Voluntary termination on damaged car

[bobusm]

Hi there,

I read through VT threads on here and have few questions
Paid around 65% of the loan. /got about £2100 to pay for next 10 months. Cars dealer value is £1400 according to the First response finance. Problem we have is we cannot afford to pay for car anymore. It does need around £500 to get it to reasonable condition - need new exhaust, drivers window need changing and also passenger windows don't pull up anymore. This would need to be repaired kind of ASAP. There is also scratch / dent on drivers which might take bit to repair and back windscreen is broken. So all in all pretty bad.
I just want to what sort of amount can finance company charge me if I return the car under VT? I really cannot afford to pay it anymore, cannot sell it, cannot get reasonable enough exchange in garage (not that any garage will take it) I am really thinking about returning it even if I have to pay full amount back as Money I will save on insurance/tax would help me more than having to pay for the car. Dont really know what to do here.

Thanks.

[R0b]

Re: Voluntary termination on damaged car

My first question to you would be why have you let it get to such a bad condition? It also depends on how old the vehicle is, because the older the vehicle the more likely things will go wrong with it.

You are best of getting quotes for the repairs to be done broken down so if you do VT then you can compare with the costs by First Response. You would be better off VT'ing than not paying because not only will they come after you for the outstanding amount, you will still need to pay for the damages to the vehicle.

Most lenders will sell off at auction without repairing the vehicle and if they threaten any action with you, then you could certainly argue that they have failed to mitigate their losses by having the repairs done and/or selling at auction.

[bobusm]

Re: Voluntary termination on damaged car

Thanks for reply.

The bad condition of the car came continuously - one of the windows stopped working about half year ago - we ignored it - second one has crack which sudennly appeared about month ago. Exhaust/catalysator is wear/tear but I guess it is part of the service and car was unfortunately scratched dented as my gf drove it round the post. I am fully aware of all of the problems. Only other scenario is to get maybe second hand parts and repair as much as possible and then VT it somehow, but really struggling with money and it might be hard to get at least some bits sorted.
In case they dont repair it and just sell at auction for lets say £500 - will that be deducted from outstanding balance or how does it work?

thanks

[R0b]

Re: Voluntary termination on damaged car

Can the crack be fixed by those autoglass guys or is it worse than that? - does your insurance cover cracked screens? You could source second hand parts yes, the vehicle only needs to be in a reasonable roadworthy condition.

As for VT, your liability is limited to half the amount you pay or whatever you paid above that. First Response would have to argue that the vehicle is in an unreasonable condition to claim any monies back from you and charge an amount that would put the vhiecle back to a reaosnable conditon. Arguably, purchasing new car parts puts the vehicle in a better than reasonable condition so second hand parts where necessary could be used.

[bobusm]

Re: Voluntary termination on damaged car

Crack is on a driver side window, Dont think that this is covered by insurance - I believe it is just the windscreen - and it is bad - it does need to be replaced. The side that had been damaged is bit worst as I believe because of the damage - the door is bit bent and scratched - it would cost hundreds to repair it in authorised centre and I believe that First response will make sure that this will be charged somehow. Car is around 13 years old now and have got 128k miles so I think it is reasonable to expect that not everything is working, I am just not sure what they can charge for it or what sort of expectations they have from 13 years old car. I doubt that scratched / bent side will qualify as reasonable condition.