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Repossession V Voluntary Termination of Car - Advice needed please


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Im in a tricky situation and not sure what to do, here it goes....


I have a car purchased on HP in Sept 07, i have paid more than half of the finance, there are arrears on the account (as i have been forced to give up my job because of my divorce proceedings and childcare). I have been paying the car at a reduced monthly sum for a while.


The car has been a complate nightmare and constantly needed work doing to it. It currently does not go as the alternator and starting motor have gone, it also has faults in the fuel injector system and would not pass an MOT (due this month).


I have contacted the finance company and they want me to terminate the contract and sign the car over to them.

They will then sell at auction and i will have to pay the short fall. I owe £1978.

The guy at the finance company was really pushy about me signing it over. I mentioned about repossession and he said that wasnt going to happen as the costs to the company would outweigh any monies from the sale of the car. He kept saying that surely i want the car out the way and he would happily get it recovered and get it sold at auction. He said i shouldnt throw good money after bad to get it fixed and it be best just to hand it back, he said other stuff but made it clear signing it over was what he wanted to do.


So my question is am i better to voluntary terminate or wait for them to reposses?

He has raised my suspicions my basically going on and on about signing it over and im wondering if thats in my best interest?

Would i have costs to pay if they did reposses?


I dont want the car, i cant afford to fix it or really run it at the moment, so i dont want to save it - i just want it gone, but in the cheapest way to me.


Any help would really be appreciated as ive searched and searched the net and found nothing too helpful.



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Hmmm. If you voluntarily terminate the agreement you are liable for half the total amount payable less what you have paid already, plus arrears outstanding at the date of termination. How far have they got (i.e. have they served default & termination already?)





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Thanks for your reply.

Ive already paid more than half the balance.

They havent taken any steps to repossess as yet althought there was a default notice serviced. I have been paying reduced payments since then as agreed by them.

But now its broke down again and i cant afford to fix it seems pointless paying for it, even if i fixed the current probs, it has underlying fuel injector and turbo issues.

They are just asking me to sign the car over to them so they can sell at auction. But said id have to pay the shortfall.

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