Car repo

Teaandbiscuits21

Hi I had my car repossessed this morn 3k ish in arrears.

apparently goes in storage for 7 days then what? If i can find some money can I get it out of there? Thanks any help appreciated .

also I am aware I shouldn’t of let it go this far.

TadleyBaggie

Did you get any paperwork?

born_again

Teaandbiscuits21 said:

Hi I had my car repossessed this morn 3k ish in arrears.

apparently goes in storage for 7 days then what? If i can find some money can I get it out of there? Thanks any help appreciated .

also I am aware I shouldn’t of let it go this far.

Might need to be able to clear the whole loan, instead on just the arrears.

So best to speak to the lender.

fatbelly

It goes to auction, you get a bill.

You head over to debt-free wannabe for advice on what to do with the bill.

QrizB

OP has a thread on DFW already, about the same car:
https://forums.moneysavingexpert.com/discussion/6586552/car-finance-mess/p1

Teaandbiscuits21

fatbelly said:

It goes to auction, you get a bill.

You head over to debt-free wannabe for advice on what to do with the bill.

Thanks I have done this 

Teaandbiscuits21

fatbelly said:

It goes to auction, you get a bill.

You head over to debt-free wannabe for advice on what to do with the bill.

Thanks regards the bill do I get to pay this off or will I end up with a ccj 

Herzlos

If you don't pay it, it'll eventually go back to court and you'll get a CCJ if you don't pay it.

You should have been given paperwork with a figure to clear the debt to release the car when it was taken, but if not you should phone them.

They'll store it for 7 days and then it'll go into an auction to clear some of the debt. They'll charge you a fee for the repo and for the storage too, and they'll get below market rate for it at the auction so you could be looking at a pretty big shortfall.

If you can get the car back and sell it yourself you'll lose less money, though I appreciate you probably can't magic the best part of £4k up or you wouldn't have such arrears.

Teaandbiscuits21

Herzlos said:

If you don't pay it, it'll eventually go back to court and you'll get a CCJ if you don't pay it.

You should have been given paperwork with a figure to clear the debt to release the car when it was taken, but if not you should phone them.

They'll store it for 7 days and then it'll go into an auction to clear some of the debt. They'll charge you a fee for the repo and for the storage too, and they'll get below market rate for it at the auction so you could be looking at a pretty big shortfall.

If you can get the car back and sell it yourself you'll lose less money, though I appreciate you probably can't magic the best part of £4k up or you wouldn't have such arrears.

This was the paperwork 

Mildly_Miffed

That's just the collection paperwork to confirm possession and condition.

You HAVE to speak to the financier. You said in your other thread, two months ago, that you didn't want to - but if you had, you may not have got to this point. Right now, as well as your debt, you are incurring other costs hand-over-fist.

forgotmyname

Vehicle in average condition inside and out and physical damage to the bodywork and wheels, it's not going to get the best
price at auction. It will have cost the finance company to collect the car and ongoing costs to store it until it goes to auction
where they will have to pay entry fees.

Unless you owe a fraction of the cars value it maybe sold leaving you still owing money which they will want to claim back.