Voluntary termination

[Sylwia]

Hallo everyone

I was wondering if anyone can possibly help me. I have a car with Barcley Partner. I have paid off more then half of the value of the car. Since April the car is broken – need new engine. The car is 8 years old now and the market value is about 2500 now, new engine will cost 1500 and the rest of what I need to pay is about 2800. My question is if I still could voluntary termination the car in conditions like it is?. Are they gone charge me for repair? The car is in the garage are they still will colect the car?

Many thanks in advance

[R0b]

Re: Voluntary termination

Very unlikely I'm afraid, the car needs to be in a working order and if they repossess then I think they have every right to charge you for replacement engine. How old is the vehicle?

[Sylwia]

Re: Voluntary termination

The car is 2008 so is 8 years old. Cost us all together about 8000. I can afford to pay 164 £ +insurance + tax for car which we can't drive. Also I can't fix at the moment. Do You have any idea what we can do ??

[R0b]

Re: Voluntary termination

The only other thing that I guess you can do is breach your agreement. If the market value of the car is around £2,500 and the remainder of your agreement is £2,800 then you could potentailly seek to sell the car and use the proceeds to pay off the remainder of the agreement. Call the finance company and see how much it will cost for early settlement as this may be less than the £2,800 because of the rebate on interest.

I would urge caution however on going down that route as you will be in breach of the agreement as the car is not legally yours until the agreement has been fully paid - if the finance company catches wind of what you are doing they could initiate court proceedings against you.

I wouldn't suggest you go down this route unless you are absolutely sure and have exhausted all other possible avenues.

[Sylwia]

Re: Voluntary termination

Thank you for the help. I will contact them tomorrow.