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  1. #1
    Harleybone's Avatar

    Harleybone
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    Default Advice wanted on car finance

    Hi everyone

    My partner has car finance through Black Horse, his ex wife has the car and she no longer wants it. We called Black Horse and they said we can return the car (at a cost) and as he has paid off over half he does not need to pay anything else. They will take the car to auction.

    However on talking to friends and family who have been in the same situation they have said that the company sell the car and if there is a shortfall (which there will be as over 4k still owed and car worth 2k maximum) the company then comes back to the person and asks for the shortfall. Can they do this?

    Any advice is greatly appreciated.

    Kind regards

    H

  2. #2
    Kati's Avatar

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    Default Re: Advice wanted on car finance

    tagging @R0b xx
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

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  3. #3
    ostell's Avatar

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    Default Re: Advice wanted on car finance

    Start looking up VT (voluntary termination) in the forum. There is a template to write to the company to terminate the agreement and noting is owed if more than 50% has been paid. There should be no cost to you, they come and pick up the car.

    What your friends are talking about is voluntary surrender, where the car is handed back and you are still liable for any shortfall.

  4. #4
    R0b's Avatar

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    Default Re: Advice wanted on car finance

    Quote Originally Posted by Harleybone View Post
    Hi everyone

    My partner has car finance through Black Horse, his ex wife has the car and she no longer wants it. We called Black Horse and they said we can return the car (at a cost) and as he has paid off over half he does not need to pay anything else. They will take the car to auction.

    However on talking to friends and family who have been in the same situation they have said that the company sell the car and if there is a shortfall (which there will be as over 4k still owed and car worth 2k maximum) the company then comes back to the person and asks for the shortfall. Can they do this?

    Any advice is greatly appreciated.

    Kind regards

    H
    Yes and no. Yes if your partner wishes to voluntary surrender, no if he wishes to voluntary terminate the agreement. They have two different meanings and you need to be careful of what you say because if you get it wrong it could have substantial financial implications. Voluntary surrender is what your friend is talking about, voluntary termination limits the liability to 50% of the total amount payable.

    As Ostell has said, look at the VT guide here -> http://www.legalbeagles.info/forums/...on-Your-rights
    DISCLAIMER: AS A PUBLIC FORUM, THE CONTENT POSTED BY ME IS FOR EDUCATIONAL PURPOSES ONLY AND IS NOT INTENDED AS LEGAL ADVICE NOR DOES IT CREATE ANY KIND OF SPECIAL OR OTHER RELATIONSHIP BETWEEN YOU AND ME. IF YOU CHOOSE TO FOLLOW ANYTHING THAT I HAVE PUBLISHED THEN YOU DO SO AT YOUR OWN RISK AND COST, AND I CANNOT ACCEPT LIABILITY. YOU SHOULD ALWAYS SEEK INDEPENDENT LEGAL ADVICE BY GOING TO Law Society's Find A Solicitor OR CONTACT YOUR LOCAL Citizen's Advice Bureau.


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