Car Repossession Problem

[jb000]

Hello there, I wonder if anyone out there can help answer a question for me.

Got made redundant, I was 6 months into a new agreement for a car on HP, an 8 year old Vauxhall. Told finance company to take it as I could not afford to make the monthly payments on it as I am now on benefits. In the meantime I bought an old banger to get me about. I parked the Vauxhall away on private land as I was not insured to drive it and has been there for several months now.

Finance company made the usual motions such as default notice and notice of repossession etc, however, today I received a letter from them to state that they will be pursuing me for the full amount of the finance through my local County Court.

Does this mean that they are not repossessing the car?

I would be grateful for any advice.

Thanks

[gravytrain]

Re: Car Repossession Problem

I suppose once they get a judgment they will be able to chose whether to go for a money order or a repossession have you tried contacting the dealer since you told them you did not want the car?

[jb000]

Re: Car Repossession Problem

Thanks for response. I suppose the car will be practically worthless at auction as it's a Vauxhall Vectra approaching 9 years old it will probably go for peanuts so I'm wondering if they think it's worth their while.

I have a dispute with the finance company because I had another vehicle financed by the company which I had to get rid off due to it being a complete lemon. I p/x ed the other car and refinanced for the Vauxhall in March, I thought I had PPI insurance as I had on the other one, so if I got made redundant, the payments would be covered for at least a year. I found out later that they stopped doing PPI in the January of last year because of all the claim backs. The inevitable happened in September, I was made redundant and I found out that the car had no PPI on it and was stuck with a car that I couldn't afford the repayments on. I was led to believe I was covered, but I was not, I would not have bought the car in the first place if they had told me they stopped doing PPI.

So now I am lumbered with a £3000 debt on a car that will probably only fetch a couple of hundred at auction. That's why I'm a little reluctant about handing the car back. I would rather let it just stay there and rot.

[gravytrain]

Re: Car Repossession Problem

yes you would have been better doing a voluntary termination, at least you would have only been liable for half the sum.
May be worth having a look at the agreement to see if they have cocked the figures up?

[jb000]

Re: Car Repossession Problem

I thought I could only do a VT if I had paid half or more. When I was made redundant I was only 6 months into the agreement. Their letter was pretty vauge, it said that they are going for the full figure and no mention of a repossession order, so if they are going for the full figure and the car, surely this is wrong. It irks me that if they do try for the repossession order along with the total finance owed, the finance company and some slimy motor trader is going to benefit from my misfortune and I will still be stuck with a mountain load of debt.

I will dig out the finance agreement later and see what is what.

[gravytrain]

Re: Car Repossession Problem

I thought I could only do a VT if I had paid half or more. When I was made redundant I was only 6 months into the agreement. Their letter was pretty vauge, it said that they are going for the full figure and no mention of a repossession order, so if they are going for the full figure and the car, surely this is wrong. It irks me that if they do try for the repossession order along with the total finance owed, the finance company and some slimy motor trader is going to benefit from my misfortune and I will still be stuck with a mountain load of debt.

I will dig out the finance agreement later and see what is what.

Its a common misconception perpetuated by the motor trade, in fact you do not have had to paid half, this is all that is due on VT, anyway to late now.

I would think that they would go for a money order, so you would keep the car, the other alternative would be that they recover the car and just go for all amounts due under the contract less the value of the car which from what you say would be negligible. It depends what they apply for.

[jb000]

Re: Car Repossession Problem

Thanks for advice. I will have to wait and see what there next move will be, it's inevitable it will go to court. In the meantime I will check agreement and see if there are any slip ups. Will let forum know what happens next.