Car bought under Credit Agreement - Where do I stand?

[cam120102]

A friend of mine bought a car in a car supermarket in 2004. He got a loan fro GE Capital Woodchester. The agreement signed is a 'CREDIT AGREEMENT REGULATED BY THE CONSUMER ACT' for 48 months. Since the inception of the agreement in October 2004 she has only defaulted on 2 installments.GE are now threatening that they will come and take the car. He has offered to pay half of the arrears today and they have refused to take the money wanting the full amount.

Where does he stand legally? Are they entitled to repossess the car under a 'Credit Agreement' that has been paid for almost 3years?

The agreement copy he has has not even been signed by GE Capital Woodchester, it only has his signature and a witness signature.

Please help he is worried that he will lose the car he has only 1 year to pay and only defaulted 2 installments.

[smvtuser]

If it is a credit agreement, the finance company does not have title to the car and can only sue for the money. If he pays what he can afford, it is unlikely that they would refuse to accept payment.

A second copy of the agreement should have been provided when it was signed on behalf of the finance company ("executed"). The company will probably claim it was sent out, but if they did not, the agreement is not properly executed and can only be enforced with a court order. I assume it was signed on the car supermarket's premises?

[cam120102]

Thanks for the information smvtuser. Yes the agreement was signed in the car supermarket but he did not get a copy of it then. The unsigned copy of the agreement was sent to him with a covering letter from GE Capital Woodchester. So I guess they have to just sue for the money and not the car then?

[jjandbump]

he should check that its credit not HP though, if its HP and they havent padi more than 1/3 they can take it without a court order, if they have paid more than 1/3 they need a court order to take the car

[surprise]

Some tips about GEMoney. I have been dealing with them since April and your friend needs to get his credit agreement assessed. The one my daughter has got is unenforceable as the total amount of credit stated is not what it should be, ie a difference of £800.00. Also if they want the car then they need to get a Warrant. I would also send a CCA request, recorded delivery, with a £1.00 p/o or cheque, the sooner you get it off the better.
The agreement should have been signed by him and GE Money should have signed 7 days later and returned the signed copy to him.

[sequenci]

does the agreement say "termination - your rights" on it?