that he/she more than likely won't because of it's low value?
3. How long would it take for the finance co. to actually come and sieze the car we have now? We haven't missed a payment on it yet and the next DD is due on the 20th of this month. We would be cancelling this DD if we decide that this is what we're going to do.

Many thanks to anyone who can help

ClaireLR

Hi Scarlett,

All I know about cars is that to keep yous you will have to let them know it is a necessity rather than a "want", i.e. that you need it for work purposes etc.

I think the OR should be ok with what you're going to do though, can't see any problems with it personally!

Scarlett.1974

Hi Claire,

Thanks for your reply Our main problem though is that I think we'll find it very difficult to convince the OR we 'need' the car. I work from home and H isn't working at the moment due to ill health.

Even though reading back that last statement you might well think "well, that do they need a car for then?!" we do actually do a lot of running around - H has pick his son up from school every Friday (a 40 mile round trip) and take him home every Saturday (the same distance), he has to take my daughter to various after school activities which are on the other side of the city and every other weekend he has to collect her from her step-mum's which is a 60 mile round trip. But I'm not sure these are reasons that will convince the OR

I was hoping if we had a cheap, old run-around he/she wouldn't be concerned with it, but is that not necessarily the case then?

Thank you

tigerfeet2006

Scarlett.1974 wrote: »

Hi Claire,

Thanks for your reply Our main problem though is that I think we'll find it very difficult to convince the OR we 'need' the car. I work from home and H isn't working at the moment due to ill health.

Even though reading back that last statement you might well think "well, that do they need a car for then?!" we do actually do a lot of running around - H has pick his son up from school every Friday (a 40 mile round trip) and take him home every Saturday (the same distance), he has to take my daughter to various after school activities which are on the other side of the city and every other weekend he has to collect her from her step-mum's which is a 60 mile round trip. But I'm not sure these are reasons that will convince the OR

I was hoping if we had a cheap, old run-around he/she wouldn't be concerned with it, but is that not necessarily the case then?

Thank you

That's good enough to put down on why you need it. It is essential for maintaining a family life. I am also assuming that because of ill health your husband would have trouble with buses to get to appointments etc.

Scarlett.1974

Thank you Tigerfeet :T

I wasn't sure if those reasons were good enough y'see But all of those journeys would be really difficult on public transport and would actually work out much more expensive than the monthly costs of the car!

Yes, you're right there too, H suffers from depression, anxiety and panic attacks and would NOT do well at all on buses.

Thank you

Now, if anyone has any idea how long it might take the finance co. to come and sieze the car I'd really appreciate that. I'm assuming at least a month or 2 of missed payments?

tigerfeet2006

Scarlett.1974 wrote: »

Thank you Tigerfeet :T
Pleasure

Now, if anyone has any idea how long it might take the finance co. to come and sieze the car I'd really appreciate that. I'm assuming at least a month or 2 of missed payments?

How long is a piece of string? I've read of people having ED and the car is still stuck on the driveway :eek:

Scarlett.1974

tigerfeet2006 wrote: »

How long is a piece of string? I've read of people having ED and the car is still stuck on the driveway :eek:

Good grief :eek:

We should be okay until after Christmas then I'm guessing :rotfl:

debt_doctor

Why worry how long it takes, just stop paying and wait and see ! 3 months minimum I would think. When they sell it there may be a shortfall but this will go in to your br.

DD

Scarlett.1974

debt_doctor wrote: »

Why worry how long it takes, just stop paying and wait and see ! 3 months minimum I would think. When they sell it there may be a shortfall but this will go in to your br.

DD

Thanks DD

We just didn't really want to be without a car until we have the funds to buy a new one. With Christmas coming we've got a lot of running around to do and we're moving on 9th Jan. But I think I was worrying slightly prematurely

Richard_S

Scarlett.1974 wrote: »

Afternoon all

We're going BR next year. H has a car on finance - bought this April, approx. £4k left to pay on it, car worth approx. £6k. We know that the chances of keeping it are probably pretty slim and anyway, we could do without having to pay the £135 a month for it. So, H has had an idea :rolleyes: , to stop paying the finance and allow them to re-posess it and in the meantime save the money we would be paying to the finance co. for a couple of months and add a little more that we can save ourselves and buy a run-around for approx. £600.

My queries are:

1. Would the OR be okay with this?
2. What would be the chances of the OR seizing this car? I hope I'm assuming correctly that he/she more than likely won't because of it's low value?
3. How long would it take for the finance co. to actually come and sieze the car we have now? We haven't missed a payment on it yet and the next DD is due on the 20th of this month. We would be cancelling this DD if we decide that this is what we're going to do.

Many thanks to anyone who can help

Hi Scarlett,

The responses you've had have been spot on. The only other alternative would be if you knew somebody who was looking for a car and they were prepared to take on the finance agreement.

To do it properly through the finance company; it is called "assigning the lease"?

What sort of car is it? We're looking for some new wheels.:D

Richard

nomoneyprobs

You've had some good answers here, My other thought pattern would be to save the money you would have spent on hp at home in cash, and if your br before the car gets taken away you'll have enough at home to buy a runabout and the or can just let the company reposess your car and your new car could actually be your kind old dad's car that he's letting you (ahem) borrow and the fact it's worth so little wouldn't arouse any questions from the or.

Just a thought, you would use this example at your own risk

Ian