Voluntary termination with court order?

[Blp101]

Hi, I'm struggling to pay my monthly car finance with Moneybarn. I currently have a court order regarding monthly arrears.I have paid over half the value of the vehicle. Can I activate a voluntary termination even though I have a court order? thanks in advance!

[Amethyst]

Have you paid half of the total amount payable under the agreement or half the value of the vehicle?

To VT you must take the car cost, plus interest, plus any other cost of credit sums, and work out the 50% figure from that.

The agreement is still active, you are paying the full contractual payment plus a proportion towards arrears each month? The agreement wasn't terminated?

Do you have the agreement and the court order - as they might help work out where exactly you stand.

[R0b]

If it's a time order you obtained from the court, I would say the agreement remains alive and the right to VT is subject to the usual rules.

Otherwise as Ame says, it depends on what the order says, and the finance co. originally claimed. They might have sought the return of the vehicle or alternatively the full balance remaining under the agreement. If the latter, then the car wouldn't belong to them, it belongs to you because their judgment is the remaining balance that would have been due under the agreement. Seeking recovery of the car also would in effect be a double recovery by the finance co. and in any event, you would lose the right to VT.

Long and short of it is that we need to see the Court order and preferably the original claim details.*