Hire purchase car on limited company name repossessed

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  • Web2018
    Web2018 Posts: 7 Forumite
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    Guys, issue here is not the value of my car. What I am trying to get is how I get either my car back or the money back from auction proceedings.
  • sheramber
    sheramber Posts: 19,109 Forumite
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    You get the car back by paying them the settlement figure they have asked for.

    You can ask them for any excess left from the auction price less their expenses. At an auction the car will be sold to the highest bidder, which may be for a lot less than the market value as it is sold with no warranty and it depends on how many people bid for it.

    You cannot ensure they do not sell it for a low figure. The car belongs to them.
  • photome
    photome Posts: 16,362 Forumite
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    Web2018 wrote: »
    Guys, issue here is not the value of my car. What I am trying to get is how I get either my car back or the money back from auction proceedings.

    You answered your own question in your OP.

    Pay them £9000

    If it go s to auction there may not be anything to come back
  • Gavin83
    Gavin83 Posts: 8,749 Forumite
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    Web2018 wrote: »
    Guys, issue here is not the value of my car. What I am trying to get is how I get either my car back or the money back from auction proceedings.

    As others have said if you want the car back pay the settlement figure.

    You can't determine what they'll sell the car for. They'll auction it, likely with no reserve price and sell it to the highest bidder. You'll be entitled to whatever it makes, once the finance and fees are settled but in all honesty, given the value you've provided this is likely to be very little. It's possible it may not even cover these costs and they'll chase you for the remainder.
  • dentedporsche
    dentedporsche Posts: 152 Forumite
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    edited 15 September 2018 at 7:55AM
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    You won’t see any money back after auction. More likely you’ll still owe money on it.

    You need to pay the £9000, As previous posts have advised.
    How you achieve that depends on your circumstances.

    Borrow it, from a bank or rich relative. Then sell the car to repay the loan.

    If you can’t do that, see if you can find a buyer that would take risk of clearing the finance and paying you a smaller amount.
    You won’t get webuyanycar to do that though, you’d need to find a private investor.

    If you do nothing and let it go to auction, you’ll likely end up with a debt and no car.
    Better to end up with no debt, no car and couple of thousand in the bank.
  • Nnenne1
    Nnenne1 Posts: 28 Forumite
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    Where about scare you? I’ll be interested in buying it.
  • JJ_Egan
    JJ_Egan Posts: 20,281 Forumite
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    £3 grand behind bottom book .
  • Web2018
    Web2018 Posts: 7 Forumite
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    Thanks. Makes sense. I will contact the finance company on Monday. Hope they agree to accept the settlement figure and release the car.
  • LilElvis
    LilElvis Posts: 5,835 Forumite
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    Web2018 wrote: »
    Thanks. Makes sense. I will contact the finance company on Monday. Hope they agree to accept the settlement figure and release the car.

    They're going to be wanting some of their costs covered too - repo'ing the car and storing it will come at a price.
  • Web2018
    Web2018 Posts: 7 Forumite
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    Is there anything if finance com refuse to accept the settlement figure and don't return the car? They repossessed the car on Friday morning. Weekend they are closed. Thanks
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