problem with car

shezzy

Could anybody give me some advice, we have a car that we got on hp with blackhorse through carcraft 3years ago, we are having difficulty paying the agreed monthly amount, the car was 7000 but through hp rose to 16000, so we owe 4000 on it. What happens if we cannot pay any more payments, will they take the car back or can we sell it and pay it towards the amount left?

Any advice would be great

shezzy

lindens

shezzy wrote: »

Could anybody give me some advice, we have a car that we got on hp with blackhorse through carcraft 3years ago, we are having difficulty paying the agreed monthly amount, the car was 7000 but through hp rose to 16000, so we owe 4000 on it. What happens if we cannot pay any more payments, will they take the car back or can we sell it and pay it towards the amount left?

Any advice would be great

shezzy

bl**dy hell that doesnt sound right!!
What was the interest rate?

shezzy

sorry actually it was £9295 now i've looked....strange i seem to remember £7000 on the windscreen at carcraft?? any how the apr is 16.9% and works out over 5 years at £16174.40.....what A BIG mistake we made their!!!!

peb

ok, check your agreement. If it is Hire Purchase and not a loan you can terminate the agreement by handing the vehicle once over 50% of the monies due have been paid. I think from what you say these monies have been paid. I cannot recall if the 50% figure includes future interest (someone else may recollect?) but even if so it looks like you should have paid enough.

If it is a loan then I am afraid you are stuck with it although you can of course enter into negotiation.

HTH