Hire purchase car on limited company name repossessed
Web2018
Posts: 7 Forumite
Hi,
Hope you're well.
I had a car finance in my limited company name back in September 2016.
Purchase price was £26000. I paid £14000 cash and arranged for £12000 finance based on £400 repayment every month.
Recently I had problem with work and ended up in 3 months arrears.
This morning finance company repossessed my car without serving legal notice or court order.
When challenged I was told it was unregulated credit agreement and they can legally take car without court order. They said either I need to pay the settlement figure which is £9000 or they will sell the car in auction.
The market value of the car us £20000.
Is there anything can be done to get the car back without paying the settlement figure? Or time to sell car privately so I can sell it on market value??
I had my personal belongings as well as prams for the children in the car.
Kind regards
Hope you're well.
I had a car finance in my limited company name back in September 2016.
Purchase price was £26000. I paid £14000 cash and arranged for £12000 finance based on £400 repayment every month.
Recently I had problem with work and ended up in 3 months arrears.
This morning finance company repossessed my car without serving legal notice or court order.
When challenged I was told it was unregulated credit agreement and they can legally take car without court order. They said either I need to pay the settlement figure which is £9000 or they will sell the car in auction.
The market value of the car us £20000.
Is there anything can be done to get the car back without paying the settlement figure? Or time to sell car privately so I can sell it on market value??
I had my personal belongings as well as prams for the children in the car.
Kind regards
0
Comments
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There's nothing you can do, the car belongs to them. The car will be sold, the finance will be paid along with all fees and you'll be entitled to whatever's left over.Hi,
Hope you're well.
I had a car finance in my limited company name back in September 2016.
Purchase price was £26000. I paid £14000 cash and arranged for £12000 finance based on £400 repayment every month.
Recently I had problem with work and ended up in 3 months arrears.
This morning finance company repossessed my car without serving legal notice or court order.
When challenged I was told it was unregulated credit agreement and they can legally take car without court order. They said either I need to pay the settlement figure which is £9000 or they will sell the car in auction.
The market value of the car us £20000.
Is there anything can be done to get the car back without paying the settlement figure? Or time to sell car privately so I can sell it on market value??
I had my personal belongings as well as prams for the children in the car.
Kind regards
The finance co. must however make available your private property that was in the car.0 -
Will they pay me whatever is left over? Market value of the car is is even if £20000 finance is only left 9000.
How can I make sure they give me back the additional amount and don't just sell it for 9000.0 -
What car and how old is it?
Using some rough figures based on what the settlement is I'm guessing it's a year old or so. I doubt it's worth anywhere near £20,000 and it certainly wont get any close to that value at auction.
You need to speak to the finance co to see if you'd be due anything once sold.0 -
What car and how old is it. Using some rough figures based on what the settlement is I'm guessing it's a year old or so. I doubt it's worth anywhere near £20,000 and it certainly wont get any close to that vai auction.
Guessing its 2 years old as bought in 2016 for £26000, I also doubt its worth anything like £200000 -
If market value is £20K, selling the car at auction will realise a lot, lot less. After the finance is paid off, the auction costs, the repossession costs, admin costs etc, you should receive the balanceIf you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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What car and how old is it?
Using some rough figures based on what the settlement is I'm guessing it's a year old or so. I doubt it's worth anywhere near £20,000 and it certainly wont get any close to that value at auction.
You need to speak to the finance co to see if you'd be due anything once sold.
OP says it was purchased September 2016, so two years old. I can only surmise that it wasn't purchased new as it would have depreciated by more than £6000 in two years.0 -
It is Mercedes ML 350 2013. When I bought the car mileage was 43000, only done about 7000 in 2 years and is in excellent condition.
Car valuation websites still value it around 17000.0 -
It is Mercedes ML 350 2013. When I bought the car mileage was 43000, only done about 7000 in 2 years and is in excellent condition.
Car valuation websites still value it around 17000.
Why do you think yours is worth 20000 then
as has been said after auction fees its likely to much much less than that0 -
£17,000 isn't £20,000, which websites are these? Try doing a valuation on webuyanycar.com and you'll get closer to it's true value. Remember it's the car's actual value to trade, not it's retail value that you should be looking at.It is Mercedes ML 350 2013. When I bought the car mileage was 43000, only done about 7000 in 2 years and is in excellent condition.
Car valuation websites still value it around 17000.0 -
Webuyanycar.com quoted £175000
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