Bankrupt and car finance...wont take the car back

rog2

fiveyearplan wrote: »

On another note, what if they do take the car, is there any way of finding out where they auction it? That may be one way of getting the car back. I owe £2,000, its worth £3,000 but probably wouldn't make anything near that at auction.

Hi fyp - I had a situation where BlackHorse Finance :eek: 'repossessed' my car after I had 'requested' them to take it back - they pursued me for a 'shortfall' which I disputed. On advice, from this forum, I submitted a Subject Access Request to BlackHorse. It turned out that they had not put my car to auction till three months after 'repossession'.
Also, two months after 'repossession' I received a letter from Thames Valley Police asking me if I was able to supply details of the current owner as my old car had been flashed at 78 mph in a 30 mph zone. It gave me great pleasure to name BlackHorse Finance as the owner/keepers - I even had a name to give them, from the 'receipt' that I insisted that BH gave me when they 'repo'd'. :rotfl: :rotfl:

ceri123

We are in a similar position. BR in Dec, 2 HP cars on the drive, finance companies happier to dance around than arrange to collect. About to move to rented house with no room to park them but finance co are not interested in the fact that the cars will be left outside vacated property in an undesirable area.

DH has contacted DVLA this morning to ask if we can sign it back over to the finance company, but they have said yes, you can send V5 back without the finance co's signature, but it's risky, and our risk.

So, that's not really an option.

Brassneck

fiveyearplan wrote: »

Interesting. I'm in a similar position - I have 8 of 60 payments left but haven't paid since June. I can't afford to pay any longer but I was thinking of contacting them and telling them of my intention to go BR and if there was any way we could reduce the payment (its either that or they take the car and live with the shortfall that will obviously be covered in my BR). Now this gives me another option.

On another note, what if they do take the car, is there any way of finding out where they auction it? That may be one way of getting the car back. I owe £2,000, its worth £3,000 but probably wouldn't make anything near that at auction.

If you mention BR they wont entertain a lower payment option, as they know they will/can lose out if you go pop. If, however, you mention BR and ask for a reduced settlement figure to clear the account BEFORE you submit BR, then they will give you a settlement figure they will accept.

Incidently, a SETTLEMENT figure IS NOT THE SAME as an ACCOUNT BALANCE. Phone a finance co and ask for both, you will be surprised at the difference, yet you can clear the account figure to clear the debt.
Example: Hello Mr finance, can you give me a settlement figure please.
Certainly, SF is £3000.
Thanks, but can you give me the amount left owing on my account.
Certainly, thats £2750.

So you CAN pay the £2750 and clear the account. Any settlement figure has interest added, albeit lower than the agreement rate, till the end of the loan no matter when you wish to "settle".
Hence why the "settlement figure" phrase is pushed, instead of "account balance".

Some finance companies will ask you to deliver the car to a designated place, either a lock up or an auction. Not all come and get it, and if their request is a reasonable one i.e distance wise, it also forms part of the original legal binding document.

My first option here would be:

1. Request sett figure and then acc balance.

2. Make a RIDICULOUSLY LOW offer on the lower figure they give, making sure you include "full and final settlement" in any correspondence.

3. Remember to mention your impending BR that you are in the process of so they are fully aware of your situation.

After that i would see what happened before deciding on next move.

There is always the option, if above fails (which i doubt) of transferring agreement to another party. Obviously at an agreed price. Some companies will entertain this, some wont.

Brassneck

ceri123 wrote: »

We are in a similar position. BR in Dec, 2 HP cars on the drive, finance companies happier to dance around than arrange to collect. About to move to rented house with no room to park them but finance co are not interested in the fact that the cars will be left outside vacated property in an undesirable area.

DH has contacted DVLA this morning to ask if we can sign it back over to the finance company, but they have said yes, you can send V5 back without the finance co's signature, but it's risky, and our risk.

So, that's not really an option.

Not entirely true.

Im in a dispute at the moment due to an illegal repossession of one of my cars. As they refused to sign V5 doc, i contacted the DVLA and told them the score. They said it was not a problem, just send in a covering letter explaining the reason for no signature on the V5.
Thats what i did, a week later i got the confirmation back.

You have to remember here YOU ARE NOT THE OWNER ANYWAY, READ THE V5, YOU ARE ONLY THE "KEEPER".
So send back the V5 informing who is the keeper of the vehicles, e.g finance co, and a covering letter to transfer "keeper" status. Also send REGISTERED letter to finance telling them what you have done.

Then leave it at that and dont worry.

fiveyearplan

Interesting BrassNeck. I'll see what they have to say although at this particular time I don't have ANY money to settle.

fiveyearplan

Hi Rog2 - Can you remind me what a SAR is?

wherediditallgo

fiveyearplan wrote: »

Hi Rog2 - Can you remind me what a SAR is?

SAR = Subject Access Request. More info here .

Brassneck

fiveyearplan wrote: »

Interesting BrassNeck. I'll see what they have to say although at this particular time I don't have ANY money to settle.

You could always get a loan....................im joking obviously.

Seriously though, what is the outcome you would like here, being realistic?

fiveyearplan

Brassneck wrote: »

You could always get a loan....................im joking obviously.
:rotfl: :rotfl: :rotfl: :rotfl:
Seriously though, what is the outcome you would like here, being realistic?

That really made me laugh! I would like to keep the car but don't realistically know how I can. I do need it for work to get my stock. My husband has a car but its not very reliable, in fact its been out of action for 2 months.

maxmycardagain

find somewhere to store it off-road, send the hp company a letter with their portion of the V5 stating , where it is and it can be collected anytime and that you have paid 2 weeks storage, after that the storage will cost them £50 per week and the storage company has their details to invoice, unpaid storage will result in the vehicle being sold to recoup storage costs

i guarantee the car will be gone damn quick