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  • FIRST POST
    • Wozzer999
    • By Wozzer999 12th Apr 19, 6:42 PM
    • 4Posts
    • 1Thanks
    Wozzer999
    Car Finance Company Help !!!!
    • #1
    • 12th Apr 19, 6:42 PM
    Car Finance Company Help !!!! 12th Apr 19 at 6:42 PM
    Can somebody please help !
    i have recently had my car written of and the other party has accepted full responsibility so claim is going through.


    the issue i have is that my car finance is with a well known car finance company that charges way to much interest and above.


    i took the car finance out over 60 months and paid a 1k deposit, as my car has been written off the engineer has written this of to a value of 8k less 1k disposal fee so leaving 7K return.
    the only problem is that i called to get a settlement figure and they want 8.5k therefore a shortfall of 1.5k.


    i have been reading through the terms and conditions of the contract and it is as follows :



    RIGHT TO END AGREEMENT :

    I have the right to end this agreement at any time, however you must then return the goods to us and pay us half the total amount payable plus any installments due for the period up to the date you return the goods, if you have already paid at least half of the total amount payable plus any overdue installments or other amounts due under the agreement, and have taken reasonable care of the goods you will not have to pay anything more .


    OK, so i can see this as i have paid half of the monies back and i have taken reasonable care of the goods then i can return the written of car back, as i HAVE taken reasonable care of the goods its the other party that has damaged the car and not me therefore i have fullfilled my obligations.


    i have paid more than enough for this car and its not my fault this has happen and why should i be out of pocket, especially as my wife and son was both injured in the car at the time.


    Also on this agreement its states the following :

    If you do not keep to your side of the agreement but you have paid at least one third of the total amount payable under this agreement that is 7598.40 we may not take back the goods against your wishes unless we get a court order, if we dont take the goods without without your consent or a court order you have the rights to get back any money that you have paid under the agreement.


    any help would be appreciated
Page 1
    • BoGoF
    • By BoGoF 12th Apr 19, 6:54 PM
    • 4,219 Posts
    • 3,743 Thanks
    BoGoF
    • #2
    • 12th Apr 19, 6:54 PM
    • #2
    • 12th Apr 19, 6:54 PM
    You are not going to able to hand back a written off car. Any insurance payout should go to the finance company with you liable for any shortfall.

    This is what GAP insurance is for.
    • zx81
    • By zx81 12th Apr 19, 6:59 PM
    • 21,673 Posts
    • 23,567 Thanks
    zx81
    • #3
    • 12th Apr 19, 6:59 PM
    • #3
    • 12th Apr 19, 6:59 PM
    the issue i have is that my car finance is with a well known car finance company that charges way to much interest and above
    Originally posted by Wozzer999
    How much more than the agreed interest are they charging? Put in a complaint if it's more than in the contract.

    The problem you have is that they want the car back in a reasonable condition. It sounds like it's a little less than that.

    How short will you be from the total, given your previous payments and the settlement that you'll give them?

    Ask if they will arrange a repayment plan.
    • Nearlyold
    • By Nearlyold 13th Apr 19, 6:44 AM
    • 1,282 Posts
    • 1,130 Thanks
    Nearlyold
    • #4
    • 13th Apr 19, 6:44 AM
    • #4
    • 13th Apr 19, 6:44 AM
    i took the car finance out over 60 months and paid a 1k deposit, as my car has been written off the engineer has written this of to a value of 8k less 1k disposal fee so leaving 7K return.
    the only problem is that i called to get a settlement figure and they want 8.5k therefore a shortfall of 1.5k.
    Don't understand why the at fault party's insurer is deducting a 1,000 "disposal fee" from the payout they are offering, if the pre-accident market value of the car was 8,000 then that is the amount you should be paid.(It would be paid to the finance company) Are you sure that's not the value of the damaged car should you wish to keep it?
    • Tarambor
    • By Tarambor 13th Apr 19, 12:14 PM
    • 4,844 Posts
    • 3,786 Thanks
    Tarambor
    • #5
    • 13th Apr 19, 12:14 PM
    • #5
    • 13th Apr 19, 12:14 PM
    OK, so i can see this as i have paid half of the monies back and i have taken reasonable care of the goods then i can return the written of car back, as i HAVE taken reasonable care of the goods
    Originally posted by Wozzer999
    So the car is in good working condition with damage within the limits of the industry standards for fair wear and tear? Oh wait, it isn't, its a write off.

    You can't VT a write off.

    You owe the outstanding balance and need to find a way to pay the shortfall. Either negotiate with them or find somewhere else to borrow the money from.
    • eschaton
    • By eschaton 13th Apr 19, 11:28 PM
    • 1,869 Posts
    • 1,631 Thanks
    eschaton
    • #6
    • 13th Apr 19, 11:28 PM
    • #6
    • 13th Apr 19, 11:28 PM

    OK, so i can see this as i have paid half of the monies back and i have taken reasonable care of the goods then i can return the written of car back, as i HAVE taken reasonable care of the goods its the other party that has damaged the car and not me therefore i have fullfilled my obligations.


    i have paid more than enough for this car and its not my fault this has happen and why should i be out of pocket, especially as my wife and son was both injured in the car at the time.
    Originally posted by Wozzer999

    I just had to

    Thanks
    • macman
    • By macman 16th Apr 19, 1:39 PM
    • 43,238 Posts
    • 18,406 Thanks
    macman
    • #7
    • 16th Apr 19, 1:39 PM
    • #7
    • 16th Apr 19, 1:39 PM
    OP, it seems you don't understand the difference between 'fault' and 'responsibility' The damage is not your fault, but you are still responsible for the return of the car in good condition. It's you that has breached the contract with the finance co, not the third party, because the third party has no contract with them.
    That's what insurance is for.
    The fact that your wife and son were injured is not the fault of the finance co. either.
    No free lunch, and no free laptop
    • stehouk
    • By stehouk 17th Apr 19, 12:30 PM
    • 223 Posts
    • 96 Thanks
    stehouk
    • #8
    • 17th Apr 19, 12:30 PM
    • #8
    • 17th Apr 19, 12:30 PM
    This happened to me several years back with a motorcycle i had, i took less of a payout from the insurance company but kept the bike, i then stripped it for parts and made a tidy profit in the end, you could try that, failing that give it a valet inside and out (taking care not to scratch it) and deliver it to the finance companies car park and hope they don't notice the damage.
    • Pension Geek
    • By Pension Geek 17th Apr 19, 1:02 PM
    • 160 Posts
    • 119 Thanks
    Pension Geek
    • #9
    • 17th Apr 19, 1:02 PM
    • #9
    • 17th Apr 19, 1:02 PM
    This happened to me several years back with a motorcycle i had, i took less of a payout from the insurance company but kept the bike, i then stripped it for parts and made a tidy profit in the end, you could try that, failing that give it a valet inside and out (taking care not to scratch it) and deliver it to the finance companies car park and hope they don't notice the damage.
    Originally posted by stehouk
    You never know, It might be the last one someone checks that day.
    Not an expert, but like pensions, tax questions and giving guidance. There is no substitute for tailored financial advice.
    • foxy-stoat
    • By foxy-stoat 17th Apr 19, 1:04 PM
    • 3,975 Posts
    • 2,310 Thanks
    foxy-stoat
    Thing to do is query the 1000 disposal fee.....maybe keep the car and sell the good parts off it.

    Forget about trying to VT a written off car.

    You will have to find the other 500 that you will owe on the finance, but not a huge amount of money to find....you should be able to use some of the injury money when you get it for the next car.

    Stay away from high finance low deposit in the future, or take out GAP insurance.
    • Exodi
    • By Exodi 17th Apr 19, 3:00 PM
    • 463 Posts
    • 575 Thanks
    Exodi
    OK, so i can see this as i have paid half of the monies back and i have taken reasonable care of the goods then i can return the written of car back, as i HAVE taken reasonable care of the goods its the other party that has damaged the car and not me therefore i have fullfilled my obligations.
    Originally posted by Wozzer999
    Hahahahaha!! I haven't laughed out loud at a thread in ages, this is absolute gold.

    Please please please actually do return it (well have it towed) to the dealer... and record the whole thing!
    Know what you don't
    • GaleSF63
    • By GaleSF63 18th Apr 19, 1:20 AM
    • 311 Posts
    • 449 Thanks
    GaleSF63
    I saw this in an Ebay description once -- "The car was in very good condition before the accident."
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